Loop, the leading return management platform for ecommerce brands, released the findings of its most recent consumer survey on return policy abuse and fraud. The data, collected from 1,000 UK-based on...
Autore: Business Wire
Nearly 4 in 10 respondents say that either they, or someone they know, has engaged in returns abuse or fraud within the past year.
COLUMBUS, Ohio: Loop, the leading return management platform for ecommerce brands, released the findings of its most recent consumer survey on return policy abuse and fraud. The data, collected from 1,000 UK-based online shoppers, reveals what behaviours consumers consider to be fraud vs. abuse, and how often they engage in such behaviours.
Loop’s survey, conducted between November 22 and December 3, 2023, reached UK consumers who had made a return in the last 12 months for an online purchase.
Key findings from the survey include:
Return policy abuse, fraud, and other unfavourable return-related behaviours can exploit the return process, yet some of these behaviours are common and are not always considered by consumers or merchants to be abusive. These behaviours range from minor policy violations, to unfavourable behaviours that impact merchants financially, to outright illegal activity.
“Return policy abuse and fraud pose an enormous challenge to retail brands,” said Hannah Bravo, Chief Operating Officer at Loop. “At Loop, we’ve seen merchants begin to actively tackle this problem, evidenced by an overall decline in refund windows and an increase in quality inspection before issuing refunds. There is still so much more work to do to reduce the impact of returns fraud and abuse on merchants’ bottom lines while retaining their best customers. To achieve this, retail brands need partners with deep expertise and true customization engines powered by broad data sets and machine learning.”
The survey included several additional insights into UK consumer behaviour, including:
Consumers offer a range of stated reasons for engaging in these types of behaviours.
Targeted strategies can reduce the impact of these behaviours.
“Retail merchants are finding their profit margins under deep scrutiny in today’s environment, and returns are receiving dramatic focus,” said Jonathan Poma, CEO at Loop. “Because of this, merchants are increasingly seeking guidance to help them optimise their returns processes. There is no one-size-fits-all approach to returns, and each brand needs to understand their shoppers’ behaviour to craft a targeted strategy that reduces costly fraud while balancing the need for an exceptional customer experience.”
Visit the link here to view Loop’s full survey findings.
Click here to explore some of the ways Loop helps brands to reduce returns abuse and ensure a path to profitability: https://www.loopreturns.com/return-fraud/.
About Loop
Loop is the leading post-purchase platform optimizing returns, exchanges, and reverse logistics for 3,000 of the world's most-loved brands. Through innovative features like Workflows, Instant Exchanges, Shop Now, and Bonus Credit, Loop helps brands unlock cost savings, increase customer lifetime value, and retain more revenue. Loop has processed over 40 million returns and counting. Learn more at www.loopreturns.com
Fonte: Business Wire