Buying online is quick, but returning can be a hassle. Now, many retailers are updating their return policies to change that.
While some online retailers have begun charging fees for returns, others are taking a different approach. Roughly 33 percent of stores are now allowing customers to keep some of the items they’re looking to return and receive a refund, according to logistics technology company Optoro.
Why the change? Not necessarily to make things easier on consumers. It’s because the average return costs companies a lot of money, specifically in shipping and operation costs.
According to a 2023 report from Optoro, processing returns can cost between 20 and 39 percent the cost of the original item, and online purchases have around an 18 percent higher return rate than those made in store, according to the National Retail Federation.
Kyle James, founder of the retail blog Rather Be Shopping,said that in addition to Amazon, he’s noticed retailers like Walmart, Target, …