(Image Source: Parcel Monitor)
Did you know that over 91% of customers listed having a returns policy as an important factor in their purchase decisions?
Returns have become the “new norm” in the retail industry, with many customers having returned their purchases for a wide variety of reasons. Given the high cost and frequency of returns in today’s retail landscape, the implementation of a proper returns management process is more crucial than ever.
Our media partner, Parcel Monitor, provides an insider’s perspective on the benefits and challenges of retail returns management. Here are the highlights from this piece:
- Returns policy increases consumer confidence: Without a solid, seamless and frictionless return offering, any retailer or e-tailer will struggle to acquire or retain their customers.
- High costs of returns remain a major challenge: The cost of relocating returns around the world has become a major issue in day-to-day operational costs, where airfreight rates are sitting at 500-800% higher than pre-COVID days.
- The feasibility of free returns: Despite the growing expectations of consumers for free returns, retailers are having a “more balanced” view in reducing or eliminating free returns in favor of charging in different markets around the world
Discover more about returns management in the full article here.
About Parcel Monitor
Parcel Monitor is a community initiated by e-commerce logistics enthusiasts at Parcel Perform. We aim to inspire the e-commerce logistics ecosystem to create a better delivery experience for everyone.
Parcel Monitor offers free parcel tracking across 900+ carriers globally on a single platform. Leveraging on our data and technology, we capture consumer trends, provide market visibility and derive industry insights while fostering collaboration across the entire e-commerce industry.