Rampant returns and what to do about them
Returns are part of doing business in modern retail. Depending on the type of e-commerce business, the return rate can easily go above 30%, according to Bright Pearl. Companies specializing in clothing and accessories often have return rates higher than 40%.
Meanwhile, Optoro’s State of Retail Returns 2018 report found that 71% of consumers said a positive return experience greatly encouraged them to shop at a store again, and 69% of retailers think that returns are vital to creating a good customer experience.
That return-friendly attitude doesn’t mean retailers are handling them well, though.
Over half of almost 120 major retailers who participated in the Optoro survey do not have any report or tracking method for returns, and only 45% of respondents think they are currently doing a good job at extracting additional value or profit from returned inventory.