General Archives – Page 141 of 266 – Forter
We recently conducted a webinar with our partner LogicBroker, on “Improving Life After Purchase.” LogicBroker is an integration platform that simplifies the processing of all supply chain data from retailers and suppliers. As online retail grows and expands, it is essential to ensure a great customer experience from the point of purchase to the endpoint of delivery.
Forter Senior Product Marketing Manager Jonathan Hsieh and LogicBroker Director, Partnership Strategy, Niki Antonelli present the best practices for improving post-purchase experiences and why this is so important for merchants to understand.
Why Post-Purchase Experiences are Important
- Customer Retention: In an increasingly competitive market, positive customer experiences will encourage improved customer lifetime value.
- Brand Loyalty: Bad delivery/fulfillment experiences can impact how your customers feel about your brand and whether they’d want to continue shopping with you.
- Reduce Returned Goods: Reducing the returns lifecycle can minimize business costs.
A seamless returns strategy is likewise vital for improved post-purchase experiences. However, merchants must be aware of the rising problem of returns abuse and how it may be impacting their business.
- On average, 10% of everything sold from a US store is returned.
- Return fraud and abuse cost US retailers $24 billion each year.
- Annual global losses from retail returns are nearly $1 trillion.
- 6.2% of returns are thought to be abusive and violate merchant returns policies.
Types of Returns Abuse
- “Wardrobing” or “Free Renting”: Abusers purchasing items, wearing or using them, and then returning the items back to the store for a refund.
- High Return Rates: Consumers return a high percentage of their orders back to the merchant for a variety of reasons.
- Returns Fraud: Returning a different (and less valuable item) and collecting the returns value of the original item.
This form of policy abuse, wherein good consumers take advantage of a merchant’s return program and policies for their own gain, has significant impacts to your business.
- Operational Costs & Overhead for Managing Returns: Processing, shipping, and restocking inventory can cause unnecessary costs and impact your top and bottom line.
- Lost Profits: Returned item wear and tear results in lost revenue for your business. These items are typically not able to be resold even at discounted prices.
- Poor Customer Experience: The inability to deliver and support best-in-class returns programs diminishes overall customer experience and engagement with your brand.
In order to help merchants better protect their businesses from returns abuse and improve post-purchase experiences, Forter offers the Returns Abuse Protection Solution.
This solution enables merchants to identify abusive users and provides decisions to help merchants enforce their business policies by:
Providing Decisions at Transaction. Forter enables merchants to block returns abusers at the point of transaction so they are not able to place additional orders that will likely result in additional returns.
Decisions at Returns Initiation. Forter provides merchants with a decision at the point of returns request (e.g. online, call center agent), so merchants can determine how to treat a returns claim from a customer.
Flagging Suspicious Accounts. Forter provides a list of accounts flagged for potential returns abuse, enabling merchants to enforce policies at the account-level (e.g. repeat abusers are not eligible for free returns shipping or can only return in-store).
Insights via the Decision Dashboard. Forter provides a dashboard that gives merchants insights into decisions and the ability to monitor returns decisions and track KPIs.
Forter’s Returns Abuse Protection Solution empowers merchants to:
Increase Top-Line Revenue Potential. Grow your average order value and lifetime value by providing your customers with the best-in-class returns policy that they expect.
Cut the Costs of Fraud and Abuse. Protect your business’ bottom-line by proactively identifying and stopping abusers, so you can eliminate the costs of unnecessary returns processing, shipping fees, restocking resources, and more.
Deliver a Best-in-Class Customer Experience. Provide your most valued customers with the best returns experience – without the fear of abuse or fraud.
Watch our complete webinar with LogicBroker to learn more about how to improve the customer experience post-purchase, or find out more about how Forter can help you protect your business from returns abuse here.