In a typical environment, returns typically result in refunds, hence losing sales and profits.
According to a recent report, 70% of all returns are size and fit related. That’s almost three-fourths of your returns that don’t have to mean a refund.
However, with a lack of REM in place, Returns typically result in refunds, where the business has to refund the customer for the the purchase price of the product, as well as the cost of shipping the product back to the business. In addition, the business may have to pay a restocking fee, which is a fee that is charged to customers who return products.
Instead of refunding every return, REM provides businesses the chance to get smart with returns via flexible return methods.
By offering seamless exchange and store credit options, businesses can:
- Keep customers shopping with the business despite an order return in place
- Provide a great returns experience and ensure that customers are more likely to spend more money with the business
- Reduce return-associated costs such as refunds and other processing costs and retain revenue from over 30% of your returns
To ensure that this process yields more successful results, businesses can also incentivize customers to opt for exchange or store credit with prepaid labels, free shipping, and bonus credit.