U.S. retail returns hit record high, fraud claims losses reach $103 billion

U.S. retail returns hit record high, fraud claims losses reach $103 billion


It is learned that recently, according to foreign media reports, the total amount of retail merchandise returns in the United States will reach 685 billion US dollars in 2024, accounting for 13.2% of the total retail sales. Although the return rate has dropped from 14.5% in 2023 to 13.2%, the fraud problem remains serious.


According to a report jointly released by Appriss Retail and Deloitte, fraudulent returns and claims caused retailers to lose up to $103 billion in the past year, accounting for about 15.14% of all returns. These behaviors include consumers returning goods in violation of store policies to obtain refunds, or using fraudulent payment methods to purchase goods. Although retailers continue to tighten return policies to deal with such problems, fraud is still widespread, especially in the fashion industry.


The survey showed that 60% of retailers surveyed reported incidents of “snatch buying,” where consumers purchase items, use or wear them once, and then return them. 55% of retailers mentioned cases of returning merchandise obtained through fraud or theft, such as stolen credit cards, counterfeit money, gift cards or fake checks. 48% of retailers have also encountered cases of returning stolen merchandise.


Appriss CEO Michael Osborne said that strengthening traditional return policies has limited effect in reducing fraud. He suggested the use of artificial intelligence and data-driven solutions to better prevent losses while maintaining consumer loyalty.


Author ✎ Rayna/

Statement: This article is copyrighted and may not be reproduced without permission. If you need authorization, please contact: happy


<<:  U.S. consumer spending to grow 3.8% in 2024 holiday season, e-commerce sales to grow 6.7%

>>:  51% of U.S. consumers plan to continue shopping after the holidays, expecting to spend between $100 and $499

Recommend

Amazon Summit begins! There is a solution to the logistics problem!

Let’s start today’s main text. ◆ ◆ ◆ ◆ Amazon use...

What is Black Friday? Black Friday Review

Black Friday, the day after Thanksgiving, is gener...

Cross-border e-commerce industry crashes! Many sellers’ funds are frozen

Recently, many sellers have discovered that the Am...

What is WalmartPetRx? WalmartPetRx Review

WalmartPetRx is Walmart's first online pet pha...

What is Magicpin? Magicpin Review

Magicpin is an e-commerce service platform for loc...

After the Great Earthquake in Japan, this product on Amazon became a big hit!

On the first day of 2024, a magnitude 7.6 earthqua...

What is Darfon Logistics? Darfon Logistics Review

Darfon Logistics (Shenzhen Darfon Logistics Co., L...

What is Shop101? Shop101 Review

Shop101 is a mobile social e-commerce platform for...