One size doesn’t fit all - navigating the evolving threat of refunds and returns abuse across retail

Retailers are constantly improving their return policies to attract more customers and increase satisfaction with instant refunds, easy drop-off points, and flexible options.

According to Optoro, processing a return costs about 66% of the product’s price.¹ The National Retail Federation reports that in 2023, returns amounted to $743 billion, with 13.7% ($101 billion) lost to fraud and abuse.²

However, the costs of shipping, processing, and restocking returns can really add up. The challenge lies in balancing the need to spot fraudulent returns without alienating your genuine customers. Too much friction might drive away your loyal shoppers, while too little could open the door to fraud.

Join our expert panel of Industry leaders to discover how to strike the perfect balance and enhance your returns strategy effectively.

What you’ll learn:
• Fraud Types: Understanding wardrobing, bracketing, excessive returns, and shipping label manipulation.
• Preventive Controls: Implementing measures to manage abusive return behaviors and future purchases.
• Refund Optimisation: Comparing online-only processes versus traditional call center interactions.
• Tracking and Monitoring: Tools to link orders to refund requests and identify suspicious activities.
• Policy Adaptation: Crafting refund policies to close loopholes and reduce fraud risk.
• Technology Solutions: Utilising a comprehensive approach including data aggregation, machine learning, device intelligence, and biometrics to tackle fraud.

Don’t miss out on actionable insights to refine your returns strategy and protect your bottom line.

Please note the registrant’s contact details will be shared with NORA and the webinar partnering organisation.

¹ https://coresight.com/research/the-true-cost-of-apparel-returns-alarming-return-rates-require-loss-minimization-solutions/
² https://cdn.nrf.com/sites/default/files/2024-01/Customer_Returns_Report_2023_Final.pdf