Customer Complaints 07. ... You are spending too much time on activities that don’t impact the customer journey. The other consideration that merchants need to keep in mind is the impact of returns on their inventory management strategy. Returns, refunds, and exchanges are all a part of doing business online. Just in the United States, Statista estimates return deliveries will cost businesses $550 billion by 2020—a 75.2% increase from four years earlier. On average, it costs approximately five times more to attract a new customer to your business than it costs to retain an existing customer. While businesses talk a lot about the importance of customer service, there’s a surprising amount of confusion about just how important it really is to business success. Forrester conducted an online survey with 1,269 marketing, advertising, CX, digital, and analytics business ... they see significant returns on these investments. 01 02 11 Table of Contents ... Business Needs 05. Questions were asked about past experiences with customer … How do customer returns impact (loss in revenue, impact on inventory, etc.) It’s a good best practice to review your returns policy on an annual basis, to make sure its provisions are still appropriate for your business. As a business owner, determining what your return policies are going to require balancing the need to protect your business with customer preferences. Getting massive amounts of inventory back in stock can affect a retailer’s ability to sell new product. EDBs outperform Return mail is a problem for virtually any business. Creating a Customer-Centric Return Policy. That … your business? How a small business handles customers' complaints and store returns defines its customer service. The business benefits of the customer journey. Truth in Advertising 06. When all of the small “taxes” are added up, it can easily amount to millions of dollars in losses to organizations. The business benefits of optimizing the customer journey are clear. We examine a supply chain in which a manufacturer supplies a single product to a retailer who faces two forms of customer returns. Standards for Trust 08. A small business return policy is the statement of standard operating procedures for how the business will handle unsatisfactory customer experiences. The research goal was to better understand present customer expectations and to quantify the impact of customer service on customer lifetime value, and in turn, business and profit results. Impact of COVID-19 on Business. It acts like a small tax throughout an organization, costing a little bit in a lot of areas. Return and refund policies are important for any business — whether product- or service-based — because they are binding agreements for how to proceed when unknown future events materialize. 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