PARTS iD, Inc. Achieves Industry-Leading Net Promoter Score

Rhea-AI Summary

PARTS iD, Inc. (NYSE American: ID) announced a record Net Promoter Score (NPS) of 70.0 for November, reflecting high customer satisfaction. This score follows months of consistent performance between 65-70. The increase in positive sentiment correlates with a 34.4% revenue contribution from repeat customers, up from 29.0% in Q3 2020. The company's low return rate of 5% further contrasts with the industry average of 18-20%. Investments in technology and customer service have been pivotal in these achievements.

Positive

• Record NPS of 70.0 in November, indicating strong customer satisfaction.
• Revenue from repeat customers increased to 34.4%, up from 29.0% YoY.
• Low return rate of 5%, significantly better than the industry average of 18-20%.

Negative

• None.

The 70.0 Net Promoter Score in November indicates PARTS iD has a strong, positive sentiment among customers

CRANBURY, N.J., Dec. 16, 2021 (GLOBE NEWSWIRE) -- PARTS iD, Inc. (NYSE American: ID) (“PARTS iD” or “Company”), the owner and operator of, among other verticals, “CARiD.com,” a leading digital commerce platform for the automotive aftermarket, today announced that it achieved a Net Promoter Score® (NPS®) of 70.0 during November, its highest monthly score of 2021 thus far. The high November score follows several months of high Net Promoter Scores between 65-70. A company’s NPS measures customer experience and satisfaction by asking customers to rate their likelihood of recommending the brand on a scale of one to ten and subtracting the percentage of detractors (rating 0-6) from the percentage of promoters (rating 9-10).

During 2021, PARTS iD has consistently received an NPS between 60-70 almost every month, demonstrating the Company’s high customer satisfaction and their likelihood to recommend the Company to friends and family. A continued high NPS score is a notable achievement at a time when online brands struggle with the negative impact to customer service caused by the pandemic.

“Our NPS demonstrates that our investments in proprietary technology, comprehensive fitment data, custom content and customer service is making a real difference for our customers,” said Nino Ciappina, CEO at PARTS iD. “We’re proud to have such satisfied customers. We want them to know we’re going to keep improving and pushing the boundaries of what’s possible as we continue pursuing our mission to reinvent how people shop for parts and accessories.”

These scores are a result of the Company’s focus on delivering a first-class customer service experience within its one-stop shop for those looking to accessorize and repair their cars, motorcycles, boats and more. Across its eight product verticals, PARTS iD’s unrivaled product catalog includes more than 17.5 million SKUs, over 5,000 active brands and 1,000 product categories.

The positive customer sentiment reflected in the recent NPS is contributing to increased customer retention. In the third quarter, revenue from repeat customers increased over 500 basis points to 34.4% of total revenue compared to 29.0% in the third quarter of 2020. Furthermore, PARTS iD has consistently maintained a low return rate of approximately 5%, compared to the industry average of 18-20%.

PARTS iD’s comprehensive fitment database includes more than 14 billion data points. Rich product data and a proprietary, AI-powered e-commerce platform enable more efficient and accurate search and discovery for customers shopping for complex parts and accessories. Detailed product descriptions, high-quality images, videos and educational resources further boost purchasing confidence for customers, many of whom rely on these assets pre- and post-purchase.

Customer satisfaction is a crucial metric for e-commerce brands as the industry continues to see increased activity during the pandemic. 76% of shoppers polled named convenience a key priority when assessing online retailers. Many are also placing increased importance on quality of service during online transactions, with the share of customers citing it as an important factor in purchases rising from 42% in May 2021 to 46% in October 2021.

For more information, please visit www.partsidinc.com.

About PARTS iD, Inc.

PARTS iD is a technology-driven, digital commerce company focused on creating custom infrastructure and unique user experiences within niche markets. Founded in 2008 with a vision of creating a one-stop eCommerce destination for the automotive parts and accessories market, management believes that the Company is a market leader and proven brand-builder, fueled by its commitment to delivering a revolutionary shopping experience; comprehensive, accurate and varied product offerings; and continued digital commerce innovation.

Cautionary Note Regarding Forward-Looking Statements

All statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other such matters, including without limitation, expected future performance, consumer adoption, anticipated success of our business model or the potential for long term profitable growth, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “confident,” “look forward” and similar expressions and their variants, as they relate to us may identify forward-looking statements. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us, particularly those associated with the COVID-19 pandemic, which has had wide-ranging and continually evolving effects. We caution that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time, often quickly and in unanticipated ways.

Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements include risks and uncertainties, including without limitation: costs related to operating as a public company; difficulties in managing our international business operations, particularly in the Ukraine, including with respect to enforcing the terms of our agreements with our contractors and managing increasing costs of operations; the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we may take in response thereto; changes in our strategy, future operations, financial position, estimated revenues and losses, product pricing, projected costs, prospects and plans; the outcome of actual or potential litigation, complaints, product liability claims, or regulatory proceedings, and the potential adverse publicity related thereto; the implementation, market acceptance and success of our business model, expansion plans, opportunities and initiatives, including the market acceptance of our planned products and services; competition and our ability to counter competition, including changes to the algorithms of Google and other search engines; developments and projections relating to our competitors and industry; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; ability to maintain and enforce intellectual property rights and ability to maintain technology leadership; our future capital requirements, our ability to raise capital and utilize sources of cash; our ability to obtain funding for our operations; changes in applicable laws or regulations; the effects of current and future U.S. and foreign trade policy and tariff actions; disruptions in the marketplace for online purchases of aftermarket auto parts; disruptions in the supply chain; and the possibility that we may be adversely affected by other economic, business, and/or competitive factors.

Further information on the factors and risks that could cause actual results to differ from any forward-looking statements are contained in our filings with the United States Securities and Exchange Commission (SEC), which are available at https://www.sec.gov (or at https://www.partsidinc.com). The forward-looking statements represent our estimates as of the date hereof only, and we specifically disclaim any duty or obligation to update forward-looking statements.

Net Promoter®, NPS®, NPS Prism®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Net Promoter Score℠ and Net Promoter System℠ are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.

Investors:
Brendon Frey
ICR
ir@partsidinc.com

Media:
Erin Hadden
FischTank PR
partsid@fischtankpr.com

FAQ

What is PARTS iD's Net Promoter Score for November 2021?

PARTS iD achieved a Net Promoter Score of 70.0 in November 2021.

How did repeat customer revenue change for PARTS iD in Q3 2021?

Revenue from repeat customers increased to 34.4% of total revenue in Q3 2021, compared to 29.0% in Q3 2020.

What is the return rate for PARTS iD compared to industry standards?

PARTS iD maintains a low return rate of approximately 5%, while the industry average is between 18-20%.