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

What is a no logo infringement incident? No logo infringement incident review

A large number of European accounts were blocked, ...

What is Cross-border Ark? Cross-border Ark Review

Ark Cross-border is a seller in Fujian that mainly...

Sales soared 500 times! Taobao overseas sellers are making money quietly

The seemingly one-sided statement that "if yo...

What is Grofers? Grofers Review

Grofers is India's largest low-cost online sup...

The US mandatory mask order is here! Violators may face criminal penalties

The U.S. Centers for Disease Control and Preventio...

Amazon Prime Day advertising review, various indicators and data released

It is learned that recently, Skai, Feedvisor and o...

Traffic explodes, and sellers flock to TikTok

The premium is high and it comes with its own tra...

Amazon sellers applauded the major changes to the refund and compensation policy!

Amazon announced that there will be temporary chan...

What is EMC? EMC Evaluation

The full name of EMC (Electromagnetic Compatibilit...