A Penny spent is a Pound earned: Monetizing e-commerce returns
With e-commerce returns growing at an alarming rate globally, online retailers are in a bit of a pickle. Returns can be one of the most expensive processes for retailers, and yet, the hyper competitive nature of the market has forced them to offer free return policies, shouldering them with the burden of not just the added shipping costs, but also the increased amount of supply chain and customer support hassles. These over-generous policies coupled with the ease of online shopping have surged webshops returns rates to a whooping 25-40%.
"In the face of saving dollars, people often forget that there is a currency that can create much more value for them - Data"
Unfortunately, most e-commerce IT structures involve manually sending shipping labels and return forms with packages, and thus, are not entirely equipped to handle return requests. This often results in slow and inefficient processes that can damage the brand’s post-purchase experience offerings and consequently, their customer retention.
So then, are retailers stuck in a vicious circle of costly returns that keep pinching their margins? Well, they no longer need to be. In the face of saving dollars, people often forget that there is a currency that can create much more value for them -- Data. Digitization and data-driven analysis of processes today is one of the most important and commercially rewarding activities, and e-commerce returns are no exception to this norm. And if you are wondering if all this can be done feasibly, you don’t need to go far!
yayloh, a Stockholm-based SaaS platform is here to help you do exactly that and more. With yayloh, you can completely automate and digitize your return processes while seamlessly integrating it with your existing IT structures. Additionally, yayloh will help you access and capture significant first-party data from your website that can be used to further streamline your brand’s offerings plentifully.
Let's start by looking at how a smart data analytic tool will help you reduce your returns, boosting your customers satisfaction and your profitability!
Digitized return processes can help you collect and analyse relevant user data, to deliver value back to your customers. Studying the reasons for all your returns can help you improve your product description to better guide your customer’s purchase experience. For instance, if your emerald earrings are being returned because they appeared darker in the product image or your pink hoodies are smaller than average sizes, yayloh’s digitized solution can help you understand and update this information in real-time, saving both you and your customers, the time and efforts of unnecessary returns.
Moreover, understanding which products are facing high return rates, can help you prioritize and renegotiate terms with your suppliers, and even help provide them with vital insights to further improve product offerings for next seasons.
yayloh is here to be your best partner in fostering customer loyalty and conversion, while boosting profitability in a sustainable manner.
From providing an exciting platform for your customers to offering you first-hand data insights and tailored recommendations, yayloh is here to help you plump your bottom-lines and your customer’s happiness, one return at a time.