Intro
COVID-19 forced retailers to face the reality that optimized returns management is vital to success. In 2020, goTRG managed more retail returns in larger sizes than ever before. Our data showed that overall returns increased by 10% year over year, e-commerce returns increased by 46%, and the actual size of items grew by 200%.
Unsurprisingly, significant operational challenges ensued for everyone in the supply chain, including retailers, manufacturers, shipping carriers, and returns management companies. COVID-19 isn't responsible for every issue, but it certainly accelerated the inevitable tides of change in consumer behavior.
From small mom-and-pop shops to enterprise-level retailers– everyone had to rethink online and in-store returns policies, as well as their reverse logistics infrastructure to adjust to shifting consumer demand. Those who failed to adapt suffered tremendous losses. Apparel suffered the most, but no retail category was immune to forced evolution. Organizations that created a thoughtful returns policy and robust reverse strategy while implementing intelligent software and diversifying resale channels succeeded. Other retailers are still working out the kinks.
As the dust from 2020 finally settles, we would like to offer valuable insights and advice for more profitable and sustainable returns in 2021.
• 2020 Changes in Consumer Returns
• 2021 Post-Holiday Returns
• 2021 Predictions and Advice for Retailers
