Merchants Throw Their Weight Around with 71lbs
Shipping can be expensive for Internet retailers but there are some interesting technologies emerging that aim to lessen the cost of this necessary burden.
Ecommerce solution 3dcart, for example, just announced the inclusion of 71lbs to its app store, a solution that helps merchants automate late shipping refunds.
Most small and medium size businesses have no idea that FedEx and UPS have a money back guarantee on shipments. The problem is that nearly 2$ billion of these guaranteed refunds – offered by both UPS and FedEx - go unclaimed every year. Enter 71lbs; if overnight or ground shipments are late, the solution automatically files the claims on behalf of the retailer – saving merchants not just money but the hours involved in submitting claims manually.
“Our service is particularly valuable to ecommerce merchants, where shipping costs typically account for 10% of sales,” said Jose Li, Founder and CEO at 71lbs. “Our goal is to save ecommerce merchants time and money so they can focus on what really matters, growing their business.”
Li has over 15 years of experience in the shipping, logistics, and e-commerce industry, and most recently, ran FedEx’s Retail and eCommerce practice. 71lbs is backed by investors including Chicago-based The Pritzker Group, OCA Ventures and Techstars Chicago.