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Welcome to the world of retail returns, an expensive, cumbersome yet essential part of the industry. The number of returns is growing and managing them is critically important to maintaining margins and customer satisfaction. of all purchased goods were returned to retailers.
With the holiday season out of the way, next to come is a wave of returns that will stretch into the new year. The value of merchandise being fraudulently returned to retailers hit an all-time-high in 2024 at over $100 billion , up four-fold compared to just four years ago, according to industry sources.
From mountains of packaging to returned products that may contain hazardous materials, management of returned, damaged or expired products becomes increasingly complex and voluminous during the holidays and post-holiday season. The holiday season brings a surge in shopping, both in-store and online.
Christmas and end-of-year sales are big business for retailers but they also drive enormous returns. The rise in post-Christmas returns can be attributed to several trends, with the growth of eCommerce being a leading factor. This helps lower material use and reduce space in delivery trucks, ultimately lowering emissions.”
Speaker: Kelly Barner - Co-Founder & Managing Director of Buyers Meeting Point, LLC
Time will tell, but it is unlikely to be a return to the pre-pandemic normal. Global inflation is at record highs and the Great Resignation has given way to the Great Reshuffling, leading to uncertainty in talent markets. What will 2023 bring?
With the holiday season just concluded, the challenge of managing merchandise returns is a reality for many retailers. According to the latest data from the National Retail Federation (NRF), merchandise returns are projected to reach an astounding $890 billion in 2024, accounting for approximately 16.9%
According to PwC, businesses that reduce friction for consumers and empower all employees to make things right whether through returns, price adjustments or other policies bring higher customer satisfaction and more forgiveness. How can Retailers Improve Post-Purchase Using an Order Management System (OMS)?
Retailers in Australia are scaling back on free delivery and returns amid the continued increase in delivery costs, according to a report from delivery platform Shippit. To cope with this, many retailers have no choice but to scale back on free delivery and returns, despite growing customer demand. last year to $10.39 to $14.69.
Retailers understandably want to create strict returns policies to reduce instances of fraudulent or abusive claims. At the same time, a rigid strategy like no receipt, no returns can sour loyal customers as well as drive fraudsters toward new criminal tactics, forcing loss prevention teams to continually change strategies.
During the pandemic, ecommerce returns majorly impacted retailers profit margins. As customers return to in-store shopping, retailers are continuing to face an increase in returns from online and in-store sales. This holiday season, consumers who frequently make returns may be in for a surprise.
With returns siphoning off a staggering $743 billion from retailers bottom lines in 2023, its clear that the industrys approach needs an overhaul. But instead of leaning on rigid policies that risk driving customers away, retailers can use this as an opportunity to rethink returns.
From customer transactions to inventory management, retailers need to be able to manage, integrate and govern their data to make informed decisions that drive growth and profitability. Many vendors are now launching retail-specific data management solutions in response to this demand. billion in 2021 to $40.88
Beyond plans to leverage Kirkland’s store operations expertise and existing brick-and-mortar footprint — which encompasses 325 stores in 35 states — to make Bed Bath & Beyond’s return to physical retail a success. New markets outside of Kirkland’s current footprint will be considered, as will store conversions. ”
Walmart is in the process of deploying AI-powered tools to meet key store associate requirements, including a task management solution that has reduced shift planning times from 90 to 30 minutes.
Managing supply-chain unpredictability The Covid-19 pandemic highlighted the vulnerability of trade routes in times of conflict and natural disaster. This helps manage consumer expectations as well as enhance profitability on limited stock. Using AI for returns optimisation Another growing supply-chain issue for retailers is returns.
Dillards has been executing a highly successful strategic plan focused on improving operating margins, prudently managing capital expenditures and aggressively returning capital to stockholders, said James Mitarotonda, Chairman of Barington in a statement. However, we are concerned with Macys large capital expenditure programs.
Indian retail conglomerate Reliance Retail has introduced an app in India to sell Sheins fashion products through a licensing agreement, marking the Chinese brand’s return after a five-year ban due to diplomatic tensions. The Reliance-Shein partnership, while promising for business, brings environmental concerns to the forefront.
The longstanding, and so far unsuccessful search for Asda’s new CEO could receive a shot in the arm following the return of former chief Allan Leighton as its new executive chair this week. Barry Williams With Leighton back at Asda, could we see the supermarket’s former executive Barry Williams also make a return?
YoY in its fiscal Q3, which ended May 3, marking a return to year-over-year revenue growth after several years of declines. We’ve strengthened the foundation of our business, incorporating retail best practices in strategic areas such as pricing, warehouse optimization and inventory management that enable us to operate more efficiently.
Hubbed is setting a new standard for e-commerce returns with the upcoming launch of its box-free and label-free solution across its entire Parcelpoint network. With over 2500 locations nationwide, this innovation is designed to enhance convenience and customer experience for e-commerce returns.
The Significance of Employer Branding in Battling Retail Turnover The retail industry faces significant challenges in managing workforce stability, with turnover rates being reported as high as 60%. Sara Mackessy is the EVP of Talent Solutions at Atrium , the workforce management and staffing firm.
AI image recognition FMCG is a technology that transforms how brands manage shelves, track inventory, and understand their consumer behavior. Enhancing Shelf Management with AI Shelf management is critical for retail success. Poorly managed shelves lead to lost sales, frustrated customers, and damaged brand reputations.
In fact, 60% of respondents said all marketplace orders are managed through their marketplace providers. Partnering with a marketplace also means brands dont have to manage the returns process, which is another growing challenge.
Key Takeaways High Return Categories: Apparel, electronics, home goods, and beauty products are among the most returned items due to sizing issues, defects, and customer dissatisfaction. Quality Control: Ensuring product quality through rigorous checks can significantly reduce return rates and enhance customer trust.
It demonstrates our approach to active management and retailer engagement, as well as our commitment to delivering varied and enhanced customer experiences.” The post centre:mk’s fashion event returns welcoming over 113k visitors appeared first on A1 Retail Magazine.
As the Black Friday 2024 shopping frenzy approaches, Australian retailers are gearing up for their biggest challenge yet – managing skyrocketing demand while staying efficient. By adopting automation in areas like supply chain management and customer service, Australian retailers can meet rising global demand and secure long-term growth.
We have strong relationships with landlords, marketing agencies and industry talents, and we pride ourselves on ensuring that having a localised strategy was the most important thing for G-Star, Good Products & Co managing director, Helder Borges, told Inside Retail.
Thus, it highlights the urgent need for strong risk management strategies. Effective risk management involves identifying these threats, implementing preventive measures, and staying ahead of emerging vulnerabilities. Learning about these threats is the first step in developing strong risk management strategies.
Best Practices for Managing Adverse Events Companies should strive to streamline the adverse event reporting process for consumers by establishing a central reporting system that protects personal and sensitive consumer information. Manufacturers should implement strict GMP protocols and maintain transparent ingredient records.
Managing a team can become complicated when juggling numerous tasks, deadlines, and individual responsibilities. Task allocation and team coordination are the backbone of smooth operations, and management software offers practical solutions that streamline these processes. This dynamic approach saves time and optimizes resources.
While this longer shopping season may benefit the consumer, it also poses sales tax complications for retailers that can last well into the new year when return season strikes. Complex Returns The holiday shopping season starts earlier than ever but it also ends later than ever for retailers that must handle a high volume of returns.
His arrival coincides with the departure of Poundland’s managing director Austin Cooke , who resigned from the business after seven years and more than a year since he took over from Williams. in the three months to 31 December and 3.6% in its most recent financial year. over the golden quarter.
McConnell Property has been successfully appointed as the managing agent for two of Northern Ireland’s premier retail and leisure parks, The Boulevard, Banbridge and The Junction, Antrim. The post McConnell Property Appointed as Property Managers of The Boulevard and The Junction appeared first on A1 Retail Magazine.
The program, in partnership with Chemist Warehouse and Kenvue, allows customers to return their empty blister packs through dedicated Codral-branded Pharmacycle recycling bins. Pharmacycle is an end-to-end blister packs recycling solution, managing the collection, logistics and processing of blister packs.
The company then selected what Neighbour called the suite of As add-on technologies to round out the ecommerce experience: Algolia for search and recommendations, Amplience for content and digital asset management, Akeneo for product information management (PIM) and Adyen for payment services. That won’t achieve anything.
Streamlining retail workflow and inventory management is essential for enhancing efficiency and profitability. Diversify suppliers to mitigate supply chain risks and negotiate better terms for improved inventory management and cost efficiency.
The Online CX Index, a partnership between Inside Retail and Humii, covers the entire website experience through checkout, delivery and even returns, evaluating eight key criteria based on up to 200 data points. Oz Hair & Beauty: Dispatch time faster than average for beauty segment Oz Hair & Beauty has a dispatch time of 1.3
Australia and New Zealands leading pureplay online fashion, lifestyle and sporting destination has had a year of evolution; with seemingly smooth transitions overhauling the businesss order warehouse management system (OWMS), building a new B2B platform business and tackling the intricate returns issue.
The Australian luxury department store, Harrolds, has been brought back to life by two former managers, Arasch Enayat and Gino Pagano, who completely self-funded the business’s renaissance. will return to its roots as a menswear-only luxury retailer. Under its new owners, “Harrolds 2.0” Not only will Harrolds 2.0
Forever 21s Twisting Tale of Bankruptcies and Sales Forever 21s intellectual property has been owned by brand management firm Authentic Brands Group since its first bankruptcy in 2019 , and a second bankruptcy would not disrupt that arrangement. If a buyer is not found, a chainwide liquidation is in the cards. In the U.S.,
According to a report by VPNMentor, researcher Jeremiah Fowler discovered that the database, which was unencrypted with no password protection, contained sensitive information, including names, physical and email addresses, phone numbers, invoices, shipping information, return details, and other potentially sensitive data.
That said, guest checkout is a band-aid solution for new potential customers who don’t want to create an account and for returning customers who can’t remember their account details. Rishi Bhargava is Co-founder at Descope , a developer-first authentication and user management platform.
In a competitive e-commerce environment, customers are most likely to return to shop where they have had the best experience. The standout returns experience Osthus stresses the importance of having a smooth returns process, especially around prompt authorisation. “If Experience should always be a focus point,” says Osthus.
In the words of Paula Mitchell, Digital General Manager, We wanted consumers to think of Freedom not as your mums brand but as your best friends brand. But the merchant was suffering from a bit of an image problem that made it seem fusty and old-fashioned, a situation that led to a companywide turnaround plan initiated in 2020.
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