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How Retail Returns Influence Customer Retention

Retail TouchPoints

There are hefty fees for merchants when it comes to returns — shipping is costly and restocking takes time and money, which can take a toll on any business. However, not providing a frictionless customer experience has long-term growth implications that you need to consider if you hope to maintain a successful e-commerce business.

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Retailers Increasingly Turning to Third-Party Resources to Handle Fulfillment

Retail TouchPoints

While more than half ( 54% ) of retailers responding to the 2023 Omnichannel and Fulfillment Benchmark Report said active physical stores are the final locations for inventory prior to delivery, retailers are increasingly using third-party services to handle the actual mechanics of picking, packing and delivering items to consumers.

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Harris Poll Survey: How Supply Chain Operations Impact Customer Satisfaction During Coronavirus and Beyond

Retail TouchPoints

The resulting lockdowns and shelter-in-place orders have caused a shift in buying behavior among American consumers. Varying product availability has been a key reason for these changing buying decisions, prompting consumers to choose between need and preference. Overpay for unnecessary manufacturing tools and costs will climb.

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4 Customer Retention Strategies for Your Subscription Business 

Kibo

But while it remains popular among consumers, the churn rate is high. According to Mckinsey, one-third of consumers will cancel their subscription in less than three months after signing up, and over half will cancel in six months. But many consumers are not as willing to give up this much control over to the company.

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Deloitte Shares Loyalty Trends and Best Practices for 2024

Retail TouchPoints

To drive customer retention and loyalty, most brands and retailers continue to rely on purchase discounts ( 77% ) and loyalty program points ( 61% ), according to Retail TouchPoints research. However, a Deloitte survey reveals that consumers’ loyalty program preferences and expectations are evolving.

Consumer 263
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4 Ways Retailers can Leverage Generative AI to Drive Revenue and Productivity

Retail TouchPoints

And because the models are trained on retailer data, the AI ensures the new designs generated are more appealing to customers and better suited to market demand.  Automatic price optimization. Consumers today are continuously looking for the best prices before making a purchase decision. Assistive customer service.

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How Ecommerce Retailers Can Prepare Now for Back-to-School 2022

Retail TouchPoints

This is also the ideal time to review the online customer journey, because consumer expectations for ecommerce convenience and personalization are higher than ever, based on the findings of ClearSale’s 2021 State of Consumer Attitudes on Ecommerce, Fraud & CX survey.