What do you do when the ugly sweater you got for Christmas doesn’t fit? Chances are, it’s pretty easy to return it—and maybe even hopefully exchange it for something you actually like. Now, multiply this by millions of dissatisfied customers, and you’ve got “Returnuary,” a term I have recently read in the news to describe the period of time in January, after the holidays, when retailers see an influx of returns.
The scary part? According to an article published on PYMNTS, the rate of product returns went from 8.8% in 2012 to 14.5% last year. Returns aren’t just a pain for retailers —reverse logistics are also a massive expense.
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