nShift: Returns cost retailers $600 billion a year
London (ots/PRNewswire)
Real data around returned items can help reduce volumes
Returned items could be costing online retailers $642 billion (€602 billion) a year.[1] Securing more data about sent-back purchases could help ecommerce companies identify issues, solve problems and reduce returns volumes, says nShift, the global leader in parcel delivery management software.
Aggregated return rates suggest that some 20% of items bought online are returned to the retailer.[2] Research estimates that this costs United Kingdom ecommerce companies some £20 billion (€23 billion) a year.[3] Shoppers in Northern and Western Europe are the most likely in the world to send items back.[4]
Given the cost and time associated with handling returns, retailers are exploring different solutions to reduce volumes. Some have chosen to charge consumers. Others have banned shoppers that return too many items from making further purchases.
Experts at nShift argue that a great way to reduce the volume of returns is to understand why shoppers are so keen to part with their purchases and work to eliminate any issues.
Philipp Goldberg, Product Director, Returns at nShift said, "When shoppers send an item back, retailers need to investigate the problem. For example, if T-shirts from a particular line are returned because they are too small, it's time to change size descriptions on the product page. If a common fault keeps cropping up on one product, they can investigate problems across the supply chain.
"To obtain this kind of information, retailers and webshops need to operate a digital returns process that quickly captures the data. The right returns software will make the data easy to analyze. Patterns become clear quickly, helping businesses identify problems and get to the right solutions. With a digital returns process, retailers can create automized processes, getting items back up for sale quickly."
nShift has recently launched an Essential tier of its Returns solution. It enables growing retailers to track each return centrally. This helps ensure resalable items return to shelves without delay, while also helping to pinpoint root causes, such as incomplete product descriptions. Meanwhile, customers benefit from a simple experience online and a choice of return shipping options – all offered within the retailer's website or app.
[1] https://logisticsmatter.com/need-know-e-commerce-returns-europe/ [2] https://www.richpanel.com/blog/ecommerce-return-rates#:~:text=The%20average%20ecommerce%20return%20rate%20rests%20at%20around%2020%2D30%25 [3] https://www.clearreturns.com/portfolio-item/black-friday-costs-uk-retailers-180m-in-returned-goods/#:~:text=Clear%20Returns%20estimates%20that%20returns,repackaging%2C%E2%80%9D%20says%20Ms%20Brock.
[4] https://logisticsmatter.com/need-know-e-commerce-returns-europe/
The new solution provides a straightforward upgrade path for retailers looking to further enhance their returns experience. The full nShift Returns solution offers a highly automated platform which enables easy exchanges at the point of return, and automatic refunds. nShift Returns helps protect retailer revenues by converting up to 30% of returns into exchanges.
https://nshift.com/solutions/returns
About nShift nShift is the global leading provider of cloud delivery management solutions enabling frictionless shipment and return of almost one billion shipments across 190 countries annually. nShift's software is used globally by e-commerce, retail, manufacturing and 3PL shippers. The company is headquartered in London and Oslo. It has over 500 employees across offices in Sweden, Finland, Norway, Denmark, United Kingdom, Poland, the Netherlands, Belgium, and Romania.
Logo - https://mma.prnewswire.com/media/1782566/nShift_Logo.jpg
View original content: https://www.prnewswire.co.uk/news-releases/nshift-returns-cost-retailers-600-billion-a-year-301864544.html
Contact:
Robin Grainger,
robin.grainger@fourteenforty.uk,
James Ellerington,
james.ellerington@fourteenforty.uk,
07725534941
Original content of: nShift, transmitted by news aktuell