One aspect of finding more effective transportation is reducing miles. Retailers should push their supply chain partners to develop strategies that maximise available space for transportation.
Data and technology are essential for doing this. The Advanced’s Vector system, for example, offers a comprehensive control tower view of the items throughout the distribution cycle. Sophisticated IT solutions.
Returns Management
Customer returns are another area on which merchants could concentrate in order to save money. In 2023, more merchants will come under scrutiny as consumer spending is constrained by inflation and rising energy prices.
A survey of 1,000 customers revealed that 29% want to trade down to save money on non-food purchases.
Due to their lack of confidence while adding things to their online baskets and completing the checkout process, these items may not be quite what they were expecting, and they may order more product alternatives. These two elements raise the potential number of returns to retailers.
When it comes to returns, retailers should put speed and efficiency first. They will want to salvage as much prime merchandise as they can and put it back on the market as soon as possible to maximise sales chances.
In order to swiftly assess whether returned goods are suitable for resale or whether they may be salvaged by selling through a secondary channel, such an outlet, they must have readily available and reliable data regarding the state of the returned goods.
To guarantee prompt refunds to customers, returns must be processed more quickly and efficiently. Customers will be even more eager to have their money back, while merchants will be eager to avoid any unhappiness.
Rapid returns imply rapid refunds, which increases the likelihood that a customer will make another purchase after returning an item.
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