The Definitive Guide to Managing Your Returns on NetSuite
In the fast-paced ecommerce world where the digital aisles are open 24/7, catering to the needs and expectations of customers is both a challenge and an opportunity. Case in point: Returns, which are an inevitable reality for any online retailer. Whether due to sizing issues, changing preferences or unexpected defects, returns are an integral part of the ecommerce landscape.
So get ready to explore the intricacies of managing your returns on Netsuite, beacuse we’re here to arm you with insights and strategies to not only streamline the returns process but also turn it into a positive customer experience. Read on to uncover the practices that will improve customer satisfaction, bolster brand loyalty and ultimately supercharge the performance of your online store.
What Makes Ecommerce Returns So Great, Anyway?
If you’re using NetSuite to manage your online store, you’ve seen roughly 16% of your orders get returned this year. But why bemoan the reality when you can use those returns to your advantage? That’s right; this inconvenience can be a major revenue generator.
Here are six reasons ecommerce returns are great:
- Second Chance Sales: Maybe a customer’s first order didn’t work out, but a different product will meet their needs perfectly. The returns process is the perfect time to introduce product recommendations and encourage the customer to give your store another chance.
- Data Analysis: Returns data is a gold mine you can use to identify patterns and trends. If you know the reasons behind the returns, you can learn about the product quality, sizing issues or other areas in the customer experience that can be improved.
- Customer Feedback Collection: If you encourage customers to provide feedback when they’re making returns, you can use this information to refine product descriptions, address common concerns and improve overall customer satisfaction.
- Inventory Intel: The flow of orders and returns forces you to optimize your inventory management so you ensure you’re not overstocking or running low on items, both of which have costly consequences.
- Resale Opportunities: Depending on the condition of returned products, consider refurbishing, repackaging or offering discounted resale options to minimize losses. This will also win you points with sustainability-minded shoppers — green is the new black, after all.
- Support Showcase: The returns process is the perfect opportunity to showcase your team’s exceptional customer service. Respond promptly to return requests, offer assistance and go the extra mile to resolve issues if they arise. (Need tips on how to improve your customer service before the busiest returns season of the year? Don’t miss our guide!)
By viewing product returns not just as an operational inconvenience but as a valuable source of feedback and an opportunity to strengthen customer relationships, you can transform what you thought was a significant challenge into a strategic advantage for your online store.
Our Favorite Statistics on Ecommerce Returns
It’s one thing to tell the story of ecommerce returns, but it’s quite another to look at the numbers and see just how massive a role this phenomenon plays. Without further ado, these are some of the best statistics to reference about ecommerce returns:
- In the United States alone, the cost of processing returns totals over $400 billion per year.
- Average returns processing costs are estimated to be between $10 and $20.
- 19% of returns are made because of dissatisfaction with the item(s) ordered.
- 22% of returns are due to items not fitting properly.
- 40% of consumers have returned an online purchase because of inaccurate product descriptions.
- 49% of online shoppers check an online store’s return policy before buying anything.
- 40% of customers say they would abandon their shopping cart altogether if they couldn’t return an item.
- 60% of customers rate a good returns policy as one of the most important factors when buying something online.
- 73% of consumers seek out retailers who offer free returns.
- 90% of customers say free returns are a major factor when considering overall satisfaction with a brand.
- The cost of returns in the United States reached a staggering $817 billion in 2022, with 25% stemming from ecommerce.
- 25% of survey respondents say clothing was their most commonly returned online purchase category.
- 37% of online shoppers prefer to drop off their items at a third-party location, making it the most popular return method.
- In 2022, eight out of ten U.S. online shoppers who had returned an order said they did so because the item was damaged or defective.
Handling Returns with NetSuite
As a comprehensive cloud-based business management solution, NetSuite provides robust tools to streamline and manage the returns process for online retailers. Leveraging NetSuite’s capabilities, handling returns becomes a decently seamless operation. Retailers can utilize the system to set up clear and configurable return policies, ensuring transparency for customers. The platform allows you to create user-friendly return forms and automated workflows, which facilitate a smooth returns initiation process.
NetSuite’s integration capabilities enable efficient communication between various departments, such as inventory management and customer service, to ensure accurate tracking of returned items and timely updates for customers. Additionally, the system’s reporting and analytics features empower retailers to analyze return data, identify trends and make informed decisions to enhance product quality or adjust inventory levels. NetSuite’s flexibility extends to accommodating various return scenarios, including exchanges, refunds, or store credits, giving retailers the versatility needed to meet diverse customer preferences.
A crucial aspect of returns that NetSuite does not address, however, is the customer experience. The platform provides a smooth backend operation but does not offer the convenience or speed shoppers want. Studies show 72% of consumers are more likely to buy from online retailers that offer hassle-free returns, which means the native capabilities of NetSuite alone do not meet consumer demand. Luckily, NetSuite integrates with tools that supercharge its offerings and can add hassle-free returns to your online store in minutes.
How to Add Hassle-Free Returns on NetSuite
Transforming every order into an exceptional experience, ReadyReturns NetSuite returns software offers a revolutionary ecommerce returns experience designed to delight customers and drive repeat purchases. With an easy 90-minute setup, the platform seamlessly integrates with your online store, creating pay-on-use UPS and USPS return labels and allowing for custom return policies.
ReadyReturns enhances customer confidence with hassle-free returns, as studies show that 80% of online shoppers prefer stores offering easy return processes. The software supports mobile returns, catering to today’s mobile-centric shoppers, and can automatically process refunds or store credits for NetSuite users, along with other shopping carts like Shopify and BigCommerce.
Providing real-time visibility into the returns process, ReadyReturns ensures you’re informed about returns, their reasons, and delivery status. Customizable rules empower retailers to set return-by dates, charge return shipping fees, and consolidate multiple returns. The platform also facilitates drop-offs at over 47,000 locations, including CVS and Walmart. For marketplace and platform solutions, ReadyReturns offers a headless enterprise solution with a unique user interface and robust rules engine. ReadyReturns turns returns into a strategic advantage, fostering customer loyalty and boosting your online retail success.
Crafting a Winning Returns Strategy
Having a customer-centric returns platform for your online store is great, but a top-tier returns experience starts with the right strategy. Crafting a winning returns strategy is crucial for maintaining customer satisfaction and fostering loyalty. Here’s a step-by-step guide:
- Defined Return Policy: Determine the details of your return policy like how to initiate a return, the time frame for returns and any associated costs. This reduces uncertainty and encourages customer confidence — both of which are key for delivering a positive experience.
- Clear Communication: Clearly communicate your return policy on your website. Make sure it’s easy to access and written in plain, straightforward language. The transparency you demonstrate will build trust and set expectations for your customers.
- User-Friendly Returns Process: Simplify the returns process to be as hassle-free as possible. Provide clear instructions, an easy-to-use online returns portal and pre-paid shipping labels. If the process is convenient for customers, you’ve met your goal.
- Real-Time Return Monitoring: Invest in systems that provide real-time visibility into the returns process. Knowing when a return is initiated, shipped and received helps you manage inventory and customer expectations effectively.
- Customer Communication: Keep customers in the loop throughout the returns process. Send automated emails or notifications to confirm receipt of the return, provide status updates and notify them of any refunds or store credits.
Elevate Your NetSuite Returns
As ecommerce evolves and consumer demands shift, there will always be opportunities hiding in all those product returns — if you are strategic. Remember, a well-crafted returns strategy is not just a necessity; it’s a powerful tool for building trust, fostering loyalty and ultimately propelling your ecommerce venture to new heights. Elevate your NetSuite returns today and unlock the potential for lasting success.