How retailers can up their Customer Returns strategy
Retail is a difficult game. Offline brick and mortar retailers are up against things in recent years with the onslaught of ecommerce retail websites vying for customers’ dollars. As a result, every little aspect of the retail experience is carefully monitored by in-tune and savvy customers who expect nothing short of the highest level of customer service. They expect the returns process in particular to be clear cut and easy to follow and will be vocal if it is otherwise. This means that retail managers and store owners have to face up to the fact that returns in retail are an inevitability. The key is on how to deal with or how to approach them correctly.
Staff need to be trained on how to process a return request and they need to do it seamlessly. Obviously at the outset, there needs to be a stringent returns policy actually in place; this should be displayed widely both internally and within the store for both staff and customers to see. That way the issue is transparent and customers and staff alike are familiar with the guidelines.
Here are all the ideas presented at the 2020 Robin Hood Investors Conference
As usual, the Robin Hood Investors Conference has brought several new investment ideas from some of the top minds in the wealth management business. Investors heard from Sachem Head's Barnes Hauptfuhrer, One Tusk Investment Partners' Vivian Lau, Lone Pine's Mala Gaonkar, Lakewood Capital's Anthony Bozza, CAS Investment Partners' Clifford Sosin, Teca Capital's Fernando Vigil and Read More
If a customer is treated badly in a returns situation, they are likely to tell many of their friends and family and the whole situation is exacerbated. However if a customer is treated well in the situation and gets a swift result, it’s likely they will be pleased and of course, make repeat purchases. Returns are always going to be an issue that crops up in retail but those retailers that have to ability to turn a bad situation into good will stand apart from the rest.
This infographic from SMS Storetraffic goes through the topic of customer returns and highlights some interesting statistics. It explains the “reverse logistics” process and it also explains how retailers can turn a bad situation in terms of returns around in their favor. Check it out below.