$743 Billion in retail returns in 2023
By Brittney Sherman
Retailers are hyper-focused on mitigating returns in 2024. Last year, 14.5% of all in-store purchases and 17.6% of all online purchases were returned. While that might not seem like a loss since retailers re-gain the pre-sold products, a recent rise in fraudulent returns is accounting for $101 Billion in industry loses. Approximately 20% of retail fraud is conducted by Organized Retail Crime groups and an estimated 49% of all retail fraud is attributed to “wardrobing,” the return of used non-defective products. In an effort to stop the bleeding, retailers will begin applying stricter rules to returns in 2024, especially as they relate to online purchases.
Read the full article HERE.
