Returns are an inevitable part of retail, and in 2023, retailers must prioritize optimizing their returns process to stay competitive and win customer loyalty. With the rise of e-commerce, customers have come to expect easy and hassle-free returns, no matter the size of the operation they’re shopping at. And a poorly managed returns process can lead to dissatisfied customers, negative reviews, and lost sales. Consider that:
- Total retail returns are projected to grow to over $627 billion in 2023, meaning returns will take up 8.5% of all retail sales1.
- The customer purchase journey has changed2. Customers might be purchasing with the intent to return, which can create challenges and opportunities alike
- The Amazon return model is expected by most consumers, but unattainable by most retailers
- Reverse logistic processes can help companies recover lost margin from returns, but there’s no one-size-fits-all strategy for retailers
- The environment is top-of-mind for companies and consumers alike, and returns can put a strain on sustainability
Understanding these challenges and having a solid plan in place for handling returns can give your company a competitive edge and protect your margin, all while delivering a positive customer experience. In this webinar, Retail Gets Religion on Returns, IHL experts Greg Buzek and Lee Holman discuss critical topics like:
- The optimized process that can recapture up to 75% of margin loss from returns
- The 3 options that retailers are adopting for free returns
- What segments of retail must focus on reverse logistics to survive, and what segments might not need to invest in reverse logistics
- How to optimize your process if a total overhaul isn’t possible
- Why RFID still can’t compete with barcodes when it comes to returns
Optimizing your returns process is a win-win for your profit and customers alike. Learn great strategies that you can implement at your operation by viewing the webinar today.