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Returns Reimagined: How Tech Can Help

Retail TouchPoints

As stores try to balance protecting profit margins while delivering a unified customer experience, the escalating cost of returns has reached a breaking point. returns reached a staggering $743 billion in 2023, representing over 14.5% As a result of this burgeoning problem, retailers have started to incorporate return fees.

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NRF: For Every $1B in Sales, Retailers Incur $166M in Returns

Retail TouchPoints

retail sales in 2021, or $761 billion in merchandise, will be returned this year, according to a report from the National Retail Federation and Appriss Retail. The total rate of returns is up from the 10.6% reported during 2020, but despite soaring ecommerce adoption, online returns will remain in line with recent years at 20.8%.

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Returns: The Hidden Opportunity for Retail

Retail TouchPoints

Returns provide brands and retailers the opportunity to delight their customers. market saw over $400B in returns in 2020. If this dollar value were a proxy for revenues, the returns channel would be the second largest global retailer behind Walmart. That is a significant amount of capital tied up in the returns channel!

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Tackling the Growing Problem of Fashion Returns Earlier in the Supply Chain

Retail TouchPoints

A huge part of retaining customers is having a return policy that is clear and concise, giving customers the security they expect and want. In trying to accommodate all customer demands while simultaneously fighting for market share in a rapidly expanding and competitive fashion industry, retailers are relaxing their return policies.

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Building Supply Chain Resilience in the Real World

Speaker: Kelly Barner - Co-Founder & Managing Director of Buyers Meeting Point, LLC

Since 2020, procurement and supply chain professionals have faced an unprecedented set of challenges. Global inflation is at record highs and the Great Resignation has given way to the Great Reshuffling, leading to uncertainty in talent markets. Time will tell, but it is unlikely to be a return to the pre-pandemic normal.

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4 Ways Ecommerce Returns Will Change in 2022

Retail TouchPoints

Ask any retailer or consumer and they’ll agree on this point: ecommerce returns are a problem — albeit for diametrically opposed reasons. Meanwhile, more than three in four (78%) consumers say they’ve had an inconvenient online returns experience recently, per Pitney Bowes latest BOXpoll survey. consumers love the USPS.

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Pret A Manger co-founder returns amid boardroom shake-up

Retail Gazette

After spearheading the acquisition, Meyer became a board member in 2018 and also served as interim chief financial officer at the height of Covid-19 back in 2020. Beecham will not formally rejoin the board, while Billet will return as a non-executive director and chair of the audit committee.

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