How Product Returns Can Actually Increase Retail Revenue

Posted by Lauren Hand on Jan 3, 2017 2:31:53 PM
Lauren Hand

This week and throughout January, retailers should be focusing on customers who have money to burn, including consumers with gift cards and even those looking to make returns. 

Gift Card Redemption
61% of gift card holders spend more than the amount of their gift card, and 75% of those who overspend spend 60% more than the value of their card. Start pushing messaging through your mobile app and other channels that encourages customers to redeem! 

In-Store Returns 
No matter the channel where the item was purchased, returns should always be encouraged in-store. In your physical retail locations, your shoppers are surrounded by a bevvy of exchange options and new arrivals they may not have been tempted to buy if returning by mail.Offering your customers the convenience of in-store returns is a loyalty-driver, as well. An article from eMarketer cites Nordstrom’s decision to permit in-store returns
 of online purchases as an important step that recognizes that people want a brand’s service whenever and wherever they want it. Well over 60% of Nordstrom.com returns end up at its brick-and-mortar stores, leading to an additional 1 million store visits per year. 

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Most consumer purchases — roughly 94 percent — occur in-store. In the end, for retailers, the first step toward instituting a true omnichannel strategy is to realize that online and offline sales work hand in hand and promote one another. 

For additional holiday tips and strategies, download GPShopper's 2016 Holiday Mobile App Planning Calendar for retailers.

Download the Calendar

 

 

Topics: Mobile Apps, In-Store Mobile, Omnichannel Retail, Loyalty, Best Practices, Apparel Retail, Market Research, Holiday Season