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It’s the time of holiday gift giving — and also returning. The National Retail Federation expects the overall rate of product returns for 2022 to remain the same as last year, at 16.5%, though the dollar amount is estimated to increase to $816 million. NRF’s data showed that for every $1 billion in sales, the average retailer incurs $165 million in merchandise returns. But customer return touches also can be an opportunity for small business retail owners. As NRF vice president of research development and industry analysis Mark Mathews said: “Returns can also provide recourse through positive customer engagement and, potentially, another purchase.”
Read more about the study at Retail Insight Network.
By Rebecca Meiser
Contributor, Commerce + Communities Today and Small Business Center
ICSC champions small and emerging businesses in getting from business plan to brick-and-mortar.
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