Online Sales And The Rise Of Returns

Some retailers are coming up with alternative solutions to try and curb the influx of returns – such as open-box pricing, which are marked down items that have been sold, opened by the consumer, and then returned, but are in sellable condition. It’s a win-win in some cases as the company can still make profits off the item and customers can get a deal.

In other instances, companies are refunding customers for their purchase and telling them to donate or keep the item. This eliminates the return shipping fees and cuts losses in some cases, even though a full refund is given to customers. While the cost of returns impacts companies in many ways – from lost sales, to increased labor costs, and even additional markdowns – there is a way to recoup some of the loss.

“As total retail sales continue to accelerate from sustained consumer demand during the pandemic, it is no surprise that the overall rate of returns has also been impacted,” said Mark Mathews, NRF’s vice president of research development and industry analysis.

In-store returns can be viewed as an opportunity to convert online shoppers. Since the return process brings customers physically into a store location, this can be the best time to go the extra mile, find out what they were looking for and maybe didn’t initially find, and build rapport to gain a loyal customer.

“Retailers must rethink returns as a key part of their business strategy,” said Steve Prebble, CEO of Appriss Retail. “Retail is dealing with an influx of returned items. Now is the time to stop thinking of returns as a cost of doing business and begin to view them as a time to truly engage with your consumers.”

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