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Online Shopping Reaches New Heights During Holiday Season
The holiday rush brought online shopping to an unprecedented $1.2 trillion globally, with $282 billion in sales within the U.S., as reported by Salesforce. This remarkable surge was primarily driven by mobile and social media commerce, reflecting changing consumer habits seeking convenience and instant access.
The Challenge of High Return Rates
Despite the boom in sales, a 28% increase in return rates posed a significant challenge for retailers. The estimated returns, valued at $122 billion, could rise to $133 billion. Common behaviors contributing to this trend include “try-on hauls,” where buyers purchase multiple items to showcase on social media, and “bracketing,” buying multiple sizes for a better fit. Such practices highlight the need for businesses to rethink how they handle returns to protect profit margins.
AI: The Game Changer in Retail Returns
Amidst the returns challenge, Salesforce suggests that artificial intelligence (AI) can provide a less daunting and more personalized return experience. By leveraging AI agents, retailers can streamline the return process, aligning with 75% of U.S. shoppers’ preference for AI-assisted interactions. These AI tools are not just future proof; they are crucial for maintaining customer relations and minimizing revenue losses.
Actionable Insights for Small and Medium Businesses
For business owners, now is an ideal time to consider AI’s role in operations. By implementing AI solutions, businesses can handle returns more efficiently, reduce logistical challenges, and focus on re-engaging with customers. Starting small, with gradual integration of these technologies, can lead to significant improvements in both customer satisfaction and bottom-line performance.
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