Retail Initiatives Designed to Keep Consumers Spendingby Tim Manni
Retailers and manufacturers are taking steps to cut down on a growing number of product returns by consumers. The U.S. electronic industry spent $13.8 billion last year to re-box and re-stock returned items.
In a study conducted by technology consultants Accenture Ltd., defective products only accounted for 5% of returns. Manufacturers are realizing many returns are preventable. Consumers are citing product dissatisfaction, difficulty in operating, and high prices as common reasons for returns. Manufacturers are including more information on outside packaging and simpler, shorter instructions to ensure consumers can understand and operate their products properly.