This is why returns are every retailer’s double-edged sword.
The holiday shopping season means two things to most retailers: a ton of sales, and a host of returns.
But behind the curtains, the rising cost of returns is becoming unsustainable. On top of labor costs to handle legitimate returns, revenue loss from fraudulent or un-restockable returns are sky-high. Last year, experts estimate retailers took back an overall value of $369 billion in returned merchandise, $24 billion of which was estimated to be fraudulent.
He’s on to something. In a recent study, retail tech company Narvar found 95 percent of customers who were satisfied with a return process would absolutely buy again. That is, if you don’t invest in skilled staff who know your product, are tuned in to customer needs, and are skilled in cross-selling — you’ll be paying for it later in return costs.
Establishing a customer “risk score” is smart, too. Retail Equation’s software has helped brands like Sephora and Victoria’s Secret identify customers with excessive return profiles and sets thresholds for future returns: For example, limiting a “risky” customer to seven returns every 90 days.
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