Retailers are grappling with the challenge of online returns, which costs an estimated $642 billion annually. With 20% of online purchases being returned, this issue not only affects the financial health of brands but also contributes to significant waste. In response, many retailers are adopting 'keep it' policies. This Forbes article features goTRG’s Returns Report: 2023 Holiday Survey, involving 500 executives from major retailers including Amazon and Wal-Mart, revealing that 59% of retailers are offering ‘keep it’ policies this season as they look to cut costs from Black Friday online returns. Our report projects that the number of returns is expected to exceed last year’s, totaling about $173 billion. The average cost per returned item is around $30, prompting many retailers to pursue returnless policies to mitigate these expenses.
