NEW YORK-After shoppers hid their last Christmas gifts under a tree, US retailers are preparing for the return of online gifts purchased during a record number of coronavirus cases.
To improve process efficiency, retailers including Wal-Mart and Target Corp allow shoppers to drop unwanted gifts at FedEx or United Parcel Service drop-off locations.
Other companies including Best Buy, Dick̵
This year’s earnings are expected to increase. Shoppers trying to avoid infection have moved from stores to online stores, where return rates have historically been higher. Retailers are also under pressure to keep them as seamless as possible with shoppers who want to retain long-term customers, as well as UPS and FedEx (packaging everywhere).
Buy retailer offers online, but returns are not: report
Even some large shopping malls are working hard to make it easier for tenants to obtain revenue. Both Mall of America and Simon Real Estate have partnered with return management provider Narvar to eliminate the need for shoppers to print return labels on dropped packages.
The National Retail Federation predicts that holiday sales in 2020 will increase by 5.2% from last year to 766.7 billion US dollars. The trade organization said that approximately 13% of the goods sold during the 2020 holiday season, or goods worth about $101 billion, will be returned.
Optoro can help retailers sort, resell and process returned goods, so the quantity is even higher. It predicts that from Thanksgiving to the end of January, U.S. holiday earnings in 2020 will reach 115 billion U.S. dollars. This is 15% higher than the 2019 forecast released by the company. The company’s investors include UPS and home furnishing retailer IKEA.
Rob Zomok, president of Inmar Intelligence’s global business, said that the return rate of in-store clothing is 5-8%, while the online return rate is about 30%. The company processes approximately 600 million retail and e-commerce returns every year.
Wal-Mart provides Fedex service for Federal Christmas return service
Zumok said: “This mathematical method has greatly increased the return rate,” he added, adding that the return rate of clothing is at a record high.
Sriram Sridhar, CEO of LateShipment.com, said: “When you shop 100% online, you may plan to return and order a few more items (items),” Slateram Sridhar helps customers track packages.
Sridhar said: “We expect that the returns faced by each retailer will be about 50% higher than the returns faced during the holidays in the past few years.”
In addition, retailers should quarantine or disinfect the products after returning them to ensure that they are protected from viruses.
|Babe||Best Buy||102.55||+0.21||+ 0.21%|
|SPG||Simon Property Group Co., Ltd.||84.37||+0.72||+ 0.86%|
|Knowledge Sharing System||KOHL’S CORP.||38.91||-0.82||-2.06%|
Click here to start FOX business anytime
Paula Rosenblum, managing partner of retail research firm RSR Research, said: “This is not the typical way to handle returns.” Kohl’s collects Amazon.com returns and sends them back to e-retailers in bulk. The company has extended itself. The time limit for purchasing advanced electronic products.
Together with many retailers including Walmart, Macy’s and Amazon, it gives shoppers more time to return items-a move that may make reselling seasonal items more difficult. Inmar’s Zomok said that reselling these products is crucial-especially for fast fashion retailers selling fashionable clothing.
“The window will be short,” Zomok said.