Long viewed as a necessary evil, the retail returns process is emerging as an unexpected avenue for growth and customer engagement. In the rapidly expanding ecommerce market, projected to reach $3 billion in 2023, a significant 20% to 30% of online purchases end up being returned. This substantial return rate highlights a vital opportunity for retail leaders: by revamping the often-overlooked returns process, retailers can unlock a new avenue for driving customer satisfaction and business growth.
But even amidst these opportunities, the returns process remains fragmented and outdated, with issues that are multifaceted. The practices adopted are often unsustainable, leading to both environmental and financial repercussions.
