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Americans expected to return up to $170 billion in holiday gifts

(NewsNation) — The party is over, the cakes, cookies and candies are eaten, and now the question arises: what to do with the gift that you received, but really didn’t want?

According to the company’s marketing data Inmarabout one-third of retailers expect between 11% and 20% items they sold is back this holiday season. Some estimates put the value of all returned gifts at approximately $170 billion.

Chanda Tori of The world of gifts says it tries to compile gift lists on its site so you can find the perfect gifts for even the pickiest of people. But if a return is necessary, she suggests reading the fine print.

“It is important. Some places have a month, some have three weeks, some have six months, and they’re all different,” Torrey said. “So make sure you know what the time difference is.”

With 33% of stores reporting increased holiday sales, profits will also increase. That’s where the company is New mine comes in

CEO Navjit Bhasin explained how AI is helping retailers cut profit margins. Addressing merchandising errors, such as sending black clothing instead of a highly desirable pink item, leads to returns and loss of brand loyalty.

“Better profitability is one, but it doesn’t have to happen,” Bhasin said. “The moment a consumer like you and I decide we’re going to return that product, the margin is gone. And then retailers are struggling to say, hey, how do I cost-effectively get the product back into the supply chain? How do I restore it? How can I get rid of this?”

Retailers estimate that 10% of all returns are fraudulent, with the #1 fraud being wardrobe: returning used items without defects.

However, many people never return gifts, even if they don’t like them.

“I’m not a big fan of comebacks,” Torrey said. “Actually, I bought the shoes and came home and found I had two shoes left and I was embarrassed to return them and I did it twice.”

A recent survey of retailers found that six out of 10 will have stricter return policies this year.

Bhasin suggests considering the environmental impact of ordering multiple sizes and returning those that don’t fit. Instead, contact online sellers and ask more questions about product sizes, colors, and details to make a better purchase.

Reported by Source link

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Americans expected to return up to $170 billion in holiday gifts

(NewsNation) — The party is over, the cakes, cookies and candies are eaten, and now the question arises: what to do with the gift that you received, but really didn’t want?

According to the company’s marketing data Inmarabout one-third of retailers expect between 11% and 20% items they sold is back this holiday season. Some estimates put the value of all returned gifts at approximately $170 billion.

Chanda Tori of The world of gifts says it tries to compile gift lists on its site so you can find the perfect gifts for even the pickiest of people. But if a return is necessary, she suggests reading the fine print.

“It is important. Some places have a month, some have three weeks, some have six months, and they’re all different,” Torrey said. “So make sure you know what the time difference is.”

With 33% of stores reporting increased holiday sales, profits will also increase. That’s where the company is New mine comes in

CEO Navjit Bhasin explained how AI is helping retailers cut profit margins. Addressing merchandising errors, such as sending black clothing instead of a highly desirable pink item, leads to returns and loss of brand loyalty.

“Better profitability is one, but it doesn’t have to happen,” Bhasin said. “The moment a consumer like you and I decide we’re going to return that product, the margin is gone. And then retailers are struggling to say, hey, how do I cost-effectively get the product back into the supply chain? How do I restore it? How can I get rid of this?”

Retailers estimate that 10% of all returns are fraudulent, with the #1 fraud being wardrobe: returning used items without defects.

However, many people never return gifts, even if they don’t like them.

“I’m not a big fan of comebacks,” Torrey said. “Actually, I bought the shoes and came home and found I had two shoes left and I was embarrassed to return them and I did it twice.”

A recent survey of retailers found that six out of 10 will have stricter return policies this year.

Bhasin suggests considering the environmental impact of ordering multiple sizes and returning those that don’t fit. Instead, contact online sellers and ask more questions about product sizes, colors, and details to make a better purchase.

Reported by Source link

RELATED ARTICLES
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Most Popular