As January is dubbed 'Return-uary,' retailers brace for a massive influx of product returns totaling nearly $890 billion, significantly impacting both profitability and environmental sustainability.
The alarming statistic that every year, 9.5 billion pounds of returns end up in landfills highlights the environmental cost of processing returns amid increasing ecommerce sales.
Returns provide a unique opportunity for retailers to engage with customers, strengthening brand trust and loyalty, but they must navigate the delicate balance of profitability and sustainability.
The doubling of returns over the past five years reflects changing consumer habits, with the rapid shift to online shopping during the pandemic driving significant sales—and returns.
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