What to do about Retail Returns?

What to do about Retail Returns?

Speak to anyone in retail, and they will tell you that ‘returns’ is a bad word. After all, it is a reversed sale. It is a product coming back, that you now have to deal with – AGAIN! It is a margin drain because you have to discount that item. Plus, to add to it all, the customer is probably peeved about some aspect of the merchandise and might not come back.

It turns out that returns are not all bad. Gartner found that 89% of customers who had a return and had a good experience, will come back for another purchase. Aberdeen found that there was a big difference between leaders in returns, laggards in returns – in retail profitability and effectiveness. So retail returns might actually be a good differentiator for your business.

7 Best Practices

Seven best practices are key to getting a retailers returns process, right. For a printable PDF summary, download the  one-page OrderDynamics Returns Management Brief. It gives you a brief summary of each of the seven, plus a few compelling statistics that emphasize why it is such an important aspect of retail.

The seven Returns Best Practices:

  1. Create a Favorable Returns Policy
  2. Provide Reasonable Terms
  3. Offer a Clear Policy
  4. Deliver a Great In-Store Experience (even for returns!)
  5. Encourage More Shopping
  6. Monitor Returns (reports)
  7. Get It Out There – And Resell It!  …

Read more at LinkedIn: Pulse.

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