Previously, it was not possible for the buyer to cancel the order after the completion of the transaction if they were afflicted by ‘buyer’s remorse.’ The new function has been launched in response to requests from users, according to News1. It added that none of Kream’s competitors, such as SoldOut, offered a similar option.
Kream has also reduced its ‘refusal penalty’ for sellers. Now the seller is fined 5% of the selling price, rather than 10%, for refusing to sell within an hour of the closure of the transaction.
The penalty for refusing to sell after an hour has been reduced from 15% to 10%. The fine for delayed shipment has also been decreased to 10%. Moreover, Kream will now give credit amounting to half of the penalty to the affected buyer.
Founded in 2020, Kream (an acronym of Kicks Rule Everything Around Me) is a spinoff of Naver-owned sneaker marketplace Snow. It closed a $168 million U.S. Series C funding round in March and saw revenue soar 13-fold jump in 2022.