For retailers, the holiday season involves extensive preparation followed by brief periods of intense execution. While Black Friday is crucial for brick-and-mortar stores, Cyber Monday holds equal significance for online retailers. It is only two months away, hence it is essential to revise your returns plan for Cyber Monday.
According to the National Retail Federation, holiday sales are expected to rise by over 4%, reaching $616 billion this year. Furthermore, online sales are estimated to exceed in-store purchases with a growth rate between 8-11%. In a survey conducted by The Retail Equation regarding holiday returns in 2013, it was revealed that more than 10% of holiday sales were returned within 90 days of purchase. As a result of these returns, retailers lost revenue totaling over $58 billion.
As Cyber Monday gains popularity among consumers, ecommerce retailers offer a convenient purchasing experience that bypasses the long lines of Black Fri
...day. However, online orders can come with uncertainty, raising concerns about product quality and frustrating assembly experiences. To maintain high sales and profits, it is essential to consider how to reduce returns. Here are three tips to help:
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1. Provide customer support.
Support is a critical element of the customer experience.
Ensuring customer satisfaction and minimizing returns can be achieved by preparing and addressing potential inquiries before a purchase is made. Examples of preemptive measures include offering an updated FAQ section on the company website, having a live chat feature available for customers, or having knowledgeable representatives available via phone. Additionally, setting appropriate staffing levels is essential.
Is your business ready for the staffing needs during the holiday season? Large retailers prioritize customer experience and take no risks. This year, Amazon expect
to have about 86,000 job openings, a 4% increase from 2013. When preparing for the increase of online orders, it's crucial to ensure the warehouse is equipped to handle Cyber Monday transactions. This means having enough workers and stock, as well as accurately shipping the right products and sizes to customers. Properly training new staff can prevent shipping errors or delays, which raise the likelihood of product returns due to late delivery.
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3. Provide accurate product descriptions and images.
Without physical contact with the products, online customers have to rely solely on descriptions and images provided on the website. It is crucial to present products accurately and attractively to increase sales and ensure customer satisfaction. To minimize returns, review products that had high return rates from the previous year and adjust their descriptions and images accordingly. Collaborate with the customer service team to determine frequently asked questions about your products, and include this information in the product page and FAQ section.
To avoid future returns, it is important to accurately represent products and provide videos of them in motion. By bringing customers closer to the in-store shopping experience, the risk of improper product perception is reduced, resulting in fewer returns. Having a pre-holiday returns plan has numerous benefits such as improved client satisfaction and retention, as well as an overall increase in customer lifetime value. This is a valuable gift that retailers can enjoy throughout the year.
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