Simplifi’s New Shopping Refund Tracker Helps You Stay on Top of Your Refunds
Since the start of the pandemic and subsequent closure of many brick-and-mortar stores, online and mobile shopping has skyrocketed, a trend that will likely continue through the holiday season as people shop for gifts. In a recent survey, we found that 78% of respondents are ordering online more since March.
While there’s nothing better than being able to get your shopping done from the comfort of your sofa, it can also result in making more returns since you aren’t able to see, feel, or try on products before purchasing. Thirty-four percent of survey respondents have had more returns since March, with 10% saying they had significantly more.
Returning purchases can require a lot of time and effort — either going to a store or returning via mail, which means printing a label, finding a box/envelope to put the item in, and going to the post office or a mail drop. Only half (50%) of respondents return every purchase they don’t want, need, or like — leaving another half who keep some items they could have returned. The reasons cited for keeping items people don’t want, need, or like include:
- Not wanting to pay for return shipping (21%)
- Hassle of getting items in the mail (54%)
- Forgetfulness (15%)
And once you’ve actually returned the item, you then have to worry about when it will be processed and if the money will actually hit your bank account. This information is hard to centralize, as we get confirmation and tracking codes via email, text message or through retailer and delivery provider apps. Few people have a system to ensure they receive their money back from each return — 57% of respondents said they either have a loose system in place or don’t have one at all, with 45% citing that refunds might fall through the cracks. However, nearly three-fourths (71%) said they would want a better, easy system to track their returns and confirm they received their money back.
We set out to help you achieve financial wellness, and this fractured experience presented a major opportunity to help you simplify (or Simplifi!) a financial process. Simplifi by Quicken’s new shopping refund tracker is designed to help you track refunds from returns to ensure you don’t leave money on the table. With the shopping refund tracker, you can see a snapshot of all of your refunds in progress, so it’s easy to know when each is expected to be received. Simplifi will send you a notification when a return from a specific payee, such as Amazon, is successfully refunded, so you know the money is back in your account. It will also send you a notification if a refund is overdue, so you’re reminded to follow up on the status.
Now you can focus on the fun part of shopping, and leave the hassle and organization of tracking refunds to Simplifi!
Survey Methodology: This SurveyMonkey online poll was conducted in October 2020. The survey consisted of a sample of more than 750 U.S adults, ages 18 to 73. Respondents for this survey were selected from the Cint audience of 100M+ people.
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