At this year’s virtual NRF Big Show, major retailers shared that they saw a 3-5 year digital acceleration as a result of the pandemic. While these changes are clearly needed on the forward side (online sales, BOPIS, curbside pickup), necessary updates to supply chains and reverse logistics are even more critical. If you’re falling behind in this area, read on as we dive into returns solutions: how your business can succeed with returns management.
Smarter Supply Chain
Following the ecommerce and subsequent returns boom, retailers are now understanding how a faster, more efficient supply chain can better serve their customers and their bottom lines.
Retailers that have the right systems in place with intelligent returns processes are more likely to maximize recovery, save time, and prevent a negative experience from trickling down to consumers.
For instance, in the wake of massive growth, one leading online marketplace for home remodeling and design turned to Optoro for a better solution for their ecommerce returns. With Optoro’s unit and SKU-level performance data, this retailer now has a full picture of the profitability of their inventory mix, including the top- and bottom-line impact of returns. Plus, the exception rate for returns has dropped by more than 55% from year 1 to year 2 and the net recovery rate for the program also increased by 25% from year 1 to year 2.
Digital & Data
Data has become an invaluable resource in the retail industry. It can be used to keep both employees and vendors informed, optimize receipt of goods within warehouses, and overall, help manage business as efficiently as possible.
Technology, like Optoro’s SmartDisposition® technology, can give retailers real-time insights from their data across the returns lifecycle, as well as easy-to-use warehouse operations tools to improve processing. Ahead of the next returns surge, which could be as soon as July with summer sales surrounding Amazon Prime Day, retailers should re-evaluate their current management systems to see if they’re using data to make intelligent returns routing decisions.
Leveraging returns management solutions enables retailers to make strategic, data-driven decisions and operational enhancements for their business. Get started today by scheduling a demo to talk with our team.
Check out these helpful resources to find out more on how to succeed with Returns Management: