Businesses urged to defeat the "silent killer of profit" in online retail
LONDON, Aug. 1, 2023 /PRNewswire/ -- Refunds run the risk of becoming the "silent killer of profits" in online retail, warns nShift, the global leader in delivery management software. But running a digital returns process can help convert 30% of returns to exchanges.
Research reveals that returns can cost an ecommerce business some 66% of the original item's price, even when it is sent back in good condition.[1] However, when businesses operate an easy-to-use, digital returns process they can build trust with shoppers and grow revenue.
nShift has released a list of four strategies that retailers can use to grow their business with returns:
- Converting returns to exchanges – a consumer-friendly returns interface makes it easier for the customer to exchange the item they are sending back for something else from the brand or retailer. With the right returns software, ecom companies can automate the process of offering an exchange. nShift Returns customers typically convert 30% of returns to exchanges, helping retailers retain revenue
- Gaining crucial returns data – manual returns processes make it difficult to gather information about items being sent back. But when the process operates digitally, it creates a wealth of data for businesses to analyze. This makes it easier to spot trends and patterns. Teams can identify and rectify common problems that are causing items to be sent back. This can reduce returns volumes over the long term
- Creating remarketing opportunities – emails about returns have significantly higher open rates than other retail communications. By weaving marketing messages into these emails, ecom companies can create additional sales opportunities
- Driving customers in-store – a digital returns process makes it easier to give customers the opportunity to take their items back into store. Here they will speak with a member of staff who can encourage them to exchange the item. The customer will also encounter additional products and marketing messages in-store
Philipp Goldberg, Returns Product Director at nShift said: "In today's ecommerce environment, providing a clear returns policy is essential. If they can't see how they can send back a product, many shoppers simply won't complete the purchase. But returns also serve as an opportunity to build the business. When retailers get this right, they will convert more returns to exchanges, create new marketing opportunities and reduce returns volumes over the long term.
"To make the most of returns, online retailers and webshops should deploy a returns software solution that creates a cutting-edge consumer experience and captures useful data on sent-back items."
nShift has recently launched an Essential tier of its Returns solution. It enables growing retailers to track each return centrally. This helps ensure resalable items return to shelves without delay, while also helping to pinpoint root causes, such as incomplete product descriptions. Meanwhile, customers benefit from a simple experience online and a choice of return shipping options – all offered within the retailer's website or app.
The new solution provides a straightforward upgrade path for retailers looking to further enhance their returns experience. The full nShift Returns solution offers a highly automated platform which enables easy exchanges at the point of return, and automatic refunds. nShift Returns helps protect retailer revenues by converting up to 30% of returns into exchanges.
https://nshift.com/solutions/returns
About nShift
nShift is the global leading provider of cloud delivery management solutions enabling frictionless shipment and return of almost one billion shipments across 190 countries annually. nShift's software is used globally by e-commerce, retail, manufacturing and 3PL shippers. The company is headquartered in London and Oslo. It has over 500 employees across offices in Sweden, Finland, Norway, Denmark, United Kingdom, Poland, the Netherlands, Belgium, and Romania.
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