StoreConnect is unveiling a comprehensive strategy to significantly reduce ecommerce return rates for small to medium-sized businesses and nonprofits in the U.S., addressing a costly challenge in the digital marketplace.
A staggering 16.5% of online purchases, amounting to a whopping $212 billion, were returned in 2022 digital shopping spree(1). Fast forward to 2023, and this trend is predicted to skyrocket by over 2%(2).This return rate is slamming retailers with a loss of $642 billion yearly(3). StoreConnect is unveiling a comprehensive strategy to help small to medium-sized businesses and nonprofits in the U.S. significantly reduce their e-commerce return rates. The initiative is to address a pervasive and costly challenge businesses face in the digital marketplace, explains Mikel Lindsaar, CEO and founder of StoreConnect.
Returns made by consumers after shopping digitally can pose several challenges for businesses due to various factors inherent to the online shopping environment. Challenges like managing the costs and logistics, fraudulent returns, inventory management, quality assurance, and return policy complexities pose a threat to the growth of business.
“E-commerce returns have long been a pain point for businesses, impacting profitability and operational efficiency,” Lindsaar shares. “StoreConnect recognizes the pressing need for practical solutions in this space and is committed to empowering businesses with innovative approaches.”
Latest HRtech Interview Insights : HRTech Interview With Shawn Herring, CMO At AirSlate
StoreConnect’s Innovative Strategies
E-commerce returns are an enormous problem, especially for smaller enterprises and nonprofits. A striking 11% (about $22.8 billion) of these returns are even flagged as fraudulent(4). StoreConnect, an integrated e-commerce solutions platform, is confronting this problem with a revolutionary strategy:
- Understanding the Customer: StoreConnect harnesses the information held by the business about their customer base, allowing them to identify patterns and trends in returns. By understanding the root causes, businesses can proactively address issues, minimising the occurrence of returns.
- Enhanced Customer Experience: The company emphasises the importance of a seamless and transparent customer experience and provides the capability to give real time updates to customers, preventing incorrect purchases. Also, having all the data in one system allows for call centre staff and support teams to accurately help the customer through their buying or support journey, reducing the likelihood of dissatisfaction and returns.
- Streamlined Return Processes: StoreConnect introduces the capability to streamline return processes, making it easier for businesses to manage returns efficiently. Automation and user-friendly interfaces are vital components, reducing the burden on staff and minimising errors.
This initiative aligns with StoreConnect’s mission of empowering small to medium enterprises and nonprofits with essential e-commerce tools. Lindsaar asserts, “StoreConnect is ‘Designed for speed. Crafted for connection.’ For us, this means persistently tuning into our customers’ needs and innovating to address emerging challenges.” By targeting the return issue, StoreConnect is doubling down on its pledge to provide tangible solutions that boost efficiency and expandability. Reducing e-commerce returns is not just about saving money; it’s about fostering growth and sustainability.
References:
- “Innovation Helps Small Merchants Tackle eCommerce’s $212B Product Returns Problem”; PYMNTS; February 3,2023
- “Retail Returns Will Surpass $620 Billion in 2023”; Insider Intelligence; January 10, 2023.
- Jenns, Claire; “Returns cost e-commerce retailers $600bn every year”; Retail Insight Network; June 28, 2023;
- Guha, Indy; “Total Cost Of Online Returns Breaks $200 Billion—Can Retail Afford It?” Forbes; October 3, 2023;
Recommended : From Tactical To Strategic: HR Solutions That Drive Business Value
[To share your insights with us, please write to pghosh@itechseries.com ]