Black Friday and Cyber Monday With a Side of Buyer’s Remorse
Thanksgiving marks the official start of the holiday shopping season and the outlook for retailers this year is positive: sales are expected to increase anywhere from 4 to 10 percent with the average shopper predicted to spend around $1,000 (on gifts for others and gifts-to-self). Between Grey Thursday, Black Friday, Small Business Saturday, and Cyber Monday it seems the Thanksgiving holiday has become less about turkey and football and more about five days’ worth of incentive to buy, buy, buy!
While retailers can expect a huge boost in revenue – holiday sales can account for as much as 30 percent of total annual revenue – this time of year also brings impulse buying to a new level, leaving some consumers with a severe case of buyer’s remorse (particularly following the Thanksgiving weekend). What follows is a trip back to the store – or mailbox in the case of an online purchase – and the expectation of a no-hassle and free return.
While relaxed return policies drive customer loyalty, return rates often double around the holidays, and that can wreak havoc on a retailer’s bottom line. This holiday season, close to $70 billion worth of merchandise will be coming back that retailers need to be prepared for. Though most of it will be in functionally and cosmetically perfect condition, putting it back on store or virtual shelves is logistically and financially inefficient. In most cases it’s better to liquidate this inventory and recover as much money as possible. Here is where having an efficient liquidation solution in place for returned merchandise can make a major difference and mean the difference between winning and loosing this holiday season.
Six of the top 10 U.S. retailers, along with hundreds of others, are using B-Stock’s award-winning, technology-based, and data-driven solutions to achieve a 30-80% higher recovery rate for their returned and excess inventory (post-holiday and all year long). This includes B2B and B2C Enterprise Solutions for large organizations and our solution for small and medium businesses: B-Stock Supply.
For more information on the clients we serve, please visit our Marketplaces page. If you’re interested in learning more about how B-Stock can build a customized solution for returned, overstock or excess inventory – post holiday and all year round – please contact us.