Retail Return Policies Influence Consumer Spending

Recent reports validate previous findings that consumers expect an omnichannel shopping experience and a friendly return policy while shopping. The latest survey by Voxware indicates 95% of consumers say how well retailers handle returns influences their decision to order from them again.

Quick Facts from Voxware:

• 88% want to have the option to return products to a physical store or through a pre-paid shipping method
• 95% say how well retailers handle returns influences their decision to order from them again
• 31% would abandon shopping with a retailer altogether if they received a single incorrect item from that retailer
• 39% expect to have the correct item in-hand within 1-2 days of informing a retailer of their mistake
• 40% of respondents reported receiving an incorrect item after returning the first incorrect item

“The returns process remains a critical component to ensuring customer loyalty and maintaining a positive brand reputation,” said Keith Phillips, President and CEO of Voxware in a press release. “But the reality is that 30% of our survey respondents have returned an item purchased online due to some sort of retailer error, and that is just unacceptable. Retailers need to evaluate their existing distribution operations processes and technology to ensure they have the capabilities to deliver the right product to the right customer at the right time.”

Dealing with returns is a recognized part of doing business. Retailers need to strategize their reverse logistics and supply chain operations, especially when it comes to merchandise that can’t go back on store shelves. Plus, with holiday returns looming on the horizon, now more than ever, retailers need a strategic liquidation solution like the one B-Stock provides.

We invite you to check out a few of our clients’ success stories, Wayfair and GameStop.

If you’re ready to learn more on what the world’s top retailers are already doing, request a demo today!