According to a new study by Loop, a smart e-commerce return platform, most (70%) online consumers in the United States are willing to pay for a more convenient and better return experience. Specifically, 56% of consumers are willing to pay for return shipping, and 51% of consumers are willing to pay between $1 and $5 for return shipping. The study found that price remains the top factor consumers consider when shopping online, with a retailer’s return policy tied for second place with product delivery speed. 98% of consumers said they would be more likely to shop there in the future if a retailer offered a fast, convenient and hassle-free returns experience. When it comes to return options, most people say they would choose a shipping service they frequently use, including 69% of Gen Z and Baby Boomers, 67% of Millennials, and 66% of Gen X. Older generations prefer in-store returns, while Gen Z (51%) prefers online returns and door-to-door pickup. Notably, 88% of consumers said that environmentally friendly return options would make them more likely to shop with a retailer again, and 73% of consumers check the return policy before making a purchase to gauge whether the retailer’s return practices are sustainable. “Retailers no longer have to worry about adding fees to returns. Instead, they need to add fees smartly,” said Jonathan Poma, CEO of Loop. “Our research confirms that shoppers highly expect premium return services, such as door-to-door pickup or box-free returns. And, most shoppers are willing to pay for them. This represents a huge profit opportunity for retailers.” Data from the National Retail Federation (NRF) and Appriss Retail show that American consumers will return more than $816 billion worth of goods in 2022. The return rate for online shopping in the United States this year will reach 16.5%, almost the same as last year (16.6%). Editor ✎ Nicole/ Disclaimer: This article is copyrighted and may not be reproduced without permission. |
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