As an online retailer, you might think that "fixing" your returns problem simply means reducing the amount of returns your business handles. It goes deeper than that, though. Dealing with returns is a complex issue with multifaceted solutions – often unique to each business.
Yet, some retailers may not even be aware of the particular issues their business is encountering, nor do they realize the power they have to address these problems. They simply lack the visibility of their detailed returns data, which would empower them with incredible business insight.
Such insight is waiting to be discovered among the returns data, and can be easily made accessible. Data analytics provided by your own returns can offer a multitude of solutions for issues faced by your business, and yes – it can even help to reduce your unwanted returns.
Returns Problems Faced by Retailers
While it's true that an abundance of returns – say, more than 15% – can definitely create problems for retailers, that's just one part of the matter. Discerning between the types of returns you’re receiving plays a major part in fixing your returns issues.
Some returns are acceptable because they're mostly unavoidable – like when a customer dislikes a product, or has ordered multiple sizes with the intent to return what doesn't fit. But returns become problematic when they are the result of critical retail errors. Damaged items, delays in supplying or shipping, sizing inconsistencies, inaccurate product descriptions, and other similar circumstances all lead to unwanted returns that can and should be avoided.
However, retailers are oftentimes unaware of what's going on with their returns, and unsure why their returns are happening or what to do about it all.
Many retailers might not know which sorts of returns issues they're handling, or mishandling, in the first place. They may not know that their supply-chain delays are leading to returns, or that a portion of their customers are abusing the returns policy. A retailer might not realize that many of their returns accompany a customer’s first purchase, or that they are losing these first-time customers after a bad returns experience. And unfortunately for the retailer with a deficient product description page, they are probably unaware of the unwanted returns that this oversight is causing.
These retailers need the knowledge provided by their returns data to determine appropriate solutions for their unique scenarios.
Returns Solutions for Retailers
Some common problems can be addressed – like improving product description pages to ensure online shoppers make informed purchases – which helps to reduce unwanted returns.
But there's not some universal solution for “fixing” your returns problem.
Rather, solutions for retailers arise in tracking returns and using the data to make informed decisions specific to your business. Addressing problems with returns is a perpetual process, and is contingent upon actions over time – all which will lead to returns reductions.
The insight gained by your returns data goes well-beyond reducing unwanted returns, though. Detailed analytics provided by your returns data will not only tell you a lot about your business, it will even help you predict and anticipate certain business outcomes.
Unfortunately, this is the type of visibility that many retailers lack, which would inform them of what actions to take to control their outcomes.
What We Do at Returnalyze
Returnalyze enables brands to have control over their returns by discerning between them, and empowers retailers to apply actionable insight that reduces or eliminates their unwanted returns.
With one intelligent dashboard, we're helping retailers understand every aspect of their returns.
Access to our platform enables our clients to track their returns and explore all of the finer details. Our dashboard analyzes trends, finds outliers, and measures the impacts on business. Retailers can flag problematic suppliers, pinpoint delays in shipping, discover defective products, predict high-return items, and more – with just a few clicks of the mouse.
It takes a simple data exchange of CSV files to get started, followed by the setting of key performance indicators like return rate, profit loss, revenue, and more. Our clients are then able to explore and visualize every aspect of their products, suppliers, and customers, all within the user-friendly dashboard.
With the in-depth analytics provided by our dashboard, retailers are able to take immediate action to see returns reductions of 15%-20%. They're also saving hundreds of hours in operating cost, and drastically increasing their lifetime value and customer loyalty.
What's more? Our clients see results within days of activating the platform.
Predictive models provided by our platform allow retailers to anticipate their returns issues and work to prevent them, and helps uncover various methods to leverage the data in ways that are beneficial to business. Our clients are not just reducing their unwanted returns – they're improving their customer experience and their bottom line.