Virtual insurer OneDegree and cross-border logistics firm Buyandship have joined forces to launch Buyandship Plus, a free overseas return and parcel protection service for online shoppers, as the global e-commerce market continues to boom.
Buyandship Plus, available from today for Buyandship members, is the first in Hong Kong to offer free return shipping for international purchases, subject to the vendor’s return policy. With this service, members can shop with more confidence knowing that they won’t have to pay high international shipping fees if products need to be returned. Buyandship Plus also offers up to US$52,000 in compensation for lost parcels, currently the highest in the market.
Cross-border e-commerce continues to grow, especially as the COVID-19 pandemic encourages more people to shop online. But as e-commerce transactions increase, complaints and disputes over the goods delivered are also inevitably rising. Addressing this gap, Buyandship and OneDegree’s free return service can give shoppers a greater peace of mind when they buy from overseas vendors.
OneDegree and Buyandship both got their start through the Cyberport Incubation Programme, a Hong Kong government-backed initiative to support promising start-ups with financial and strategic resources. The two firms are committed to raising the bar in their respective industries and applying technology to bring innovative solutions to the market.
Wilson Chan, Co-Founder and CEO of Buyandship, said: "We’ve seen a surge of demand for Buyandship services since the coronavirus outbreak started. In February, we handled double the amount of shipment worldwide. In particular, February shipment from Hong Kong customers were up 155% month-on-month. We are committed to making the online shopping experience as stress-free as possible, which is why our new service offers free overseas returns, the first of its kind in Hong Kong’s transshipment industry.”
Mr. Chan adds that Buyandship Plus has now launched in Hong Kong and later rolled out to other regions. The company currently has more than 720,000 members worldwide.
Arthur Lee, Chief Executive of OneDegree, said: “The rise of e-commerce has been reshaping the retail sector and creating new opportunities, and with that, there are also emerging risks that didn’t necessarily exist before. As a tech-insurer, our edge lies in being able to quickly identify areas where protection might be needed and developing products to help our clients manage those risks.”
The first 100 members to add on Buyandship Plus to a parcel delivery will get a HKD 10 credit to account. For more information, please visit Buyandship’s website: https://www.buyandship.today/en/shipment-protection.
OneDegree is the first TechInsurer authorized to operate as a virtual general insurer in Hong Kong. OneDegree’s mission is to set new standards for insurance that put customers first. Founded in 2016, the company has raised more than US$30 million and is backed by renowned investors including BitRock Capital, Cyberport Macro Fund, and Cathay Venture. It partners with leading reinsurance companies including Munich Re and Scor Re. For more details, please visit www.onedegree.hk.
Established in 2014, Buyandship is committed to promoting and growing cross-border e-commerce. In the past 5 years, it has successfully established a leading position in the global online cross-border shopping, logistics, and media. Its goal is to provide a one-stop service for online shoppers to get great products and deals directly from the United States, Britain, Japan, South Korea, Taiwan, Australia, and Italy, and quickly ship them back to Hong Kong. By operating its own network and warehouses, Buyandship provides customers with safe, fast, and efficient delivery services at low prices.
OneDegree Hong Kong Limited