The 2019 holiday shopping season is shaping up to be another blockbuster year as Adobe Analytics predicts every day in November and December is likely to surpass $1 billion in online sales for the first time ever. With a condensed shopping period, the five days between Thanksgiving and Cyber Monday alone are expected to drive $29 billion in online shopping revenue—or 20 percent of total holiday sales. A November Retail Dive Brief highlights other key takeaways from the Adobe Analytics report, including:
These numbers are sure to thrill the retail industry, but an increase in online spending almost guarantees an increase in the number of returns. In fact, it’s estimated that in the United States, approximately 13 percent—or $90 billion worth of merchandise—is returned to stores every holiday shopping season. And, gifts purchased online are 3x more likely to be returned than those purchased in-store.
Savvy retailers can actually convert high seasonal returns into a business asset with just a bit of strategic preplanning. Consider this: Most of the merchandise returned to stores or storage shelves will still be in working and/or cosmetically perfect condition, sent back mainly because of personal preference or wrong sizing.
But due to seasonal trends and consumer whims, the majority of these items can’t be resold as “A” stock, thus resulting in significant financial loss for retailers. Rather than taking the monetary hit and sending merchandise into the landfill, companies can create a robust secondary market for their used, returned or excess inventory.
A dynamic online marketplace like the one you’ll find at B Stock Solutions offers a data-backed auction system that sells your leftover products to approved buyers around the globe. The process compels a faster sales cycle, driving demand while pushing up prices—and setting your business up for holiday shopping success.