A 'Returns Tsunami' Is About To Deal A Crippling Blow To Retailers
Record Holiday Returns Hitting Retailers Amid Inventory Excess
A December report from Insider Intelligence predicted that US shoppers would send back more than $279 billion worth of merchandise by the end of 2022, equivalent to 26.5% of consumer purchasing for the year.
For this holiday season specifically, Rob Garf, vice president and general manager of retail at Salesforce, predicted a "returns tsunami" with more than 1.4 billion, or 13%, of orders getting returned, up 57% from last year. Returns-technology platform Loop Returns found that merchants who use its platform processed 133,000 returns on December 26 and December 27 alone, 33% higher than in 2021.