Do you really know the causes and costs of your returns?
Returned stock is a fact of life in eCommerce. But do you really know the causes and costs of those returns? Every click the customer makes before they buy is scrutinised with data analytics, whereas the causes of returns are typically assessed from a few codes on a returns form. Effort gets focused on tackling the symptoms - not the real causes.
The Returns Insight gap is intimately connected to damaged profitability. Returns have a disproportionate impact on the bottom line – so reducing a return rate by just 1 percentage point can boost gross profits by 1.6% and operating profits by a massive 15%.
Returns are not inevitable or unavoidable. If you measure and understand them correctly they can be managed and reduced, resulting in improved profits and increased customer satisfaction and loyalty.
As a starting point, we offer a Returns Insights service. Our specialist data analysts and retail returns experts take a deep dive into your data to give you an overview of your specific returns issues, your customers’ behaviour around returns and how you compare with the market. With a concise report and set of next steps, you’ll have the robust evidence you need to focus your efforts for maximum commercial impact.
Returns Insights is a standalone 4-6 week project that lets you:
- Uncover the real drivers behind your returns
- Learn how your business compares against the industry
- Get robust data on the costs of returns to your business and their impact on profits and customer experience
- Understand the scale of your returns problem and how that compares to other players in your market
- Gain clarity on whether products, customers or process are where you should be focusing remedial tactics
- Learn about your broad customer types through the lens of what they keep and how they contribute to profits. Identify priority areas for cost reduction, and improving customer experience and lifetime value.
- Are your marketing campaigns still successful when measured on ‘keeps’ rather than gross sales? Understand how you can prevent marketing and service driven returns.
- See the potential areas of improvement and optimization which your competitors are already addressing.
Start your returns revolution today!
When you start to tackle more than just the symptoms of returns you’ll see the results directly on the bottom line, so call us now to unlock your Returns Insights: 0141 554 4175 or sales@clearreturns.com