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November 07, 2023
Small and midsize retail businesses (SMBs) are grappling with a challenging confluence of factors: a rise in product returns and escalating consumer demands for eco-friendly practices. Establishing a sustainable returns process has become paramount for recouping expenses and retaining customers. According to Software Advice's 2023 Retail Returns and Sustainability Strategies Survey, a remarkable 93% of SMB retailers place sustainability at the forefront of their approach to managing customer returns, with 58% identifying inventory cost optimization as a tangible advantage of their existing returns procedures.
To enhance their returns strategies, SMBs have adopted a diverse set of tactics, including logistics and packaging:
Smaller retailers are increasingly acknowledging the potential of returned products, if properly assessed, can be resold or recycled, thus reducing waste and recuperating some of the lost sales. In fact, recycling is deemed a top action in managing returned items by 51% of retail SMBs, followed closely by repackaging and refurbishing. Thanks to these measures, 35% state that they can recover over half of the cost of a returned product.
In addition to cost recovery, an efficient and eco-conscious returns process can boost a retailer's market standing. This year, 41% of retail SMBs report that their current returns process has heightened their competitiveness in the marketplace. An impressive 64% note a substantial increase in customer satisfaction stemming from their current returns process, a significant uptick from the 35% reported in 2022.
However, while sustainability endeavors are closely linked to customer satisfaction, 63% of SMB retailers concede that their company's actions do not align with their public messaging—a notable increase from the 46% recorded in 2022. To avert the disparity between actual efforts and messaging, it is crucial to effectively monitor the reverse logistics process. Leveraging technology such as point-of-sale systems, inventory management software, and business intelligence tools can furnish the transparency necessary to ensure alignment.
About Software Advice
Software Advice, established in 2005, simplifies the software procurement process by providing personalized guidance and industry-specific insights to help buyers identify the most suitable software solutions in as little as 15 minutes, all at no cost. The company has assisted over 950,000 businesses in finding the right software to meet their unique needs. With a repository of over 2 million verified user reviews, Software Advice empowers individuals to make confident technology decisions.
November 02, 2023
Funding Circle , the leading online platform for small business loans, announced today that we have received a formal notice from the US Small Business Administration (SBA) that our application has resulted in a tentative award for an SBA Small Business Lending Company (SBLC) license to participate in its flagship 7(a) small business loan program1.
The SBA’s decision to grant Funding Circle one of the first SBLC licenses since 1982 is part of the Biden-Harris Administration’s efforts to modernize the agency and address persistent gaps in access to capital impacting small business owners and to grow the economy. The announcement follows recent research published by the Philadelphia Federal Reserve and Bank for International Settlements that found Funding Circle is “increasing access to capital at a lower cost for borrowers who are less likely to receive credit from traditional banks” and “predicting future loan performance more accurately than the conventional method to credit scoring, leading to better loan performance.”
“We are excited to help more small businesses in the U.S. get the funding they need to win,” said Steve Allocca, Managing Director at Funding Circle U.S. “By leveraging our advanced data and technology platform and providing a superior customer experience, Funding Circle is well positioned to become the #1 SBA lender in the country for 7(a) Small Loans under $500,000 by providing creditworthy small businesses in low-moderate income neighborhoods and rural areas access to affordable capital to start, run and grow their businesses.”
More than 50% of banks have imposed stricter lending criteria on small businesses with half of entrepreneurs seeking credit encountering funding shortfalls or receiving the full amount sought. This credit crunch disproportionately affects minority-owned enterprises, with 51% of Black-owned, 40% of Hispanic-owned, 36% of Asian-owned, and 30% of White-owned businesses experiencing financial hurdles due to limited credit availability.
The SBA 7(a) program, which guarantees up to $36 billion a year in small business loans up to $5 million, currently sees participation from relatively few of the 11,000 banks and credit unions in the United States. 25 lenders are responsible for 50% of all 7(a) loans, averaging around half a million dollars—neglecting the crucial need for smaller loans to small and underserved businesses. 77% of Funding Circle loans are for less than $150,000, 33% go to businesses in low-moderate income neighborhoods and 40% to businesses in rural areas.
By expanding lender participation and streamlining the program requirements under $500,000 to leverage technology and more closely mirror the private sector’s policies and procedures, the SBA is making it more efficient to get more small loans in the hands of small and underserved small businesses.
Funding Circle will begin offering SBA 7(a) Small Loans in 2024. Small businesses seeking financing up to $500,000 can visit www.fundingcircle.com to apply online in a matter of minutes.
About Funding Circle US
Funding Circle (LSE: FCH) is a leading online lending platform for small business borrowers. Since 2010, Funding Circle has originated $4.5 billion to 45,000 small businesses in the U.S. and $21.1 billion to 143,300 small businesses globally.
1 Funding Circle will be permitted to begin originating 7(a) loans once all lender oversight requirements are met to the satisfaction of SBA and upon receipt of an executed Form 750, a Small Business Administration Loan Guaranty Agreement.
October 31, 2023
Extu announced GoTu Rewards, a fast to launch, flexible and affordable new incentive platform designed for companies of all sizes that want to initiate a basic loyalty program on a modest budget. GoTu Rewards is notable for its ease of use and exciting reward catalog featuring millions of options.
"Midmarket and SMB companies are frequently looking for programs to incentivize their sales teams, employees, resellers and consumers—yet many programs are too expensive and difficult to manage," said Extu's CEO Steve Prebble. "Recognizing this need, we've created the ideal solution with GoTu Rewards, a platform that takes the worry and work out of incentive programs."
With no monthly fees, GoTu Rewards' pay-as-you-go structure allows companies to purchase points or physical gift cards in bulk to deliver to their participants as needed. It reduces the administrative burden while offering a vast array of appealing rewards that keep participants engaged and earning. GoTu Rewards also provides companies with peace of mind by meeting Service Organization Control (SOC) 2 compliance requirements to ensure that sensitive corporate and participant data is safe.
William Lupo, Extu's Chief Revenue Officer, explained, "GoTu Rewards offers a back-to-basics program for companies or teams that want to be able to award people quickly and easily for a job well done. It's a high reward but low cost option with great perks for participants that are sure to spark motivation and drive revenue."
Prebble concluded, "Safety, speed and rewards that resonate are the hallmarks of GoTu Rewards—making it a perfect fit for companies that are looking to launch quickly and drive loyalty across their employee or sales networks."
About Extu
Extu, formerly known as Incentive Solutions and OneAffiniti, is on a mission to inspire growth. Extu provides through-channel marketing automation, an innovative online rewards platform, with millions of exciting online rewards, prepaid and gift card incentives, as well as group travel incentives. Our solutions are built to help manufacturers and dealers increase sales, capture mindshare, build customer loyalty and improve data collection throughout their channels. Founded in 1994, Extu incorporates powerful technology with real-time data, helping clients get a full view of reseller performance, and empowering channel marketers and driving growth.
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