Make $642 Billion Work For You
$642 Billion – few would argue that this is an astronomical figure. It’s probably larger than most countries GDP’s. It’s also the cost of annual returns to retailers worldwide, according to an OrderDynamics and IHL group study.
Don’t bemoan this fact, embrace it!
Rule #1: Ask Your Customers
Learn why consumers return their purchases. If you’re a boutique clothing shop, do your sizing guides need updating or are certain designers decreasing in popularity? For electronics stores, are your supplier’s mobile phone chargers consistently malfunctioning?
Rule #2: Build an Effective Strategy
Once you’ve identified the causes, address them. Your goal is to optimize the shopping experience for your customers, so use tools like ReceetMe’s e-receipt system to reach out to customers after the sale. Let them know about your store’s updated sizing guides, new designers, and product launches.
Rule #3: AI to the Rescue
AI and Machine Learning are becoming powerful tools for top brands like Tommy Hilfiger and commerce giants like eBay and Alibaba. Because enhancing the retail experience has become a core focus of the industry, technology that personalizes shopping for the consumer is a critical element that simply can’t be ignored.
Rule #4: Embrace Returns
Retailers that have clear and simple return policies enjoy repeat business and satisfied customers.
Make returns work for you by using technology to make smart decisions and build effective strategies that can help decrease financial loss and increase customer engagement.