Consumers are spending more than ever, especially considering the influx of online platforms that make buying products convenient and straightforward. If you work in online retail, you would think this is great news, but what’s sometimes overlooked is the rate in which products are returned.
As sales increase, so do returns, and this fits with the philosophy “what goes up must come down.” To assist with managing these inevitable returns, you can use high-tech solutions to ensure you get the highest recovery possible regarding the net cost of returns. End-to-end reverse logistics solutions help companies dispose, manage, and sell their excess inventory.
Having a good return policy helps. Just like with individual customers who don’t buy in bulk, you have to come up with a policy that protects you and also benefits the customers who do buy in bulk.
Companies like goTRG are fantastic for returns management, as they’re global leaders in supply chain solutions. Their SaaS platform reduces waste, costs, and environmental impact, resulting in a better consumer experience and higher margins. Many high-end retailers are utilizing the services offered by goTRG, as they not only provide returns support, but full-suite management solutions.
There are other companies that can help you with returns, but it’s important to be sure the agencies you choose provide comprehensive solutions beyond product returns.
In many cases, companies are quick to throw away returned items, which not only affects financial return, but negatively affects the environment. This doesn’t align with today’s green initiatives, where it’s important for companies to engage in ethically responsible practices.
Another way to save is via liquidation auctions. After all, you can buy Amazon returns from B2B liquidation sites such as Direct Liquidation. These types of companies cut out the middle person by connecting directly with top retailers that source surplus inventory in wholesale lots. Getting quality wholesale merchandise for cheaper, of course, can help your company save money and increase profit margins. Not only are you buying high-quality wholesale merchandise for less, but, when going with a company like Direct Liquidation, you can rest easy knowing you’re dealing with a reliable company, and an expert in the field.
Another flawed approach is to spend too much money employing someone to make an uninformed decision about disposal, or to fix a returned product. To ensure the most money is made from a returned item, you must consider whether it can be fixed, reshelved, and resold—all for a lower price than the profit that will be returned.
With technology solutions like those mentioned above, you have a much better chance of giving products a second life. Companies like goTRG use market-changing reverse logistics software, and are proud to make efficient, fiscally responsible decisions on every returned item. This helps companies achieve optimum recovery. If these solutions are good enough for giants like Walmart and Home Depot, they’re certainly good enough for you. You’ll be amazed by how professionals can transform your returns management.
Software like R1 can help companies make smart decisions while reducing your environmental footprint. This is especially important in an age when green initiatives are at the forefront of everything we do—plus, it’ll make customers feel more comfortable about investing in your company! This alone can have a direct impact on sales. Investing in a returns management solution can improve your bottom line, and your collaboration will ultimately help the world become a better place by positively impacting the environment.
Big companies are incorporating returns management solutions, so it’s time for small and medium companies to follow suit. As a company, embrace modern technology to reduce the money you might waste on returns.