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[ Thu, Jan 23rd 2025 ]: Goodreturns
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[ Wed, Jan 22nd 2025 ]: Forbes
Retailers Flooded By Returns Need A Three-Pronged Fix
[ Wed, Jan 22nd 2025 ]: Reuters
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[ Wed, Jan 22nd 2025 ]: Reuters
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Retailers Flooded By Returns Need A Three-Pronged Fix

Returns may reach nearly 17% of the retail market in 2024, requiring retailers to reduce the hassle for consumers and their operational challenges handling the volume.
The article by Pam Danziger for Forbes, published on January 21, 2025, discusses the overwhelming issue of returns in the retail sector, which has escalated due to the rise of online shopping. Retailers are facing significant financial losses from return fraud, shipping costs, and the labor involved in processing returns. Danziger suggests a three-pronged approach to mitigate this problem: 1) Improving Product Information: Enhancing product descriptions, images, and virtual try-on technologies to reduce the likelihood of returns due to incorrect expectations. 2) Optimizing Return Policies: Making return policies more customer-friendly while also implementing measures like return fees or restocking charges to discourage unnecessary returns. 3) Leveraging Technology: Using AI and machine learning to predict return behavior, manage inventory more effectively, and streamline the return process. The article emphasizes that while returns are an inevitable part of retail, strategic adjustments can significantly reduce their negative impact on profitability.

Read the Full Forbes Article at:
[ https://www.forbes.com/sites/pamdanziger/2025/01/21/retailers-flooded-by-returns-need-a-three-pronged-fix/ ]