In the wake of the holiday season, retailers are grappling with the repercussions of elevated online return rates in early January. This costly ‘holiday hangover’ has become expected by retailers annually. FarEye’s online returns management solution simplifies the returns experience for customers by removing friction from returns and exchanges and creating new revenue opportunities for retailers. The solution provides comprehensive functionality for pickup, receiving, inspection and processing of returns and exchanges.
“In 2023, returns amounted to 14.5% of the total sales reaching about $743 billion in merchandise. With the returns volume only increasing, getting the returns process right and giving consumers a seamless experience worth coming back for is a challenge retailers are grappling with. FarEye’s ‘returns offering’ addresses the orchestration, timeliness and customer experience problems in the returns process. It enables organizations to transform returns into opportunities by offering free, fast, flexible and sustainable returns options.” says Kushal Nahata, CEO and co-founder at FarEye.
Key Takeaways:
- Embedded branded returns portal: Gives retailers the ability to personalize the returns experience, upsell the consumer through targeted ads on special offers and upcoming events and a dedicated dashboard to measure the performance of retailers’ 3PL and merchant network.
- Real-time tracking of returns and refunds: Offers granular return policies and fees based on any customer or order attribute and allows the consumer to choose their preferred carrier for the return.
- Flexible returns methodology: Allows consumers to choose from multiple shipping options to best match their needs. They can select at-home pickup or choose from multiple drop-off locations like store and carrier locations, and schedule windows for at-home pickups.
- Returns analytics: Gives retailers powerful insights that reduce return rate, help define the return strategy, solve inventory issues, gather SKU-level analytics, and ultimately deliver more value to the consumer.
