The Merchant Refund Rate (MRR) is calculated on Fyndiq account level. MRR is defined as the percentage of total merchant orders that were refunded during a period of time. Currently the frequency of calculation is monthly and will be further adapted as Fyndiq develops the marketplace platform.
On a monthly basis Fyndiq will review two metrics.
- Refund ratio for the time 0 – 30 days from date of calculation
- Refund ratio for the time 63 – 93 days from date of calculation
Example calculation for 31st of May 2018
- 0-30 day metric: Including 31st of May back until and including 2nd of May.
- 63-93 day metric: Including 30th of March back until and including 1st of March
Refunds are registered with Fyndiq for following reasons and will be included in the MRR.
- Complaint – Broken Product
- Complaint – Incorrect Description
- Complaint – Missing Pieces
- Complaint – Product Quality
- Complaint – Wrong Product
- Customer requests refund (Regret)
- Missing – Incorrect Delivery Times
- Missing Product – Item was delivered late or not at all
Following reasons for refunds are not included in the MRR
- Fraudulent orders/ Suspected fraud
- Double order by customer
- Customer placed order by mistake
Monitoring Refund Rates
Fyndiq currently does not provide any refund data in the API or Fyndiq Merchant Center (soon to be published). Thus the information will be provided manually in an Excel sheet on a monthly basis and currently is only of informational nature. It is in the best interest of both the merchant and Fyndiq to improve refund rates and thus information is shared with the goal of reduced refund rates in the future.
Missing/ Late Delivery
Customers can report that they haven’t received their products the day after the expected delivery day. If you have given us a tracking ID we will forward it to the customers so they know where the product is. We will help you with the issues from the customers. You will get all the information that you need to solve every issue and it will be in English.
The customer needs to receive their product before they can regret/return their product. If the customer needs to send the products back to you they need to pay for the return cost. We will help you with the issues from the customers. You will get all the information that you need to solve every issue and it will be in English.
Claims (wrong/incomplete product, broken product, transport damage etc.)
If a customer receives for example a broken product they will contact us and we will forward the information that you need and if you need to send a new product or if the customer will be refunded. We will help you with the issues from the customers. You will get all the information that you need to solve every issue and it will be in English.
Maximum delivery time is 30 days. We recommend that you deliver as fast as possible. Faster delivery will increase your sales. You can choose delivery times between 1-30 days, however we strongly recommend you to not have a larger range than 10 days in your listings.
Example recommended delivery time (range 10 days):
If you are confident about your delivery range we recommend that you keep the range even lower. This will increase trust for the customers and increase sales for these products.
Example recommended delivery time (range 5 days):
It’s prohibited for you as a merchant to add marketing material of any kind to our customers. Sending marketing material to our customer will lead to account termination.
You can add tracking information on an order. This is not mandatory but will affect your product sales in a positive way. This can be done via our API or on your merchant pages.
If you can not fulfill the order, for e.g out of stock, you as a merchant need to cancel the order within 5 days. This can be done via our API or on your merchant pages.
An order must be sent to the consumer and marked as fulfilled latest 5 days after being placed by a customer. This can be done via our API. If not fulfilled within 5 days the order will be cancelled. Not fulfilling orders will affect your sales at Fyndiq in a negative way.
We recommend that you fulfill your order within 2 days to be a successful merchant.