The party is over, the cakes, cookies, and candy are gone, and the question is now: what to do with the present you got but didn’t really want?
One-third of retailers, according to marketing data company Inmar, anticipate receiving returns of between 11% and 20% of their holiday sales. A few evaluations put the dollar figure for those returned gifts at generally $170 billion.
On her website, Gifter World, Chanda Torrey claims that she tries to curate gift lists so that even the pickiest people can find the ideal gifts. She does, however, recommend reading the fine print if a return is necessary.
“It’s important. Some places have like a month, some places say three weeks, some places say six months, and they’re all different,” Torrey said. “So, make sure you know what the time difference is.”
Returns will also rise as 33% of stores report an increase in holiday sales. That is where the organization Newmine comes in.
CEO Navjit Bhasin explained how man-made brainpower assists retailers with eliminating returns. Returns and brand loyalty are lost when merchandise errors like sending a black garment rather than a much-wanted rose-colored item are eliminated.
“The best return is the one but it does not have to happen,” Bhasin said. “The moment a consumer like you and I decide we’re going to return this product, the margin is gone. And then the retailers struggle to say, ‘Hey, how do I cost efficiently get the product back into my supply chain? How do I refurbish it? How do I dispose of it?’”
The number of fraudulent returns is estimated to be 10% by retailers, with the One fraud that is wardraging: the return of unused, unbroken goods.
Even if they don’t like the gifts, many people never return them.
“I am not a big fan of returning,” Torrey said. “In fact, I have bought shoes, got home and discovered that I had two left shoes and was too embarrassed to return them and I’ve done that twice.”
Six out of ten retailers, according to a recent survey, will implement stricter return policies this year.
Bhasin suggests taking into account the effects on the environment if you order multiple sizes and return the ones that don’t fit. To make a better purchase, instead, contact online retailers and inquire further about product dimensions, colors, and other details.