New offering creates opportunities to reduce cost, re-capture revenue, and solidify brand loyalty
With the continuous growth of omnichannel commerce, including direct store and home shipments, as well as the complexity of global sourcing, returns and exchanges challenges are mounting. A well-crafted returns management system has a direct impact on a company’s cost of doing business and customer loyalty. That’s why FarEye has introduced an online returns management solution to simplify the returns experience for customers by removing friction from returns and exchanges and creating new revenue opportunities for retailers.
FarEye’s online returns management solution gives brands a customized returns strategy to streamline return and exchange requests, inventory, logistics, and processing and connect every point in the return cycle. The solution offers in-depth functionality for picking up, receiving, inspecting, and processing returns and exchanges. Furthermore, FarEye is uniquely able to layer those return flows on top of your existing “forward” delivery network driving speed, efficiency while driving return costs down.
“Seventy-eight percent of consumers consider the quality of returns service when choosing where to shop. This goes to show that today’s consumer expects the returns process to be just as consistent as the delivery experience and both must be seamless in order to retain loyalty and repeat purchases,” said Suvrat Joshi, chief product officer, FarEye. “Our online returns management capability gives retailers the ability to offer its end customers an efficient returns and exchanges process that also directly impacts a retailer’s margins, from sales to revenue to customer retention.”
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“Seventy-eight percent of consumers consider the quality of returns service when choosing where to shop. This goes to show that today’s consumer expects the returns process to be just as consistent as the delivery experience and both must be seamless in order to retain loyalty and repeat purchases”
FarEye’s returns management solution simplifies the returns experience for consumers through these capabilities:
- Embedded branded returns portal: Gives retailers the ability to personalize the returns experience, upsell the consumer through targeted ads on special offers and upcoming events, and a dedicated dashboard to measure the performance of retailers’ 3PL and merchant network.
- Real-time tracking of returns and refunds: Offers granular return policies and fees based on any customer or order attribute, and allows the consumer to choose their preferred carrier for the return.
- Flexible returns methodology: Allows consumers to choose from multiple shipping options to best match their needs. They can select at-home pickup or choose from multiple drop-off locations like store and carrier location, and schedule windows for at-home pickups.
- Returns analytics: Gives retailers powerful insights that reduce return rate, help define the return strategy, solve inventory issues, gather SKU-level analytics, and ultimately deliver more value to the consumer.
“With more than 30% of all items ordered online returned, retailers must provide a consistent, branded returns experience to the end consumer, just as they do with their delivery experience. FarEye is providing a 360-degree view of returns which will help logistics leaders identify issues faster, track key metrics and ensure exceptional customer experience levels,” Joshi concludes.
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