Nobody likes returns. Not the consumer. Not the retailer. Even so, 91% of the retailers surveyed for the 2022 State of the Industry: Returns as an Engagement Strategy report indicated that return rates are growing faster than revenue. Still more concerning, industry statistics reveal that online purchases are returned three to four times more often than in-store purchases.
Returns can no longer be considered “just a cost of doing business.” Advances in machine learning and artificial intelligence-powered technology offer retailers options to customize returns policies and incentives in ways that were not possible in the past. But how well are retailers embracing the technology to help them reimagine the returns process as a strategic consumer engagement opportunity? And how well does your company’s returns strategy compare?
Download this report to learn key findings and analysis from a survey of retailers across a spectrum of industry segments, revenue size, and job responsibilities. You’ll gain insights to help you:
Review the findings and benchmark your company’s returns capabilities across four key areas.
By optimizing return transactions, retailers have seen increases of 1% to 2% in net sales, along with other benefits.
Recapture revenue, build consumer loyalty, and increase sales with no additional marketing or new stores.