Retail Gets Religion on Returns

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.