Retail Experts Share Tips to Reduce the (Hefty) Cost of Product Returns

According to the National Retail Federation, an estimated $761 billion worth of products sold by retailers last year was returned, or an average of 16.6% of total retail sales.— Getty Images / SolStock. Article by: Mark Hamstra. CO by US Chamber of Commerce – December 12, 2022.

Why it matters:

• Merchandise totaling $761 billion in sales was returned by consumers last year, according to the National Retail Federation.
• As rising e-commerce purchases increase product return volumes, retailers are seeking to make their processes more efficient and reduce the need for consumers to return goods.
• The tips suggested by experts include providing detailed product description pages, monitoring customer feedback to adjust merchandising strategies, and encouraging customers to exchange items rather than ask for refunds. […]

Click here to view original web page at www.uschamber.com