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

Two Common Types of Returns Management Processes

  1. Pre-Authorized
    -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
    -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

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
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

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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