A new study reveals there is a lot retailers can do to boost future revenue by more effectively managing online purchase returns and fraud detection processes.
Research from Radial teamed and CFI Group found:
- 86% say that having multiple return options has at least some effect on their decision to make an online purchase.
- 57% say that the option to return items to a physical store is very important.
- 41% usually or always return online purchases to the store.
- 23% always opt to return their online purchases by shipping rather than going directly to a store.
- Customers who always opt to ship returns have a satisfaction score of 82 (on a 0-100 scale), compared to just 69 for all other customers.
- 80% prefer to use a prepaid label when shipping returns, rather than handle the return process on the retailer's website.
- 80% expect the returns process to take five days or less.
- 33% of those who have had an order mistakenly considered potential fraud say that they would not shop with that retailer again if that errant fraud alert caused a delay in the order delivery.
As online sales continue to grow, the research says so do the complexities of order fulfilment and fraud detection. It recommends that retailers review in-house and third-party solutions for delivering on back-end processes that can support continued growth in online sales.
cfigroup.com/resource-item/retail-report-november-2017.
