Receipts Now, Returns Later

There’s one thing everyone seems to want for Christmas this year and it’s not the latest iGadget. Customers want receipts. 61.9 percent of holiday shoppers say they provide a gift receipt most or some of the time according to the National Retail Federation’s 2011 Holiday Returns Survey which is the highest percent in the survey’s history.

“Gift givers would rather their loved ones enjoy and make the most out of their gift than feel guilty for returning it, and providing a gift receipt guarantees a seamless and efficient return process,” said NRF President and CEO Matthew Shay. Return rates over the past six years have increased for 57 percent of the retailers and 43 percent of the manufacturers surveyed. This year, ABC News sites NRF’s projections that holiday gift returns will total a record $46.3 billion, up 4 percent from last year and 10 percent from two years ago.
 

MSN Money quotes a survey by Market Tools listing the most returned holiday gifts as:
 

• Clothing and shoes, mentioned by 62% of respondents.
• Toys, games and hobbies, 16%.
• Consumer electronics, 14%.
• Kitchen and bath, 13%.
• Beauty and cosmetics, 10%.
• Jewelry and watches, 10%.

Accenture reports 5 percent of returns are related to actual product defects, 27 percent reflect “buyer’s remorse” and 68 percent of returned products are characterized as “No Trouble Found.”

In the electronic field alone, Accenture research report customers returning electronics products were suspected to cost U.S. consumer electronics retailers and manufacturers nearly $17 billion in 2011, an increase of 21 percent since 2007. Calculated costs from returned electronics include receiving, assessing, repairing, re-boxing, restocking and reselling returned products.

Nine out of ten Americans (90.1%) say they find stores return policies to be fair, up from 88.4 percent last year according to NRF. To make stress-free returns after the holidays NRF suggests:
 

• Know the retailer's return policy before you buy.

Here are some popular retailers: Barnes and Noble, Bass Pro Shops, Bed Bath and Beyond, Belk, Best Buy, Dillard’s, JCPenney, Kohl’s, Macy’s, Sears, Target, Toys”R”Us, Walmart

• Save and file all receipts!
• Provide all original packaging and all parts (including tags) when giving a gift.
• For online returns, know the process and where to make returns.
• Be patient.

Providing hassle-free returns after the holidays encourages repeat business. NRF’s Shay said, “As shoppers flood the stores the week after Christmas, retailers will make sure to provide extra staff and customer service to ensure their holiday shopping experience is one that will bring them back again and again.” 
 

Image courtesy of Craftyjoe at FreeDigitalPhotos.