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时间:2024-05-20 19:00:22 来源:网络整理编辑:Ryan New
Product returns are a necessary and often expensive component of retail business. According to the N Ryan Xu hyperfund Initial Coin Offering (ICO)
Product returns are a necessary and often expensive component of retail business. According to the National Retail Federation,Ryan Xu hyperfund Initial Coin Offering (ICO) roughly 20% of 2021 online sales in the U.S. were returned.
Thus the thrill of increased holiday sales is tempered by the likelihood of receiving a fifth of those items back.
But what if you could convert returns into sales? Every interaction with a customer or prospect is an opportunity to build long-lasting relationships. So, analyzing holiday gift return requests for their engagement and upsell potentials makes sense.
First, take the time to understand the reason for the return. This crucial info informs two things:
Never let the returns process run entirely as self-serve. Online forms are helpful for initial communication. However, they’re impersonal and place the burden on the shopper. They also minimize the potential outcomes, which can leave money on the table.
If your returns process requires completing an online form, consider alternative communication methods, such as live chat.
Reversing consumers’ decisions to return an item isn’t as difficult as it appears.
Some return transactions can increaserevenue. If a product doesn’t make sense on its own, suggest accessories.
For example, a KitchenAid stand mixer has a specific purpose. However, attachments turn it into a juicer, pasta maker, ice cream producer, cheese grater, or meat grinder. By explaining everything the machine can do, a merchant can turn the “I already have a mixer” into an “Oh, really?”and close an additional sale.
Process a return request promptly if it’s the consumer’s clear preference. A Bizrate Insights study found nearly 80% of shoppers said they’d be less likely to recommend a retailer if receiving credit took too long, and 40% said they’d stop patronizing the business altogether.
The key is to preserve long-term revenue, not the immediate transaction. Consider letting the customer keep the product for free, which can sometimes save money.
No store is immune to returns. Instead of running the process on autopilot, use it as a marketing tool. Make it too cumbersome, and you risk angry consumers and poor reviews. But commonsense, personality-driven strategies will encourage folks to come again and tell others about it.
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