Ecommerce returns are at an all-time high. What’s your plan?
The explosion of ecommerce is bringing with it a subsequent spike in returned merchandise: online return rates are more than double that of brick and mortar with up to 30% of purchases sent back. Buyer’s remorse stemming from the consumer not being able to touch or try on the product plays a large role, as does the propensity for a customer to order two or three sizes or styles of the same product and send back the ones that don’t work. No matter the reason for return, this trend is costing retailers billions and that is a pretty big dollar amount that can’t be ignored.
Though much of the returned merchandise will be in functionally and cosmetically perfect condition, putting it back on store shelves is logistically and financially inefficient. In most cases – especially in the case of open box, used, defective, damaged or seasonal items – it’s better to liquidate this inventory and recover as much as you can. Here is where having a proper liquidation solution in place can make a major difference to your bottom line.