Returns are an inevitable part of ecommerce, but they become especially challenging during peak shopping seasons. A report by Loop Returns revealed a staggering 30% year-over-year increase in returns on December 26, along with a 15.2% rise in overall return volume and a 17.5% jump in return value. These numbers highlight the growing importance of effective return strategies for brands.
Interestingly, apparel dominated returns, accounting for 50% of total volume, while cosmetics saw a 36% surge, the highest increase across categories. Accessories also experienced a significant shift, with a 61% rise in “Keep Items” returns, a feature allowing consumers to retain items instead of shipping them back.
Amid this landscape, brands have an opportunity to offset losses by creatively engaging with customers. Many have found success in encouraging exchanges or offering gift cards instead of cash refunds. This approach retained 18.73% more revenue year-over-year, a noteworthy win for businesses.
To truly stand out, ecommerce brands must focus on delivering superior customer experiences, especially during the return process. Offering instant refunds not only simplifies the experience for shoppers but also fosters loyalty and trust. As return volumes grow, streamlining these interactions will be key to thriving in an increasingly competitive market.
Yours truly,
The Instant Refund Expert®
The Refunds Blog 