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Wednesday, November 13, 2019

Returns Management in a Nutshell

If your getting married you will be registering for gifts at retail stores or maybe even online. It's a good idea to know a little bit about how return policies work if you change your mind or get duplicates.

Returns are a normal part of the retail industry. There are over 70% of consumers looking for more flexible and efficient options for returns, but only 4% of retailers have adhered their business practices to this demand.For this reason, the returns management services industry keeps thinking of ways to improve services to accommodate consumers' demands.

Returns Management Defined

A returns management system is a process shippers offer to customers to improve customer satisfaction and streamline returned assets.Most companies employ a system where they take care of the end-to-end process, from receipt of the products to its processing all the way to the returned product's disposition.

Two Common Types of Returns Management Processes

  1. Pre-Authorized Returns-This process allows customers to email or call requests for returns ahead of time. Itgives you the chance to talk to your customers for more personalized service and the chance to cross-sell and upsell additional products.

  1. Hassle-Free Returns-This process allows the customer to initiate the return themselves saving you and your team time and effort.Typically, return slips and free shipping labels come with the package or your customer has access to return slips on your website and prints them.If done right, a hassle-free returns system guarantees happy customers and gives you higher customer-retention.

Its Importance to Businesses

A growing number of customers are now particular about a company's return policy.

A surveyshowed the following statistics:
  • 51% want free return shipping
  • 62% want a return label in the box
  • 61% want easy-to-print return labels from websites
  • 36% want a hassle-free return shipping process
  • 12% want a swift refund or store credit
  • 89% say they are likely to buy from the same shop after a pleasant returns experience
These numbers are indicative of customers' desire to have access to a hassle-free returns process for a more seamless and streamlined shopping experience for them.

Your margins are directly affected by your return efficiency.

If you can put the right returns management system in place, your revenue, sales, and customer retention rates are inevitably going to increase.About 67% of shoppers check out a store's return policy before making a purchase, while72% are likely to make repeat purchases in stores' with simple returns processes.Free returns services, on the other hand, can result in a 50% to 357% increase in customer purchases over a two-year period. Not only that, but customers arelikely to spend over $1,000 in online shopping.

Benefits of Having a Returns Management System

  • Increase in Customer Satisfaction -As mentioned, a good returns policy results in higher customer satisfaction.
  • Reduction of Total Overall Cost - Since some industries consider the return supply chain a top priority, working with the right reverse logistics can save you money in the long run.
  • Protection of Income and Revenue -Working with reverse logistics experts will give you a better understanding of how much income and revenue are at risk in your supply chain and puts you in a position to lower that risk.
  • Improvement in Operations Transparency -Putting an effective returns management system in place allows you to have a transparent view on a returned item's status at any given time.
While things are still not yet perfect, providers keep innovating and improving their services. The proper implementation of a returns management system will be beneficial to all parties involved.

Photo Credit: Pexels

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