Holiday sale days like Black Friday, Cyber Monday, and Boxing Day etc, drive insane profits for retailers! Unfortunately after the holiday season, return rates shoot up, with gifts and purchases getting sent back in record amounts. In 2016 UPS saw over 1 million returns on January 5 aka. “National Return Day”, and that’s just one carrier.
Extremely high return rates during the mania of the Holiday Season are making retailers see red instead of black. According to the National Retail Federation, merchandise returns cost U.S. retailers more than $260 Billion in lost sales.
Returns are a big sticking point in the customer journey, and in most cases a customer won’t even consider purchasing from you if you have a bad return policy! Holiday peak season is a great opportunity for you to increase customer loyalty, as well as profits.
According to research from Canada Post, 18% of shoppers will abandon purchase if they have concerns with your return policy. Worse, 33% of shoppers won’t return to your store if they’ve had a bad returns experience. Even if they’re returning an item, you want holiday shoppers to keep coming back after the season is over!
Returning customers are highly value and end up spend 3x more than one-time shoppers. There’s no better time than now to focus on improving the returns experience for your online store, to keep ‘em coming back.
Learn how you can recapture revenue while increasing customer loyalty through returns this holiday season, download your free copy of The Retailer’s Guide to The Galaxy Holiday Season:
This ebook will be your tool to making the most of the peak retail season, from back-to-school all the way to January 5th, UPS’ “National Returns Day”! Our guide features actionable insights from our in-house experts and technology partners like: