Latest data by B-Stock, a leading online secondary marketplace, shows that children’s toys are amongst the most returned items following Christmas.
The number of items sent back on National Returns Day (2nd January) was forecast to be 72% higher than the average day in December according to Royal Mail; considerably contributing to the yearly total of £60 billion worth of products customers return to UK retailers.
Commenting is Ben Whitaker, EMEA director at B-Stock. “Every year, the number of truckloads of returns doubles between January and March following the Christmas period.
“Consumer behaviour is driving this level of returns, with online shopping and customer-friendly returns policies encouraging the ‘shop, regret and return’ customer behaviour.
“Online holiday returns are projected to reach rates of around 50% of the total holiday sales figure of £21.22 billion. Retailers are swallowing billions of pounds of profits every year on holiday returns and each year the number is growing.”
Also amongst the top returned items after the holiday season are women’s clothing and speciality kitchen items.
Whitaker continues; “Many of the top leading retailers have strategies to deal with returned gifts. For instance, finding re-sellers who are willing to buy these untouched presents and sell on. Doing so also supports the circular economy and avoids returned gifts from ending up in landfill which is a growing concern for retailers.”
As we head into 2020, sustainability is an area that retailers are increasingly taking responsibility for.
“Already this Christmas we have witnessed John Lewis removing the plastic toys from Christmas crackers. Also, consumers switching to recyclable Christmas paper.
“The way retailers manage returned overstock is also a business operation which is under scrutiny, particularly at this time of year when returns are the highest.
“This is why global leading retailers are utilising secondary marketplaces to deal with masses of returned overstock, simultaneously offsetting the losses of returned products too.”
About B-Stock
B-Stock is a leading marketplace for returned, excess and other liquidation inventory. The platform sets up an online auction dynamic. Via the auction, retailers and manufacturers can sell directly to a diverse base of approved business buyers. Therefore driving greater demand, higher pricing and a faster sales cycle.
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