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Returns
RETHINKING RETAIL RETURNS
Meeting consumers ’ desire for better processes . By Ellie Crawford
Welcome to the world of retail returns , an expensive , cumbersome – yet essential – part of the industry . The number of returns is growing and managing them is critically important to maintaining margins and customer satisfaction . Consider these facts : total returns amounted to $ 743 billion in merchandise in 2023 and in 2022 ; approximately 16.5 percent of all purchased goods were returned to retailers .
Returns negatively impact brands in several ways including processing costs , shipping fees , unsellable merchandise and more . With the growth in ecommerce and higher consumer expectations for convenience , it is essential for retailers make returns processes as efficient as outbound fulfilment .
First , let ’ s get a profile of the modern shopper . Customers today want consistent , personalized experiences across channels with multiple payment options and faster refunds . They also expect products to be available where , how and when they want them , which is only possible through a truly omnichannel approach on a single technology platform .
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