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A fantastic 90 minutes starting with Returns experience evolving into so much more – high-level highlights below and we will keep sharing the outcomes as we curate them!
– Retailers segment customers by the channel they purchased from, and tailor the way we treat them accordingly – BUT when it comes to returns, and returns policy, we expect them to return through one channel alone – there is an opportunity to start matching the returns policy with the channel in which the customer purchased.
– Understanding returns is all about frequent analytics of data.
1. Why is your customer repeatedly returning items?
2. Return channels should give you the same amount of data, make sure online matches in store information.
3. Opportunity to make sure all your channels are marrying up to feedback information to the product management team. If you get feedback from one channel, your team should be able to access it quickly.
– Returns will always be an expensive experience for the business, especially when the product cannot be resold. Take a step back and look for the quick wins.
1. What are the reasons for the returns? Is it this down to the phrasing of your sizes? Opportunity to improve copywriting of products? Small changes like this, can give you great savings and widen margins.
– Re- think regional merchandising, should you merchandise all your items in your wholesalers?
1. As you have to pay a fee to be part of the big chains, returns through these channels can be extremely costly. But also balance this out by taking a holistic approach to your store presence across the US, why isn’t certain merchandise in that store? Makes it more complex when you have return to store options.