Holiday returns are projected to hit record highs this year, while return inefficiencies leave retailers to deal with a $50 billion profit loss.
UPS has said it anticipates handling more than 1 million returned packages every day this holiday season, reaching a peak of 1.9 million items on Jan. 2.A woman works at a distrubiton station at the 855,000-square-foot Amazon fulfillment center in Staten Island, New York, on February 5, 2019.'Tis the season for giving gifts and then returning that sweater your mom gave you that didn't fit.
This figure is calculated by assuming shoppers return, on average, 15% to 30% of online purchases. That's compared with a return rate of about 13% for shoppers at bricks-and-mortar stores. The retail industry loses $50 billion each year because of inefficiencies with handling returns, Optoro said. And it said there are more than 10 billion instances annually of "needless shipments," which, as an example, could amount to an item taking an extra trip to a warehouse that could have and should have been avoided.
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