SML RFID commissioned an independent research report surveying more than 500 senior decision-makers from apparel retailers within the US and UK. Part 1 of SML’s State of Retail 2022/2023 report uncovered how retailers are traversing the long-term implications and hurdles following the pandemic and beyond, with a particular focus on order fulfilment and the in-store customer experience.
Part 2 of this report takes a closer look at the growth of consumer returns in the current climate, and the impact that it is having on the retail industry. This report will also explore how retailers can improve their returns operations, and utilize return transactions to extend customer engagement.
With $761 billion in sold merchandise returned to retailers in a year, accounting for 16.6% of total US retail sales, it is clear that returns are eating into a growing amount of retailer profit. In the current economic climate, businesses cannot afford to continue suffering from returns. Instead, retailers need to consider the returns process as part of the overall customer journey. SML RFID’s State of Retail Retail Insight Report 2023 will uncover the challenges and solutions to delivering this.