By Craig Sears-Black, UK MD, Manhattan Associates
As a retailer, you know just how service-conscious today’s shoppers are. But do you really understand the role that your returns policies play in delivering business success? For many organisations, returns incur a significant cost to the business. Yet they could be generating revenue.
Omnichannel return policies are increasingly important to purchasers; in a recent survey, 40% of customers say they would buy more online if they could return to stores. Yet many retailers are struggling to move away from unfriendly legacy processes: charging people to return across channels, offering short return windows, and having complex receipt requirements. But there’s more at stake than just customer experience. Better returns management can help you to stop margin erosion, as making returned stock visible and available across your network enables you to deliver every transaction with maximum profit.
Here are five top tips for formulating more successful business outcomes from omnichannel customer returns:
- A hassle-free cross-channel return experience can convince customers to buy from you.
- Rapid returns processes reduce markdowns and lead to better business outcomes
- Take returns into account when making restocking decisions
- Make the maximum stock available to customers without the restrictive returns policies
- Get the most from every returning customer with in-store incentives