Minimizing Online Returns the Intelligent Way
With 87 percent of shoppers beginning their customer journey in digital channels, brick-and-mortar retailers need to invest in optimizing their e-commerce strategy. For most brands, online shopping presents new challenges, including ever-growing return rates. With customers unable to try on an item when they purchase online, shoppers order multiple of the same item with the idea of returning the sizes that don’t fit. While a flexible return policy is beneficial for customers, retailers can face decreased margins and lower return on investment. While the focus is always on ensuring the customer is happy, retailers must account for inventory control, cost of shipping and unwanted items.
That’s where customer intelligence (CI) comes in. Through the power of CI, retailers can leverage their first-party data to ensure they're properly providing customers with accurate and relevant product recommendations to minimize returns. CI helps retailers better understand their customers’ buying habits and preferences, and personalize their offerings based on shopper behaviors. Providing a better customer experience means happier and more loyal customers, which in turn leads to increased revenue and profit for retailers.
With a multitude of digital channels, it’s more important than ever for retailers to truly understand who the customer is beyond their purchases. As evidenced by the success of D-to-C companies, consumers want to feel engaged and valued by their favorite brands. Retailers must optimize their engagement strategy across more customer touchpoints and devices than before.