GOKWIK ACQUIRES RETURN PRIME TO EXPAND INTO INTERNATIONAL MARKETS
In a significant move to expand its presence in the global e-commerce market, GoKwik, a leading e-commerce enabler, has acquired Return Prime, a prominent returns management app in the Shopify ecosystem. This acquisition marks GoKwik’s entry into the international markets of the UK, Europe, and the US.
Expanding Global Reach with Return Prime
Founded in 2021 by Shashwat Swaroop, Return Prime is a customer return platform that helps brands automate return logistics, refunds, replacements, and more. The platform currently houses around 6,000 Shopify brands across 50 countries. With this acquisition, GoKwik aims to onboard over 10,000 new merchants over the next 6 to 12 months, leveraging Return Prime’s technology and existing relationships to tap into new markets.
Unlocking Revenue Growth and Improving Customer Experience
By integrating Return Prime’s technology, GoKwik will offer a solution that not only improves the customer experience but also boosts revenue for merchants globally. The platform’s capabilities will help merchants increase their customer lifetime value (CLTV) by converting returns into revenue opportunities. This strategic move 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 next three years.
A Year of Success with Tellephant Acquisition
This acquisition is GoKwik’s second significant deal in recent times. In an earlier move, the company had acquired the WhatsApp commerce management platform Tellephant, which was rebranded as KwikEngage. Within a year of acquisition, KwikEngage contributed to 30% of GoKwik’s overall revenue and facilitated a 20X growth in the merchant base.
Conclusion
The acquisition of Return Prime is a strategic step by GoKwik to expand its global presence and offerings in the e-commerce space. With its cutting-edge technology and existing relationships, the company is poised to capitalize on the burgeoning e-commerce market and drive significant revenue growth in the years to come.
