With retailers putting the finishing touches on their holiday preparations, it’s now time to start thinking about the new year. Before the red hearts and chocolates of Valentine’s Day flutter your mind, there’s one more crucial aspect of the holidays that cannot be forgotten: Returns.
Holiday returns are the jammed funny bones of this busy season for retailers. Last year, most consumers (77%) expected to return holiday gifts they received. Just when you think you’ve made a huge profit from gift purchases, they come back to haunt in late December or early January, and with COVID-19 restrictions still in place for most U.S. states, they will be even more painful than past years.