Is your online store making profits or losing out on its return policy?
According to statistics provided by Business2community, online stores have a lot to gain, and a lot to lose, when it comes to return policies.
Their recent report found that over 30% of goods purchased from online stores are returned, as opposed to under 9% from brick-and-mortar shops.
They also found that 92% of unsatisfied customers will purchase again from a store if the return process was easy, which is important when considering consumers returned a total of $642.6 billion in merchandise in 2016.
As there are no set laws enforcing sellers to accept returned items, each online store is left at large to decide for themselves what their return policy will be, and it is sometimes difficult for a store to decide what process makes the most sense for their industry and customer demographic.
The startup, ReverseLogix, run by Gaurav ‘G’ Saran is focused on taking the guess work out of returns, and converting return policies into opportunities with serious ROI, by streamlining the after-sales-care process.
As one of the main factors hindering smooth return processes is restocking fees (i.e. the fee vendors deduct from customer’s reimbursement to cover losses) ReverseLogix addresses the issue by re-imagining warehouse management for vendors, and reducing the cost of placing a product back in stock.
The software optimizes the management of returns, repairs, and warranties for a company’s various products and is capable of scaling up and integrating with existing supply chain systems such as ERP, CRM, WMS, and other third party logistics providers.
BNSF logistics, a 3rd party logistics provider for clients like Wal-Mart, Amazon and Dell and other companies with large warehouses – sought out ReverseLogix to decreases time and funds wasted on stocking. The company reports significant improvement, not only in stocking, but also in customer satisfaction due to more detailed invoices that provide more business intelligence.
Though haphazard return policies and processes can eat away at hard earned profits, the answer may be as simple as getting connected to the right software. With such high percentages of sales heading online, it’s easy to see a future for ReverseLogix software.