Black Friday, Cyber Monday, Return Tuesday: Businesses Warned To Expect Refunds
57% of all retailers will refund a product, regardless of its condition, purely to maintain a positive relationship with the customer
UK small businesses awaiting increased custom during Black Friday and Cyber Monday, can also expect a surge of returns – according to a report by Barclaycard.
Data from Barclaycard Spend revealed that 30% of UK shoppers identify as a ‘serial returner’ – someone who deliberately purchases and then returns unwanted items, with 19% admitting they purchase multiple versions of the same item online, only to decide on one at home.
Online spending rocketed by 15.1% on Black Friday last year compared to 2014, suggesting that more custom will mean more returns.
57% of retailers say this ‘return culture’ has an ultimately negative impact on their business, as the items they get back are often unsellable.
Of all items returned that can’t be re-sold, 48% had been visibly used, 29% had been marked, while 28% had parts missing.
Despite this, 89% of retailers acknowledge that a good returns policy is important to their customers, with merchants stuck between accommodating shoppers’ demands and balancing their bottom line.
57% of both online and in-store retailers will refund a product, regardless of its condition, purely to maintain a positive relationship with customers
Sharon Manikon, director of customer solutions at Barclaycard, said:
“More than any other time of the year, retailers need to be prepared for high volumes of both purchases and returns during Black Friday. While seasonal discounts provide an opportunity to entice customers with reductions and offers, as our research shows, the draw of a bargain is likely to encourage shoppers to impulse-buy in bulk and later return the items they decide not to keep.
“To capitalise on Black Friday and stand out from the competition, retailers need to not only focus on drawing consumers in with seasonal bargains, but also ensure that they have a clear and flexible returns policy. Those that balance these competing demands will be able to meet customer expectations without impacting their own bottom line.”