Using returns to reimagine the consumer experience

Let’s look into the future of retail returns

 

 

The rapid growth of ecommerce due to the Covid-19 pandemic is making the future arrive faster; even now, the landscape of retail is being redefined by the shopper. Consumer desire for convenience positions merchandise returns as a top and growing priority. Research from the National Retail Federation shows online returns doubled in 2020 and are a major driver of the overall increase in returns, adding cost, complexity and service to the list of issues to address. Returns are a moment of truth in retail: how will you use them to reimagine the consumer experience?

 

 

Consider these statistics from our Consumer Returns report and other sources¹, including Barclaycard, Boston Consulting Group, Incisive, Northwestern Kellogg, NPR, National Retail Federation and CNBC, which indicate a large, unfulfilled opportunity to stop a known drain on sales:

• 18 per cent of items ordered online are returned, compared to 11 per cent of those from brick-and-mortar stores. These could be the lost sales you seek.
• 30 per cent of online shoppers over-purchase and return unwanted items.
• 97 per cent of retailers don’t have an executive responsible for returns.

 

 

 

 

Consumers are leading the dialogue about what makes a great return experience, and retailers need to listen and respond with an improved consumer experience. What are consumers saying about returns that impacts you?

• 92 per cent will buy again if the return process is easy.
• 68 per cent view return policies before making a purchase.
• 53 per cent increase their purchase desire if they can easily return the item.