Omni-Channel Retail Returns Means.....
Whether you are into pure bricks & mortar retail, an ecommerce pureplay, an Amazon reseller, or driving the omnichannel retail / unified commerce business - returns impacts us all. That's where the brief above is handy.
This brief highlights the serious nature and size of returns on the industry in the U.S. and worldwide. When retail returns accounts for $642.6 Billion2 of consumer merchandise, it is serious and has an impact on your business. In fact, NRF research shows that 8.00% of retail sales resulted in returns.
Why is this important?
Facts, figures, trends in the industry and best practice suggestions are important. First, it is important to realize that retail returns is a sizeable issue for every retailer. Next, it is important to also realize that there is an retail returns opportunity in the mix.
Returns research shows that there is a clear and sizeable difference in how retailers have treated the issue. Some are retailers are characterized as leaders, whereas others are followers or even laggards. Interestingly, as mentioned above leaders in retail returns management outpaced followers by 36% higher customer satisfaction scores.1 Another, perhaps more important metric was that leaders outpaced followers in customer retention. This is where it gets interesting.
[Ok, I want to Read the Returns Brief]
Retail Returns Best Practices
The retail returns management brief found that customer retention rates were higher among the retail industry returns leaders. The research also found that a very high rate of consumers will purchase at the retailer again, if the returns experience was a positive one - leaving them with a strong sense of trust in the retailer. To get to this high trust level seven best practices are highlighted. These seven best practices will help any retailer improve their returns process, stepping toward making returns a sales opportunity.
Does it start with a new order management system?
No, NOT necessarily. However, after setting a positive customer centric returns policy, the right retail technology will help your business dramatically. Retail technology like a robust order management systems will help your retail operation take significant strides toward becoming a retail returns leader. Doing so means your next returns season will be a positive one, with a healthier atmosphere, customer engagement level, and highlighted with stronger margins.
Handling returns well means processing them faster, and getting the items in good condition - back on the shelves, fast. Better yet, is to get the items in good condition back on the shelves, while avoiding the need to discount their full value.
Take a look at the brief yourself. Find out what we uncovered and what we recommend as retail returns best practices.
Omni-channel Retailing: It can be confusing. Helping you sort out what you need, OrderDynamics has created a series of briefs on various aspects of the Omni-channel Retail business. Aptly, we call them the OMS Briefs - standing for Order Management System Briefs. Each two-page analysis gives you the basics on what you need to know, in areas that are either directly a part of Retail Order Management, or touch it in some way.
Download our Returns Management Brief, free. And get access to the Return Management Datasheet and 'Tis the Season for Retail Returns Management Infographic at the same time!
1. “4 Things Shoppers Want in an Online Retailer’s Return Policy ” Entrepreneur, Harry Whitehouse, Jun 20146, http://ow.ly/kMu0307PFaI