![\"\"](\"https://cross-border-magazine.com/wp-content/uploads/2024/07/crossbordermagazine-header-39.png\")
By Cinzia Barberis
\n\n\n\nBy Cinzia Barberis - Sales periods provoke mixed feelings in the industry. Do we love them? Do we hate them? Do we need them?
\n\n\n\nWe are aware that there is a huge pool of customers that love them. In fact, they will only buy in sales periods. Maybe that’s why we are already seeing retailers starting their sales even before the general “go % off” dates.
\n\n\n\nWhat can go wrong?
\n\n\n\nLess than 40% is no longer considered a sale (and I am being generous). The downside? that impulsive buying due to the “bargain effect” will raise and so will do our returns rate.
\n\n\n\nIt is true that sometimes we need discounts to place those items that were not so welcomed or that they were at the wrong price point. But we should definitely be careful with our margins.
\n\n\n\nDiscount won’t be the only thing to take into account when setting a new price point respecting your margins, save some space for returns.
\n\n\n\nLet’s be honest, as per a recent study done by the returns digital solution Reveni, 90% of consumers won’t buy if not offered the chance to return the product. There is no way to avoid them 😉
\n\n\n\nWhat can go right?
\n\n\n\nThere is no ying without yang and no downside with a brightside. AI comes to the rescue.
\n\n\n\nNot just as a buzzword. As an extra pair of eyes to watch closely our customers and be able to clusterize them to predict their behavior. At least try to!
\n\n\n\nA great example of it is Vtex, they recently introduced AI in their returns module bringing 20% revenue to returns.
\n\n\n\nWhat? Not losing money with returns? Is that possible?
\n\n\n\nYes.
\n\n\n\nLoyalty beyond returns
\n\n\n\nA great purchasing experience is a never ending story. It shouldn't be if you wanna increase your lifetime value. And a return is just a step of the way.
\n\n\n\nStep 1- Cluster your customers: serial returners apart, when we buy we want to keep the product. If we need to return it, it’s because something is wrong.
\n\n\n\nStep 2 - Make it easy: the easier the process the sooner you will have the product back to your stock to be sold again.
\n\n\n\nStep 3 - Give options: instant refund if it’s for buying another item, offer the chance to pick up the returned product when receiving the new one, return to shop or think about a most convenient option for you and your customer.
\n\n\n\nStep 4 - Information is power: keep your customer up to date with the process and when everything is ready. If they order a new product in exchange, ask them how the experience was. Make them feel part of it.
\n\n\n\nWith all this said.
\n\n\n\nAre you ready for the summer crazy sales period? May a lower return rate be with you.
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