Dotcom Distribution’s 2019 eCommerce consumer study as reported in Inc.
The rise of ecommerce has been on a steady upswing for many years now as more and more consumers gain confidence, trust and familiarity with online shopping (read more on Technology Trends & Implications for Retailers). As sales increase, so does the competition, and gaining new buyer loyalty is of paramount concern. At the top of consumer’s wish list is a free, simple, no-hassle return policy like those offered by Amazon, Walmart, Best Buy and others.
For retailers that are entering the ecommerce space, or are struggling to gain a foothold, it’s important to remember that return policies are now a huge opportunity for attracting new buyers and boosting customer satisfaction and loyalty (read more on Return Policies).
Inc. recently published new data on the continuing trends of what makes for a great return policy that customers will embrace. As many could predict, if the customer has a bad experience when making a return, this often times turns into the dreaded one- or two-star review, negative tweets, Instagram or Facebook posts.
Return policy best practice dictate that a brand’s return policy should be clearly outlined to the buyer, both online when they’re shopping and within the package they receive. Here’s a quick summary of what makes for a return policy that consumers can support (and expect):
When a retailer does implement a free, no-hassle return policy, it’s best to plan for when those returns start rolling in. Research shows that retailers can expect up to 30% of all online sales to be returned. These returns will increase costs due to shipping, receiving, storing and processing. To offset those costs, retailers need a system in place to sell returned and overstocked items that can no longer go on the shelf as new.
Nine of the top ten U.S. retailers have already partnered with B-Stock to sell overstocked goods through a private, auction marketplace. This technology-driven approach will increase recovery rates on consumer returns and will keep warehouse inventory moving.Request Demo