Creating return policies informed by 'the refund effect' can reduce revenue loss from product returns.
billion in lost revenue. Typical strategies to reduce revenue lost to product returns include reducing the likelihood of returns by providing more information about products and increasing the financial and transaction costs to consumers who do return products . But the former strategy is costly to retailers, and the latter is costly to consumers.
Retailers who understand the dynamics of the refund effect — when, why, and how it works — stand to mitigate one of the perennial headaches of the industry. Here are three findings retailers should keep in mind to make the most of the refund effect: Some retailers already effectively use this cross-selling strategy. By default, Amazon asks customers if they’d like to use their return to buy a gift card. Customers who decline this cross-sell then receive their refund. Clothier Todd Snyder lets customers use their refund to immediately buy other products before they mail their return. The remainder of their refund is issued when the return is received.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Canadians retreat at the grocery store, flock to discount retailers in search of dealsHigh interest rates and inflation are helping discount retailers boost sales even if Canadians are trying to spend less. Find out more.
Les mer »
I-95 collapse: Detours, road closures creating influx of traffic in nearby neighborhoodsCommuters in Philadelphia are adapting to new road closures and detours in the wake of the I-95 collapse that officials say will take months to repair.
Les mer »
Meet 8 Designers That Are Creating Sleek, Weather-Proof Furniture for Your YachtSunlight, salt and sunscreen can destroy a yacht’s decor. Yacht designers are now launching custom furniture lines that can take a beating but maintain that pristine look.
Les mer »
3 new retailers to open at The Shoppes at EastChase in 2023Three new retailers are headed to the Shoppes at EastChase.
Les mer »
Once known for figural works, artist James Cobb's latest show has him creating mini-universesIn his latest exhibition at San Antonio's FL!GHT Gallery, Cobb showcases 23 new pieces, both paintings and digital works. SanAntonio SATX SanAntonioTX SanAntonioArts ThingsToDoInSanAntonio
Les mer »
Pickleball turf wars: How a popular sport is creating competition for community court spaceThe fastest-growing sport in the country creates a growing need for court space. As Utah communities rush to find solutions, it's creating competition with more established sports.
Les mer »