According to the National Retail Federation, more than $60 billion of merchandise is returned each year. This number, while already staggering, continues to rise each year. As more customers migrate to online shopping, we are faced with a higher likelihood of returns.
This is a challenge. Regardless of the time of year, we are constantly trying to combat customer returns. We do not want to deal with inventory management, repackaging, or remanufacturing. Why would we?
The returns process is often a headache, and therefore something we fail to face head-on. But we can no longer afford to sweep it under a rug. We have a problem, and it’s got to do with reverse logistics!
Here are 3 brilliant ways to solve reverse logistics issues to minimize losses and maximize customer satisfaction.
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Nothing is certain in the world of product sales aside from taxes (in most cases) and returns. As you start to sell more, your rate of product returns will increase accordingly.
Some analysts estimate that nearly one third of all online purchases are returned, a statistic that is even higher for brick and mortar locations.
What does this mean for your business?
Product returns erode profit margins. It doesn’t matter if you are offering free returns or not, any time a customer returns something it will negatively impact your bottom line. While it may be true that you can turn these potentially negative experiences into positive sales opportunities, your ultimate goal should always be to stop the bleeding from the source. This means reducing your product return rate.
Here are 3 creative ways you can reduce your product return rate starting today.
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In this digital age, we are faced with intense competition. The customer experience is often found to be a primary differentiator, regardless of industry, which is why great customer service is so fundamentally important to companies today. Research supports this, showing that 55% of consumers are willing to pay more for a guaranteed positive customer experience.
When we fail to meet customer expectations, they are able to move on and purchase their goods and services from a competitor quite easily. Furthermore, companies that conduct business operations online – includes sales and returns – have a higher risk of losing customers due to a poor customer experience just because they are engaging with customers more. The more we engage with our customers, the more opportunity there is to fail from a customer service standpoint.
Here’s how to avoid a major customer service fail and keep from losing valuable customers.
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Analytics is a trending topic for companies dealing with product returns. Returns data provides an incredible amount of insight into why returns are happening so patterns can be broken, returns minimized, and the overall customer experience improved.
Knowing why your products are being returned and analyzing which products are returned most, for example, is incredibly powerful. You can improve inventory planning, conduct more in-depth product testing, and make adjustments to your products to improve your sales and return rates.
Continue reading Using Returns Data to Improve the Customer Experience