Managing returns does come with a set of operational challenges, including consumer expectations, reverse logistics, and data limitations-but you are not powerless. A McKinsey study found that managing returns is not among the top five priorities for a third of retailers, and a quarter of them don’t do it efficiently and effectively. Meanwhile,returns continue to be a neglected issue for retailers. This alone is pushing retailers to do more, such as offering “ returnless refunds”, which is a refund granted to customers without requiring them to return the merchandise. Shoppers expect fast, free, and easy returns. The NRF also estimates the annual cost of returns at $101 billion dollars. Research from The National Retail Federation (NRF) shows that $428 billion in merchandise was returned in 2020, approximately 10.6 percent of total U.S. Changes to the way consumers interact with retailers and making buying decisions have led to the increase in products returned to sellers, as reported by McKinsey. They attack your profit margins, hurt customer loyalty, and threaten your business at the same time. Some 95% say a poor returns experience will make them less likely to shop with a brand again. Returns are an easy way to disappoint customers and lose their loyalty. Why is managing retail returns important? Optimize returns for your retail customers.The future of retail returns and exchanges.How to make retail returns frictionless.Why is managing retail returns important?.
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