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Retail goods bought online attract a higher rate of returns than those bought at brick and mortar stores. As e-commerce inches higher as a proportion of overall retail commerce, that means returns are going to proliferate. These are the stark facts facing brands and stores.  What’s worse is that the returns process is an essential part of the much-valued customer experience, or CX as it is now called, and most businesses are exploring ways of making that experience a competitive advantage. Returns sit right at the nexus where giving customers what they want threatens profits and operational efficiency. Several technology and returns services companies are trying to figure out how to ease the pain while improving CX.   https://buff.ly/4cEX8Bc #supplychain #logistics #cscmp

Pure play ecommerce retailers, which focus exclusively on online channels for sales, are recognising the value of having a physical presence 🏬 While online retail still constitutes a significant portion of overall retail sales, with the Office for National Statistics stating at the end of last year that online sales are up by almost a fifth (16.2%) when compared to their pre-pandemic level in February 2020, over the last year we have seen these volumes plateau, with online shopping today accounting for just over a quarter (25.7%) of total retail sales (compared to its pandemic peak of 37.8%). To read more, please see link below; https://lnkd.in/ewqXZVcM Michael Lockhart #SavillsRetail #Retail #PhysicalStores

Online retailers are increasingly allowing customers to keep returns rather than going through the entire process of sending merchandise back. Why is that? In some cases, depending on the product, of course, it can cost the retailer more to have the item shipped back as opposed to issuing a refund. In Fortune Magazine, Steve Mollman discusses this trend in retail and why this holiday shopping season many brands may opt to do this. #Retail #RetailTrends #Merchandise #eCommerce

📦 Navigating the Return Wave: Are Stores Ready for the Surge in Online Returns? The rise of e-commerce has brought unparalleled convenience, but it also comes with a surge in online returns. The discussion on RetailWire delves into whether brick-and-mortar stores are adequately prepared to handle this wave. Key Points of Discussion: 1. Exploring the challenges stores face in managing an influx of online returns. 2. Strategies and technologies that retailers are adopting to streamline the returns process. 3. The evolving role of physical stores in the era of e-commerce returns. 🔄 As the retail landscape transforms, adapting return processes is crucial. Read more about the discussion ➡️ https://hubs.li/Q02b9yNC0 #RetailStrategy #Ecommerce #ReturnsManagement #BrickAndMortar #RetailDiscussion #Kivalue #Retail #Insights

According to a report by FTI Consulting, online retail sales are projected to reach $1.2 trillion in 2024, representing a 9.8% increase over the previous year. The e-commerce market share is also expected to rise to 22.7% by the end of 2024. #onlinesales #onlineshopping #retail #retailstores #onlinestores #ecommerce #ecommerceindustry

“Despite the rise of e-commerce, many of the top retailers worldwide generate the bulk of their sales in physical stores. However, as customers prioritize convenience and a wider selection of goods, e-commerce giants are capturing an increasing share of the retail market.” #retail #ecommerce #convenience

As customer returns continue to remain a problem in retail, brands are coming up with different ways to make it easier not only for the customer, but also for themselves. Consolidators are helping e-commerce brands with returns and minimizing downsides for retailers, such as lost revenue and environmental impacts, with the help of technology https://lnkd.in/efUbwFCu #returns #retailers #retail #ecommerce

It's great to hear that Wal-Mart's global e-commerce sales grew by double digits, which indicates that eCommerce is thriving and continuing to elevate. My Take: Driving increases in basket size was a challenge consistent with eCommerce trends for 2023. Price sensitivity will continue to be a factor in 2024 as well, which is why experience and value are crucial. Walmart faced difficulty in selling high-consideration purchases last year, indicating that consumers are taking more time to decide whether or not to spend in these areas. I didn't see any mentions of AI OR personalization and what they are doing there 🤔 but overall, these insights are valuable for understanding the current state and future shopping trends of eCommerce. #ecommerce #digitalmerchandising

Ranked: The 20 Top Retailers Worldwide, by Revenue https://ift.tt/NpTKv9F See this visualization first on the Voronoi app. The Top Retailers Worldwide, by Revenue This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources. The global retail landscape is constantly evolving, driven by shifting consumer habits and the growing dominance of online sales. Despite the rise of e-commerce, many of the top retailers worldwide generate the bulk of their sales in physical stores. However, as customers prioritize convenience and a wider selection of goods, e-commerce giants are capturing an increasing share of the retail market. This graphic shows the world’s leading retailers by revenue, based on data from the National Retail Federation. The Methodology To be included in the rankings, companies must engage in a goods-for-consumer resale business accessible to the public. Additionally, they must and have direct selling operations in a minimum of three companies. The rankings include both public and private companies, based on the most recent 52-week period ending between January and March 2024. All revenue figures were converted to U.S. dollars. Ranked: The Top 20 Global Retailers Below, we show the world’s leading retail giants by revenue: Ranking Retailer Total Revenues Share of Domestic Retail Revenue Headquarters 1 Walmart $628.6B 84.7% U.S. 2 Amazon.com $355.1B 70.4% U.S. 3 Costco $234.0B 75.0% U.S. 4 Schwarz Group $176.4B 32.0% Germany 5 The Home Depot $151.6B 93.7% U.S. 6 Aldi $145.4B 25.8% Germany 7 Walgreens Boots Alliance $117.8B 89.3% U.S. 8 Ahold Delhaize $97.0B 21.8% Netherlands 9 Alibaba $94.1B 97.3% China 10 Carrefour $89.7B 34.3% France 11 Seven & I $85.0B 62.1% Japan 12 Apple $81.6B 86.9% U.S. 13 Rewe $73.5B 75.5% Germany 14 Aeon $68.9B 93.3% Japan 15 Tesco $61.9B 85.1% UK 16 TJX $50.4B 78.9% U.S. 17 Leclerc $50.4B 95.0% France 18 IKEA $45.6B 3.4% Sweden 19 Best Buy $44.6B 92.8% U.S. 20 Woolworths Limited (Aus) $43.5B 88.2% Australia As the largest retailer by sales globally, Walmart raked in $628.6 billion dollars in revenue, with 84.7% of its revenue being domestic. Today, about 90% of Americans are located within 10 miles of a Walmart store, attracting 200 million visitors each month. To gain a greater edge in the market, Walmart is expanding its advertising business, launching a premium product line, and growing its digital sales channels. Additionally, it is opening 150 stores in the U.S over the next five years, its largest expansion in almost a decade. With $355.1 billion in sales, e-commerce titan Amazon ranks in second. In 2024, the company is projected to account for 40.4% of U.S. e-commerce sales. Along with this, Amazon operates physical stores through its Whole Foods subsi...