The old saying goes, “It is better to give than to receive.” Well, what if the gift you received doesn?t fit? Or worse yet, it?s broken?
This holiday season, approximately 8.8 percent of all retail purchases made will be returned, up from the average of 7.3 annually, while 37.6 percent of shoppers will return at least a portion of their gifts, the National Retail Federation said in two separate studies. However, this increase at the service desk is anticipated by retailers who are ready, willing and able to make the process go as smoothly as possible.
“We have pretty much the entire staff there before the holiday ready and waiting to take returns,” said Ken Lakin, chief executive officer of Boscov?s Department Stores. “The things that make it easier today is that customers have been trained to bring in a receipt or gift receipt and then [the stores] give the customer a value that equates to the value of the gift.”
The receipt is the key to many exchanges and can often make the process go very smoothly. Each retailer has its own unique return policy, and it is important for consumers to be aware of that when purchasing gifts, especially aroundthe holidays. Many retailers will sell special warranties on the high-end electronics or offer a direct-to-the-manufacturer warranty.
“Most products do have a manufacturer warranty on them for [returning],” said Justin Barber, a Best Buy spokesman. “Then, of course, if you have a performance service plan or service warranty you purchase with Best Buy, then we would cover that.”
However, the return rules are in place for a reason. In the same study conducted by the retail group, approximately 69.1 percent of retailers changed their return policy as a result of retail fraud. Retailers stand to loose an estimated $3.5 billion this holiday season and $9.6 billion for the year, according to the study. For just that reason, retailers are working to tweak their return systems.
“All of our sales associates can perform exchange or returns at any point of sale,” said Orlando Veras, a Macy?s spokesperson, “which cuts down on lines or further delays during these transactions.”
