In 2018 total merchandise returns accounted for nearly $369 billion in lost sales for US retailers. Statista estimates that by 2020, that number will soar to $550 billion2.
As e-commerce continues to dominate the retail sector, this trend will remain a large headache for retailers who are not set up with a technology-driven infrastructure to handle returns. The recent bankruptcy filings of Sears, Z Gallerie, Barneys New York and others, have made it clear that all types of retailers are grappling with the challenges of the 21st century retail landscape. Late adoption of technology is most often the culprit.
