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December 5, 2023
Returns services firm goTRG surveyed 500 executives at 21 major retailers, including Amazon and Walmart, to find out that 59% of retailers offer “keep it” policies this year as they look to cut the return process altogether. This decision comes as the number of shoppers returning items bought online during Black Friday is expected to be even higher than last year, amounting to $173 billion in returns. This has led many retailers - most of which want to stay discreet - to adopt return-less policies and avoid having to absorb the overall cost of returns, which represents about $30 dollars per item on average.
Reuters shared that companies including Amazon, Chewy.com, eBay and Wayfair are amongst those telling shoppers to keep unwanted purchases, even for products valued as much as $300. By doing so, these retailers opt for a quick fix that alleviates the need to process returns and manage inventory that will likely end up discarded, but are aware this choice is not viable and in no way a long-term solution, as shoppers could start abusing the policy.
Read the full article on Forbes.com: https://www.forbes.com/sites/claraludmir/2023/12/05/the-billion-dollar-return-nightmare-why-retailers-are-enabling-keep-it-policies