Industry's Overall Returns Price Tag Seen at $17 Billion
Product returns in the consumer electronics industry are expected to cost retailers and manufacturers a total of just under $17 billion in the U.S. this year, a 21 percent increase over four years ago, according to research released Tuesday by Accenture.
“These high consumer electronics return rates are unsustainable in a sector with brutal competition and thin margins,” Mitch Cline, managing director of Accenture’s Electronics & High-Tech group, said as part of the release of the numbers.
“Manufacturers and retailers should do more to differentiate their customer service by helping consumers understand, set up, use and optimize the products they purchase. Most companies invest considerable sums to manage returns, but need to refocus their strategies on proactively preventing returns through customer education and aftermarket support.”