New tools help consumers collect refunds
As consumers increasingly look to outsource the work required to get the best deal, more apps have sprung up to serve them. Startup Paribus has earned acclaim from shoppers for automatically refunding them when something they recently purchased drops in price, and now similar services are emerging.
Earny alleviates the frequent frustration of buying something and then seeing it go on sale shortly after. The company monitors price adjustments and then follows up to get shoppers the appropriate refund. Users download an app that syncs with their inbox to identify their receipts. Meanwhile, Earny tracks prices at partnering retailers, including Amazon, Target, and Best Buy, and when it detects that a user is owned money, it contacts the retailer to ensure they’re paid. For doing so, Earny takes 25% commission. The company recently raised funding and plans to expand into discounted rates in the travel space.
While it may seem off-putting for retailers to partner with services that make it easier for shoppers to get refunds, such systems actually help create greater brand loyalty. Customers are more apt to be satisfied if they can go into a purchase knowing that they’ll get a good deal, even if it’s via a refund later down the line. Moohlah is helping forge such affinity by monitoring users’ online purchase receipts, tracking price adjustments at more than 100 partner stores, including Sephora, Nordstrom, and Macy’s, and automatically sending users their eligible refunds.
Credit card tracking app Sift automatically reimburses people when prices drop on items they’ve purchased, much like Earny and Moohlah, and also unlocks many of the hidden benefits of their credit cards. Users sign up and link their cards, and Sift analyzes policies and updates from retailers and files the appropriate claims on their behalf. Sift also displays all of users’ credit card benefits in one place, highlighting if they have free extended warranty and return protection for their purchases, and ensuring they get the rewards they’re entitled to, such as automatic rebates and cash back.