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Industry and Ecological Crisis - The Nightmare Beyond All Nightmares!
This is a 21minutes Video
As the holiday season approaches, understanding the dynamics of retail returns becomes crucial for both retailers and consumers. This report delves into the latest trends, challenges, and strategies that major retailers are adopting, based on the goTRG 2023 Holiday Survey. The holiday season, characterized by increased shopping and gifting, often sees a surge in returns, making it a critical period for retailers. By analyzing these trends, retailers can better prepare for the influx and ensure customer satisfaction.
A report by NRF & APPRISS Retail
■ Retail sales are on track to increase between 6% and 8% year-overyear. Non-store and online sales year-over-year, which are included in the total figure, are expected to grow between 11% and 13%. ■ As retail sales have continued to grow, return rates and return fraud rates have remained essentially flat year-over-year: 16.5% in 2022 compared with 16.6% in 2021. ■ For the first time since 2019, when online data was captured as part of this survey, online return rates are in line with overall return rates and have dropped by 21%. ■ Holiday return rates are also essentially flat year-over-year at 17.9%, but holiday return fraud decreased slightly from 10.8% to 10.1%. ■ Of the nearly 44% of respondents planning to hire to handle returns during the holidays, more than 70% intend to add staff to stores. ■ Responsibility for returns has shifted from ecommerce to supply chain in scenarios where one department is responsible for both in-store and online returns and when in-store and online returns are handled separately. ■ Buy online, return in-store (BORIS) return fraud is expected to be 48% higher than fraud in returns to non-store locations, potentially spotlighting an area to further streamline data and process protocols when multichannel return processes are present.
There are clear gaps in retailers’ reverse logistics and returns management procedures. With escalating customer demands and expectations, improving reverse logistics efficiency is essential for success in today’s competitive retail market.
In an analysis by goTRG based on a recent survey, GoTRG finds that retailers are looking for collaborators who understand their challenges, anticipate their needs, and offer tailored solutions that are balanced between touch and technology. The solution also needs to optimize the process to ensure maximum financial recovery and minimal waste according to Sender Shamiss, President/CEO of goTRG.
While automation helps improve efficiency and reduce the cost of processing returns, the Goldilocks Dilemma comes into play. Too much automation, you lose. Too little automation, you also lose. How do you get the automation “just right”? This article outlines a two very different operational profiles and sample layouts used for returns automation that were “just right” for these retailers.
Returns are no longer that small cost center located in the back of the distribution center. The rise in e-commerce is forcing all retailers to re-examine and adjust their plans to deal with returns and many are looking to automation to help. This article outlines the 7 operational considerations retailers need to review when looking for an automated solution. Unless, of course, you have a crystal ball.
MySize, a sizing technology company, found that 50% of consumers return apparel and footwear bought online because of sizing issues. In its latest white paper, The Returns Hangover, additional findings from their survey are included as well as opportunities for online retailers to satisfy various concerns through AI-driven measurement technology including reducing returns.
Katie Schoolov, Senior Producer at CNBC has been reporting on the nasty, wasteful problem of returns as the numbers continue to break records: $761 billion in returns last year (more than the entire spend on national defense) and 5.8 million pounds of landfill waste. She was finally able to get this exclusive interview with Amazon's head of North American returns, Cherris Armour, in her first ever public interview. Watch to hear all the ways Amazon is working to solve the problem by reselling, donating and liquidating returns.
Returns Index Survey Results: Insights for Q4 2021 Present Situation and Q1 2022 Expectations – Rise in Costs Outpaces Volumes
White Paper: Returns Management Index – Survey Results
Insights for Q3 2021 Present Situation and Q4 2021 Expectations
Members of the RLA Advisory board discuss discuss the struggles and issues in the reverse logistics industry resulting from this pandemic of the Covid-19 Coronavirus. Trish Boehm Director of Operations The Home Depot, Sean Magann Global VP of Sales and Marketing Sims Recycling Solutions, Julie Ryan Sr. Manager NA Returns & Remarketing HP, Inc., and Tevon Taylor Managing Director Technology Sales FedEx Supply Chain share best practices these global companies have executed during the pandemic of COVID-19.
Big and Bulky Returns:- Transform Unavoidable Costs into Potential Revenue
This is a 39 minutes Video
A detailed literature review that discusses ways to mitigate e-commerce returns, such as virtual dressing rooms, customer reviews, and product photos. A good summary chart concerning the effectiveness of different ways to mitigate returns is also included. The report also includes an extensive reference section for further research purposes.
Reverse logistics is critical to the customer experience and the service life cycle. Efficiently managing this process while ensuring data flows across the entire service life cycle is integral to success in a competitive market.
Even before the boom of ecommerce, product returns – and the policies and procedures retailers built around them – were ubiquitous. As ecommerce has continued to shape the retail environment, those policies have become more liberal. Indeed, market participants realize that returns are part of human behavior. An estimated 40% of consumers purchase products with the intention of returning them. The consensus within the retail industry is that the flexibility of product return policies plays a crucial role in consumers’ decisions to do business with a particular brand or retail outlet.