GoKwik, a leading eCommerce enabler has announced its acquisition of Return Prime, a global returns management app in the Shopify ecosystem.
Founded in 2021, Bengaluru-based Return Prime by Shashwat Swaroop provides a customer return platform for managing returns and converting them into revenue opportunities. Brands use the platform for automating return logistics, refunds, replacements, and more.
The acquisition marks GoKwik’s entry into the international markets of UK, Europe and the US besides cementing GoKwik’s position as the leading eCommerce enabler globally. It also opens new horizons for brands globally to use GoKwik’s set of solutions for furthering their growth.
By acquiring Return Prime, which is trusted by thousands of merchants globally, GoKwik aims to add another layer of capability to its suite of solutions tailor-made for eCommerce brands. This acquisition will not only enhance GoKwik’s product offerings but also signal its intent to become a global player with a deep solution stack for eCommerce brands across the world.
Return Prime houses around 6000+ Shopify brands across 50+ countries currently. With the acquisition, GoKwik aims to onboard 10,000+ new merchants over the next 6 to 12 months, leveraging Return Prime’s technology and existing relationships to tap into new markets. This strategic push is expected to drive significant revenue growth, with GoKwik projecting a 3X increase in its overall business by the end of this year, and a 10X increase over the span of the next three years.
With millions of merchants, Shopify is one of the largest eCommerce platforms in the world processing over $1 trillion lifetime GMV, with a strong presence in the US, UK, Australia and 170+ countries.
“Our DNA is instilled with building in India for the world. With D2C booming, payments systems top-notch, digital infrastructure evolving, and more people shopping online than ever before, we’ve gained an incredible advantage. Operating in such a heterogeneous market where every day there’s a unique perspective on how shoppers function and what they want, the learning curve we’ve experienced has prepared us to not only help brands in India but also scale that knowledge for creating solutions globally,” said Chirag Taneja, Co-Founder and CEO, GoKwik.
He further added, “Over the past three years, we have grown our product offerings to tackle challenges at their core, all with the goal of driving more GMV for our merchants. The acquisition of Return Prime is a big step in that direction, opening up the entire Shopify ecosystem to our solutions. We are excited about this new chapter and how we can now support eCommerce brands around the world, using everything we have learned along the way.”
“At Return Prime, we’ve enabled eCommerce brands in the Shopify ecosystem to turn returns into revenue by simplifying and optimizing the returns process. With GoKwik’s extensive capabilities, we see an exciting opportunity to evolve our solution, add deeper layers of innovation, and help brands further boost their revenue. With our shared passion for building solutions that address the full spectrum of eCommerce, we’re looking forward to creating new avenues for eCommerce brands across countries to thrive,” added Shashwat Swaroop, Co-Founder, Return Prime.
GoKwik’s entry into international markets also comes at a time when the global eCommerce landscape is bustling with developments. Key Shopify players like Klaviyo in the US going public last year have proven that incredible businesses are being built globally for a secularly growing eCommerce. GoKwik uses best-in-class data, tech and AI/ ML capabilities to solve merchant problems by predicting customer intent.
With this acquisition, GoKwik now caters to over 10,000+ eCommerce brands. Notable brands in the GoKwik ecosystem include Mamaearth, Mosaic Wellness, Foxtale, Shoppers Stop, Libas, AdilQadri, Noise, Fireboltt, and more.
