How Coupang - the super app of Korea - increased core conversions by 20% by adding customer-centered “Cancel for Any Reason” protection
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Coupang, South Korea’s leading e-commerce super app, is well-known for its fast delivery of millions of items including fresh groceries and meals, as well as an expansive range of products from coupons to hotel bookings. In an effort to elevate their customer experience to drive loyalty and revenue, they partnered with us to launch a first-of-its-kind “Cancel for Any Reason” solution that prioritizes peace of mind for their customers.
The tailored solution is embedded directly into the Coupang app through the integration of XCover, our award-winning global distribution platform. Protection is automatically added to customers’ carts, giving them the ultimate flexibility when purchasing online. Should things go wrong, customers can easily cancel the purchased item and receive instant refunds for any reason.
By working with Cover Genius to customize a solution for millions of customers, Coupang boosted customer acquisition while seeing a remarkable 20% increase in core conversions of travel products within two months. This “Protection Effect” emerges when the checkout journey is optimized with convenient and relevant production, as shown in a recent experiment conducted by our fintech partner who experienced an 8.5% relative uplift in core conversions, boosting customer acquisition and revenue, while creating strong differentiation, merchant lock-in, and more satisfied customers.
See how it works in the video.