The Returns Management Podcast by ReturnLogic: Recent Episodes
ReturnLogic
ReturnLogic is a returns management platform for scaling ecommerce brands. On this channel, we'll discuss the latest retail trends, technology, and best practices for managing an ecommerce business and retail returns. We'll connect with ecommerce store owners, partners, and thought leaders within the vast online shopping ecosystem. Listen in as we uncover how retailers can manage and optimize their returns strategy, saving time, and labor, and ultimately increase customer loyalty and lifetime value.
Dispositions are a set of conditions that classify a returned product’s grade. For example, “New w/ Tags,” “Dirty,” or “Damaged,” etc.
Dispositions help warehouse and operations teams stay on top of inventory levels and know the status of every return.
However, some retailers don’t collect disposition data at all. If you’re not sure where to start, don’t worry! We’ve got you covered. Listen in to learn how you can implement dispositions and start collecting actionable data. Enjoy!
2020 changed how people shop. With more and more people turning to online shopping, finding the right size, fit, color, etc. became a lot more challenging and retailers had to find creative ways to adapt. So they started offering things like free return shipping to everyone. This lead to bracketing and other practices that may be convenient for shoppers but can negatively impact a retailer's bottom line.
So who is considered a serial returner?
Well, it could just be a customer who returns what a company deems to be excessive amounts. However, if retailers start banning shoppers left and right who return items, there are going to be some serious consequences.
So what can you do about serial returners / bracketers? Find out on today's episode!
Sales aren't the only thing retailers need to be worried about this holiday season. Shoppers are projected to return $900 Billion worth of goods by the end of 2022 with online shoppers making up $280 billion of that – about a 9% uptick from last year.
On Average, retailers get 4x as many orders from November 25th to December 25th and about 80% of their returns happen right after that time period as well.
There's not much time left to prepare for the post Black Friday / Cyber Monday returns. Due to inflation, higher cost of living, highest ever cost of shipping, a lot of heavy discounting to move inventory, etc, this year will probably be a record-setting year for returns.
But don't worry, there's still hope!
Learn how you can prepare for the rush of holiday returns on today's episode. Enjoy!
Returns Optimization is defined as 'continuous improvement strategies that use returns data to improve the shopper experience, improve operational efficiency, and grow profits'.
Put another way, returns optimization focuses on improving the returns process for retailers, reducing return rates from shoppers, streamlining operations and increasing customers' lifetime value. Returns optimization is fueled by returns data.
Returns data unlocks powerful insight for retailers that allows them to see where things are going wrong in their returns process so that they can make the right adjustments to fix them.
Without returns data, merchants can't see the full picture of their reverse supply chain and won't have the depth of information on their products or shoppers to keep growing.
Listen in to learn how you can use Returns Optimization to fuel your business and take your shopping experience to the next level.
During the holidays, online purchases are returned at double the rate of in-store purchases. That means about one out of every eight sales ends up as a return during the holidays. And, only 10% of those returns make it back on the shelves.
Not to mention returns are expensive. When you factor in labor, transportation, warehouse costs, etc, the costs of returns are projected to go up 7-10% this 2022 holiday season. If you’re not prepared, returns can turn holiday cheer into holiday woes.
Listen in as we cover these 10 tips to make sure you’re set up for success this holiday season!
- Tip 1: Review Your Return Policy Early
- Tip 2: Update Your Site before BFCM
- Tip 3: Optimize Ad Campaigns
- Tip 4: Make Sure Inventory is Ready
- Tip 5: Make Sure Your Team is Staffed and Knows What To do
- Tip 6: Make Sure Your Return Center is Ready
- Tip 7: Set up Automation in Advance
- Tip 8: Get Your Warehouse and Ops teams Involved
- Tip 9: Have A Plan For Waste
- Tip 10: Have A Plan For Reviewing Returns Feedback
Enjoy!
In today's episode, we're covering the Returns Hierarchy of Needs. We'll start by touching on Maslow's hierarchy of needs and dive into how we've used this to create something we call the returns hierarchy of needs.
The Returns Hierarchy of Needs consists of three stages.
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Automation
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Giving your shoppers a returns portal
- Enabling automatic approval of refunds
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Allowing exchanges and issuing store credit without having to speak to a representative
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Visibility
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Knowing what's going on with every return
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Maintaining accurate inventory numbers
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Optimization
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Figuring out why returns are happening
- Calculating how much returns are costing you
- Identifying where to focus time and future investments
Learn more about the Returns Hierarchy of Needs and where your ecommerce business lies within these stages in today's episode. Enjoy!
What is a warranty return? A warranty program (or product protection plan) is a service contract that protects shopper products from certain damages or accidents. As an ecommerce merchant, your brand needs to stick by its products, whether you sell them on your ecommerce site or elsewhere.
Warranties help show that you believe in your product and that you’re willing to fix something if it goes wrong. With so many packages being sent out and returned, things are bound to happen.
On today's episode, we'll learn all about warranties, third-party warranties, and how warranty programs are for much more than just your car. Enjoy!
https://www.returnlogic.com/ | sales@returnlogic.com
What impact do returns have on Customer Lifetime Value? CLV is traditionally calculated by multiplying the customer value by the average customer lifespan. In this equation, customer value is calculated as the average purchase value multiplied by the average number of purchases.
But what about returns? Calculating the true cost of a return and the impact it has on CLV has been a mystery or afterthought for most. That is until now.
Learn how properly calculating your CLV can be the key to unlocking your ability to calculate your Enterprise Lifetime Value on today's episode of ReturnAlytics.
https://www.returnlogic.com/ | sales@returnlogic.com
In today’s episode, we’re discussing the importance of sustainability in ecommerce, its effect on retailers, and what retailers should consider changing in their processes to mitigate their environmental impact.
Due to the explosive growth of ecommerce, and the rise of incentivizing exchanges, returns have grown substantially. This has resulted in an increase in carbon emissions, packaging waste, and products in landfills.
Although buyers want to be environmentally friendly, they don’t know any better or lack education on what happens when they return something.
So why should retailers care? And, what can they do about it?
Find out on today's episode!
https://www.returnlogic.com/ | sales@returnlogic.com
Join AnaOno Founder Dana Donofree and ReturnLogic as they discuss scaling your ecommerce brand on Shopify, building your tech stack to carry your brand story throughout the purchase journey, and what to do when your shop starts selling.
Check out AnaOno today! https://www.anaono.com/
Learn more at: https://www.returnlogic.com/
Thanks for listening!
https://www.returnlogic.com/ | sales@returnlogic.com
What is better for growth and profit? Making returns as easy as possible for your shoppers? Or making returns as manageable as possible for your team?
When trying to create a customer friendly return policy, some retailers may forget about their team who has to process those returns. If your return policy is too customer friendly, tons of returns will be coming in, which can become a huge task!
For retailers who focus too much on return rates and operations and try to block returns, the opposite can occur. These retailers will have no returns and a team with lots of time on their hands and will lose valuable customers who couldn't return their item/s.
So, what's the best choice for both growth and profit that doesn't involve making the returns process too customer friendly or too operations focused?
Find out on today's episode!
https://www.returnlogic.com/ | sales@returnlogic.com
Is making it harder to return items more profitable for your business? This is a question we see all the time coming from the retail industry, and it's easy to understand why. The thinking behind this question is pretty straightforward: Making the process of returning a product more difficult would, in theory, deter customers from making a return, thus saving your business from the painful and costly process of returns. Sounds sweet, but is this tactic too good to be true? Find out on today's episode!