In an ideal world, retailers would be dealing with a returns rate of under 5%. However, with returns already costing UK retailers £60 billion a year and an average return rate of 20%, we know this isn’t the reality.
In today’s world it is vital to have a returns policy which both puts your customer at ease and protects your business.
With 8% of brands now offering free returns to all markets and retailers such as ASOS and Topshop supporting the ‘try-before-you-buy’ trend, your returns policy could be the biggest differentiator between you and your closest competitor.
One of our Cracking International Markets trusted partners, ReBOUND have prepared ‘The Great Returns Race’ report, which looks at 7 key steps along the journey to managing returns more effectively;
- Ease of Navigation – 67% of shoppers look at the returns policy before checking out. Is it easy for your customers to locate your returns policy?
- Customised by Country – 18% of the top global fashion brands simply have a blanket return policy for their International customers. Should your returns policy be customised to suit each international market?
- Timescale – If returning goods are cited as the biggest barrier to cross-border trade, have you thought about promoting a longer timeframe?
- Free Returns – A FREE return policy can massively boost sales by up to 357%.
- Policy Reminders – Remind and reassure customers of your return policy at each touchpoint of the journey.
- Refund Promise – Refund locally instead of waiting for items to arrive all the way back at your distribution centre then this will make your international customers happier.
- Choice of Return Method – Offer your customers a clear choice of local return methods.
To download this must-read report please click here.