all rolled out changes to their established return policies. That may look like shrinking return windows, charging for some returns, or in some cases simply telling shoppers to. About 14.5% of those sales were returned. That equates to an enormous value in returned goods: $743 billion in 2023 alone.
"Most of the returns that come back cost up to 40% of the original retail price to put that item back on the shelf," said Robert Overstreet, Iowa State assistant professor of supply chain management."There's no guarantee they can sell it for what they originally asked for it, so they're losing money on both ends."The recent changes are just the latest effort to tamp down on return losses. Many large retailers in the U.S.
The problem is, many shoppers are unaware this type of tracking is even happening, leaving many feeling blindsided when they get to a return counter and are told they are not getting their money back. Or, even worse, they get banned from the practice of returning products to the store altogether.complaints, customers reported they were following a store's return policy and were still issued a warning.
Watch the video above to hear more about how this tracking works and what types of behaviors might get a shopper flagged as a 'problem returner'.These are Morgan Stanley's top picks into quarterly earnings Tesla price cuts could backfire, fund manager says, warning of a 'huge demand problem' on the horizon
Source: Tech Daily Report (techdailyreport.net)
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