When it comes to the retail world, the customer experience is the name of the game. More and more research within this realm reveals that the customer experience is king, and moreover, that product returns are one of the top factors in influencing this customer experience.
At ReverseLogix, our return management platform helps you optimize these processes and keep your customer experience in a great place. Let’s look at some basic numbers backing up how important this is, plus how it’s applied within the reverse logistics world.
Basic Study Numbers
Numerous analyst and trade magazine websites today will tell you the same thing: Becoming more customer-centric is how you up your profits. Similarly, some recent research by JDA Software reveals the same thing: Given similar products and other factors, retailers that cannot meet returns expectations – particularly during busy seasons like the holidays – will lose roughly 33 percent, or one third, of their customers to a more convenient or streamlined competitor. This is the case throughout the year, even if the effects will be felt most greatly during the holiday season when business is generally at its highest for everyone.
Balancing Customer Needs and Profitability
The biggest challenge within this realm for retailers is balancing satisfying your customers and maintaining your profits. But really, this just requires a look from the proper perspective: The realization that customer satisfaction and profits are directly and clearly tied together.
The same JDA study above found that 88 percent of customers think ease of product returns is a key factor in their regular shopping locations. They also found that satisfying the customer is considered the best single route to profitability, and that a more holistic view of logistics can help achieve this.
For more on how our reverse logistics service can help with any area here, speak to the pros at ReverseLogix today.