Modern eCommerce companies have revolutionized the game when it comes to returning items. From no-hassle pickups and convenient return windows, these businesses have made returns less of a dreaded task for customers looking to shop online. In this blog post, we’ll discuss some innovators in the space and how they’ve set themselves up for success with seamless processes that keep shoppers returning. Keep reading to learn more about how these companies are improving the return process and how you can too!
eCommerce Product Return Rate
Embracing returns can skyrocket second-chance sales, strengthen customer loyalty, and ultimately pump up your profits! Let’s dive into some fascinating eCommerce return stats showcasing how impactful returns can be on your business.
- The average eCommerce return rate is 16%.
- For every $100 in returned products accepted, online retailers lose $10.30 to return fraud.
- Fifty-eight percent of U.S. consumers make purchases with the intent to return.
- Ninety-two percent of customers will make another purchase if the returns process is easy.
- Offering free returns can boost conversions on high-ticket items by 17%.
- Eighty percent of consumers say returns are the most important factor when considering the overall order experience.
- Only 22% of shoppers said their most recent return experiences were easy.
eCommerce Return Reasons
The same survey found that three out of four consumers (76%) had returned an item they had just purchased. However, 78% of those surveyed felt the returns process was inconvenient. According to the survey, the top five reasons are:
- Return label not included in the shipping box (22%).
- Return shipping isn’t free (20%).
- Refunds take too long to be issued (19%).
- Lack of communication from e-tailer on return status (16%).
- Time and effort of dropping off returns with a mail carrier (13%)
Why are these return stats important? Well, it illustrates a few areas eCommerce companies can target when aiming to enhance their business strategies and seize every sales opportunity.
eCommerce Companies that Have Changed the Return Game
Who would’ve thought: the pet store giving you paw-sitively excellent service? Chewy, one of the mascot stores of returning items stress-free, has a return policy of 365 days! They also meow-ve mountains to let you give that item to your pup’s buddies or donation sites.
Sure, most stores want customers’ happiness, but Chewy ensures their shopping experience meets their expectations with all the love a purring customer needs. After all, it’s so important for pet parents that their fur babies get the best.
Unlike other online shoe companies, Zappos doesn’t cut corners when it comes to customer service! They already give their customers 365 days to return items for free, but their VIP program takes returns one step further with their Rapid Refunds benefit.
Zappos has become legendary for its speedy and simple return process by offering immediate refunds as soon as UPS scans the package. This makes the whole process a better experience and builds customer loyalty.
Casper has an excellent policy allowing customers to try their products confidently. Their generous 100-night trial allows customers ample time to decide whether they’ve made the right purchase.
Even better, Casper offers a thoughtful solution for customers wishing to return their products – donating them to a local charity instead of shipping them back. This way, their customers don’t need to feel bad about their decision.
How to Reduce Returns in eCommerce?
In today’s fast-paced retail world, companies have gone above and beyond to eliminate the dreaded ‘return anxiety’ by implementing transparent and painless return processes. They’ve created frictionless, convenient, and easy returns that appeal to customers, making returning a product less daunting. By utilizing these strategies, businesses save the sale and foster customer loyalty.
- Predictive analytics, for example, can empower businesses to pinpoint which products are most likely to be returned, allowing companies to address potential issues.
- Real-time data analysis can help tackle fraudulent returns and potential cyber threats, ensuring a secure shopping experience.
- AI-powered chatbots provide customers with instant support and guide them through the returns process more easily.
- Blockchain technology in the returns landscape grants increased transparency and accountability, offering peace of mind to all parties involved.
Embracing these innovative approaches will undoubtedly lead to reduced costs, improved efficiency, and an engaging and customer-centric return process.
Get Your Returns Game Up to Speed
From Chewy to Zappos, these companies have certainly changed the eCommerce returns game. Despite its higher costs, companies that focus on customer experience considerably reduce their return rates by offering an enjoyable user experience for unsatisfied customers. We can all learn from innovative eCommerce businesses prioritizing customer satisfaction above all else. Overall, managing product returns is not as difficult as it seems with the right strategies and innovations employed.