Black Friday, the day following Thanksgiving, has evolved into a global shopping sensation.
Retailers roll out enticing discounts and special offers, luring consumers into both physical stores and online shopping. However, as always, not every purchase turns out to be perfect. Items may not fit, have the wrong color, or fail to meet expectations, leading to the importance of return policies.
In 2022, Black Friday (including Thanksgiving) amassed an impressive $9.12 billion in online sales in the United States. This marked a substantial 21.6% surge compared to 2021, according to Gorgias.
Return policies vary among retailers and can often confound consumers. Nonetheless, comprehending these policies is crucial to prevent any unpleasant surprises when attempting to return an item.
According to Queue-it, during Cyber Week 2022, the global rate of cart abandonment witnessed a 5% decrease compared to the preceding three weeks as consumers capitalized on substantial discounts. Furthermore, a noteworthy 13% of all orders placed during the holiday season in 2022 were eventually returned, marking a substantial 63% year-on-year escalation from 2021.
We already know that categories like fashion have much higher return rates (40%+) and this year with the weak economy retailers are bracing themselves for record high return rates across the board. All the more reason for merchants to have a better refund strategy in place.
In conclusion, Black Friday presents an exhilarating opportunity for shoppers to snag remarkable deals and discounts. It’ll be interesting to see how instant refunds impact these stats over the coming holidays. Let’s see if our hypotheses are right, that sales increase and customer satisfaction skyrockets!
Yours truly,
The Instant Refund Expert™
The Refunds Blog 