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What is the return policy on your products? This is a delicate question that all merchants must address: how do you balance customer service with the huge impact this causes to your bottom line? Businesses do not like to admit how big this problem is, but according to some industry statistics, a staggering $458 billion worth of goods were returned to the stores in the year 2020. That’s 10% of the total sales.
What you’ll learn
- Understand why customers go through the pains of buying a product, taking it home, unpacking it, and then returning it to the store..
- Many merchants accept these returns are a cost of doing business. This is not entirely correct. There’s a lot we can do to control this..
- Understand what is within our controls to curb these returns.
- Learn how to maximize your profit margins.
Course Content
- Introduction –> 4 lectures • 10min.
- Cost of Returns –> 2 lectures • 6min.
- 20 Reasons Why Products Are Returned –> 3 lectures • 31min.
- Recommendations –> 8 lectures • 41min.
- Closing Thoughts –> 4 lectures • 9min.
Requirements
What is the return policy on your products? This is a delicate question that all merchants must address: how do you balance customer service with the huge impact this causes to your bottom line? Businesses do not like to admit how big this problem is, but according to some industry statistics, a staggering $458 billion worth of goods were returned to the stores in the year 2020. That’s 10% of the total sales.
If you are an online merchant, the numbers are even more dramatic for you: up to 30% of your products come back to you because someone either changes their mind, or does not like the quality. Or because someone goes through the practice of “bracketing,” where they buy the product in multiple colors and sizes, try them on, keep one and return the rest. And whatever the reasons may be, they expect you to pay for the shipping cost.
There are 20 possible reasons why someone brings the product back, asking for a refund. In this course, we will be taking a detailed look at this phenomenon. We will try to understand what’s actually happening, and will come up with recommendations on what you could do to reduce some of this impact.
This course is for everyone. Whether you’re in business, or are planning to start one, or you know someone who could benefit from this insight. Or if you are a manager at a CVS or Target. Everyone is dealing with this challenge, and it’s about time we got a handle on it.
This is the most comprehensive study of its kind. Please sit back and relax as you watch these videos. And get ready to take notes – a lot of notes!
When you’re done with the course, please give us your review, and please refer this course to everyone you know who may benefit from it. If you have any suggestions on something we can do to improve it, please let us know.
About us: We are a leading business consulting group, that has been advising small and midsize companies for over 30 years. We have gone through every economic cycle, and no matter what your current stage may be, or what challenges you may be facing, it’s very likely that we’ve seen it before, and have solved it for someone.
Based on our extensive background, we are working on a series of lectures that are designed to help every business owner and manager, and to guide them through every aspect of their operation. Our courses range from product design, marketing plans, profitability analysis, improving customer journey, understanding the reasons why customers buy from us, crisis management, leadership traits, effective use of technology and many other topics. Please stay tuned, and please keep checking our profile to find out when these courses become available.
Cheers to the idea of perpetual learning and self-improvement. And cheers to your success!
Additional Tags: Business, startup, financial, revenue, customer experience, store credit, merchants.