The industry lost $761 billion of revenue to returns in 2021, according to the companies, representing 17 percent of retail trade. Although 2021 retail trade grew 14 percent year-over-year, returns rose by a staggering 78 percent. Now this playbook delivers a practical framework.
Returns prevention is a growing strategic priority for retailers looking to enhance their business performance with to the shift to digital, importance of sustainability, and rising cost of customer acquisition.
Product returns have surged during the pandemic. “The status quo of retail returns is already untenable,” said Navjit Bhasin, founder and CEO of Newmine. “Fortunately, 73 percent of returns are controllable, so applying preventative best practices can give retailers and brands an edge.”
Despite a clear business case for returns, “retailers aren’t taking action because they do not know how or where to start with returns prevention,” explained Giri Agarwal, chief strategy officer, Incisiv. “Surprisingly, 70 percent of retailers do not have a good understanding of the root cause of their returns. Our playbook gives companies specific next steps to protect their top line and fuel future growth.”
The biggest hurdles retailers face are the multi-functional footprint of returns and lack of executive ownership. In response, Incisiv and Newmine’s playbook offers a holistic framework for returns prevention to make it easier and faster for executives to start solving this costly, complex issue.
To learn more, download The Retail Returns Prevention Playbook. In addition to the playbook, Incisiv and Newmine are also offering complimentary, personalized retail returns briefings to qualified retailers and brands. Each briefing includes a returns prevention opportunity assessment. To qualify, applicants must have over $50 million in annual revenue. Apply for a retail returns briefing here.