eCommerce returns are on the rise. Ease of return has turned into a competitive advantage for businesses operating online. Moreover, modern consumers purchase things online with returns in mind. So, let’s dive deeper into the topic and see who can best help you with chargeback insurance providers.
eCommerce Returns &Chargeback Insurance Providers
According to Kevin Warren, chief marketing officer at shipping company UPS, retailers should view the process of seamless returns as an essential step that can help with growing a successfulbusiness. That’s with good reason: post-holiday eCommerce returns are on the rise.
As the National Retail Federation (NRF) states, 55% of consumers making purchases over the internet plan to return or exchange any unwanted gifts during a 1-one period after having received them.Since online sales and returns are on the rise all over the world, retailers are also working on developing the right policies for dealing with customers who abuse return policies.
Are you taking the necessary measures so to keep up with the rapidly advancing world of eCommerce? This can’t be an issue if you work with a reputable credit card processor that can help you with chargeback insurance providers, and any other payment processing services you need to grow your business.
Online Sales & Returns
Online sales increased 18.8% during the 2019 holiday shopping season, even though retailers had 6 fewer days to sell their products between Thanksgiving and Christmas. This is according to MasterCard Inc. On the whole, retail sales grew up 3.4% YoY (year-over-year) during the same period.
Retailers report $90 billion worth of merchandise that’s being returned. As for online purchases, they make up half of that amount, and this figure is anticipated to go higher YoY. As 73% of online shoppers having participated in a survey state, they rely on their return experience when deciding on which retailer to buy from next time.
According to 68% of them, how they perceive retailers is based on the return experience, and 42% state that free return policies account for a positive return experience. Total sales, auto not included, grew 3.4%, thus reaching $880 billion as compared to anincrease rate of 5.1% in 2019. Online spending made up 14.6% of the total.
As you see, keeping up with the developments in the modern world of business isn’t only necessary but critical to your success. Using the right payment processing solutions makes part of this.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high-risk merchant account processor in the country that can best help you with chargeback insurance providers. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.