Retailers saw $738 billion in returns in 2023
Newsy
As fraudulent returns grow, retailers now face the issue of keeping customers happy while also setting new return policies.
The retail industry is booming. However, consumers may also be taking advantage of it.
According to a report by the National Retail Federation and Appriss Retail, the total return rate for 2023 was 14.5% and amounted to $743 billion in merchandise.
For online returns, it was even higher—17.6% compared to 10% for brick-and-mortar returns. As returns become more common, more and more retailers are charging return fees when you ship items back.
"I think it's just that it's such a big problem that they really don't know how else to deal with it," said Gloria Dawson, deputy editor for Business Insider.
Shopping expert Trae Bodge says retailers tend to extend their return policies around the holidays.
