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The bidding opens at 25 cents. High above our heads, two television screens light up with images of the next batch of goods up for sale: women’s underwear. There are frilly slips and glossy satin negligees, brightly colored panties of different sizes and, um, styles. “Lot number 26. Lote número veintiséis,” says the auctioneer, a thickly built man in a white polo shirt and camo-pattern cap. “Assorted”—his voice catches—”intimate clothing. Ropa íntima.”
Today’s consumer purchases happen more rapidly than ever, making returns an unavoidable aspect of the shopping experience. Every year, billions of dollars worth of returned goods make their way back to retailers, often resulting in excess inventory. Many of these…