PROTECTING YOUR BOTTOM LINE: 10 PRODUCT RETURNS STATISTICS ALL E-RETAILERS SHOULD KNOW
✔ Lets Customers Process Returns/Print Labels
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In order to reduce the rate of online returns at your e-commerce store and to better understand the consumer mindset as it relates to returns, it’s always helpful to gain some insight into the leading product return statistics along the way. Doing so can enable you to create a master plan for boosting retention, improving customer loyalty and decreasing shopping cart abandonment. We’ll show you what the numbers say, so you can make key changes now to improve profits in the future.
The numbers don’t lie. They actually paint a pretty stark picture. Around 30-35% of all products that are ordered online will be returned by consumers for one reason or another. In about 65% of all instances of e-commerce returns, it’s actually the fault of the retailer.
- 23% of Returns Are Due to Wrong Item Received
Naturally, mistakes can happen at any online store. But this number seems elevated, with some retailers probably not using a good shipping system. When 23% of returns are caused by the wrong item being sent out, it really makes you wonder.
- 22% of Returns Are Due to Product Looking Different
This one is more understandable. That’s because consumers are not able to touch or feel a product, try on that pair of jeans or watch that TV when looking at it online. Some simply are dissatisfied with the way the product appears, looks or feels, and they send it back.
- 20% of Returns Are Due to Product Being Damaged
Damaged products are the most understandable and frustrating return. Nobody wants to buy something that is broken. It just needs to be sent back so the retailer can correct the issue.
- 79% of Consumers Want Free Return Shipping
Nobody likes paying for shipping at online stores to begin with. It’s safe to presume that nobody wants to also pay for return shipping. But some stores struggle to offer this because they are unable to absorb the cost into their bottom line.
- 80% of Consumers Desire Hassle-Free Returns
Juggernaut stores like Amazon and Zappos have set the bar high when it comes to the return policy that consumers expect. Simply put, most people don’t want to fuss over returns. If they have to, they’ll find an online store that makes it easy.
- 55% of Consumers Don’t Want Restocking Fees
The last thing that you want to be hit with when making a return, which is already annoying enough to begin with, is to have to pay restocking fees. Over half of consumers loathe these fees, and stores that ditch them win over more customers.
- 92% of Consumers Will Buy Something Again if Returns Are Easy
Making returns easy makes for happier customers, who are more likely to shop at your store again in the future; to the tune of over 90%, say recent studies. Returns should and can be simple and streamlined.
- 82% of Consumers Won’t Buy Something Again if Returns Are Not Easy
But if you do not make returns easy and hassle-free, the studies work against you. Over 80% of consumers are unlikely to come back to your store after they have a poor experience making a product return.
- 81% of Consumers Want an Easy Way to Return a Product
If you offer an easy way to make product returns, then you will attract more consumers and more repeat buyers, which will ultimately expand your revenue stream. Getting a good returns system in place can be fast and simple without any hair-pulling. Take a look at ReadyReturns e-commerce returns software, and start your 30-day free trial today!