What
if the colour isn't quite right, is the wrong size or you just don't love it
the way you thought you would when you saw it on the website? Return it! Whilst
returning goods is as old as selling them, in an Omni-Channel world the
availability of simple, convenient, returns options can help keep customers loyal
and boost sales whether you're a retailer or a wholesaler.
With that in mind, here’s some top tips for
companies looking to improve their returns processes:
1) A
simple returns process is important to customers
Giving customers the ability to return an
item quickly and conveniently and having a mechanism in place to maximise the
chances of re-selling it without having to mark it down should be key features
of every business and service strategy. Industry analysts estimates that 25-50
per cent of online purchases are returned at present, retailers and wholesalers
need to build returns into their overall inventory management plans. Those
plans need to be made in terms of re-routing items to wherever the demands is,
so they can be presented for rapid re-sale.
2) Let
the customer return it however they want
The more customer centric options available
to return goods via a number of different channels, the more customers are
likely to return goods more quickly and in good condition. This does two things:
it enables the customer to get an item exchanged or their money back quicker so
keeping them happy; and it allows the retailer or wholesaler to make those
returned goods available for sale quicker.
3)
Technology can accelerate the reverse supply chain
Being able to make inventory available straight away significantly increases the opportunity of achieving a full-price sale. This is where an order management system can help as it will achieve this by providing instant visibility of returning goods, regardless how they are being returned i.e. to a store, via a courier service or directly to a warehouse. In addition, having visibility and availability of these items straight away allows the order management system to optimise fulfilment decisions on how and where they should be sold to maximise profits and service.
Contributed by
Michael Badwi, Managing Director, Supply Chain Junction
