As e-commerce continues to grow, so do returns. When these returns come into a store, retailers need to get the item back in a selling channel as soon as possible, hopefully without having to mark the item down. Some studies have indicated that online orders are three times more likely to be returned than in-store purchases. For this reason, more and more retailers are making returns management part of the forecasting process. According to my omni-channel returns management research, 57 percent of retailers make returns management part of the forecasting process.
A number of companies showcased their returns management processes and technologies, and I will share a few of those here.
FarEye focuses on orchestrating how the return will happen. Customers are able to personalize the experience by choosing from a variety of returns methods, as well as the day they want a return picked up or dropped off. The returns management engine is integrated with payment gateways, so the customer can track their refund status in real-time, similar to how they would track a delivery.
Happy Returns was also the pioneer behind package-free returns. The company has what it calls Return Bars located across the country. In fact, there are currently more than 5,000 Return Bars. A customer initiates a return through the returns portal, and brings it to the Returns Bar. The customer does not need to package the item up or print a return label. Instead, the returns are aggregated across merchants and shipped together to a Return Hub. The Return Hub then sorts, labels, palletizes returns to be bulk-shipped back to the merchant, saving money on shipping.
The post NRF 2023: Returns Management to the Rescue appeared first on Logistics Viewpoints.