The issue of returns is a major concern for eCommerce businesses. As eCommerce stores have thin profit margins, returns could have a significant negative financial impact on these businesses, since online stores deal with more returns than brick-and-mortar shops.
The way returns are handled is also important to online shoppers. Your eCommerce store must make it easy for customers to return unwanted products. Online shoppers expect eCommerce returns to be as simple as making the purchase itself. For most customers, returning items will be as easy as dropping them off at the post office. While returns can be tricky to navigate, all eCommerce businesses will need to find a solution that works for them and their customers if they want to avoid the significant burdens that returns can bring.
It is also important to deal with the challenges associated with returns. Returns fraud has become a big issue for many online retailers; additionally, most retailers simply don't have the right technology to deal effectively with returns.
Here are a few parts of the returns process that can be automated with ibundle:
Customers can start the returns process through an online returns page with the retailers branding
Use a chatbot to answer customers' inquiries through your website
Use scan-based return labels so you can easily re-enter the returned product into your saleable stock
Inform customers that their returns have arrived and that their refund is being processed using tracking data
Manage inventory levels, order fulfillment, and stock with sales across channels using an inventory-management system or order-management system.
You can outsource fulfillment to a 3PL, or third-party logistics company.
There are many web-based providers that can integrate or provide the above solutions, like ibundle. You can learn more about ibundle return services by emailing support@ibundle.net or by clicking on Let's Chat below.
Find a shipping partner to power your returns
While having a comprehensive shipping policy is key to a holistic return policy, using the right services to ship these returns will enable you to save both time and money on your operational costs. While the exact services provided - and costs - will be different from each provider, you'll want to do your research to find the best option for your business.
Here's what you should be looking for in a returns service provider:
Can they be integrated with your existing e-commerce platform?
Are they able to provide return labels?
Can you set up customised return rules?
Are they able to process both refunds and store credit?
How to turn returns into revenue
Returns do not have to be a negative thing for eCommerce businesses. eCommerce returns provide retailers with an opportunity to grow their business, increase profits, and engage their customers. You simply have to know where these opportunities lie.
The Hidden Benefits of Reverse Logistics for eCommerce Retailers
For the most part, eCommerce returns are considered a nuisance for customers and a necessary evil for retailers. However, you may be surprised to know that there are a few rather useful silver linings to the cloud of product returns. A savvy online retailer will use returns as a means of building their business and customer retention.
Here are a few ways returns could benefit your company:
You can gather data to identify trends in commonly returned items and provide better customer service. For example, you can survey customers to understand product issues, and improve your future inventory via pricing, informative details product pages, or remove problematic SKUs.
Free returns can be a way of increasing revenues. That's because customers are more likely to buy more if they know that they can easily return things they don't want; but, once they receive their order, they're less likely to return it.
A good process encourages customer loyalty by building trust in your brand. This will encourage them to buy from you, thereby increasing profits; if they're satisfied with their first purchase, this can also help increase their lifetime value.