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Marketplace All-in-One

The (new) reality of retail returns

Marketplace All-in-One

Marketplace

News, Business

4.51.4K Ratings

🗓️ 2 December 2024

⏱️ 9 minutes

🧾️ Download transcript

Summary

Maybe it broke, maybe it doesn’t fit, or maybe we realized we don’t need a Godzilla-shaped humidifier — whatever the reason, returns are expensive for stores, and they’re cracking down. Some 81% of retailers started charging customers for at least one of their return options last year. We’ll hear more. Plus, the dollar swings after Trump threatens tariffs, and a shipbuilder in Northern Ireland files for bankruptcy.

Transcript

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0:00.0

Tis the season for returns, and retailers are feeling a little scroogey about it from Marketplace.

0:08.3

I'm Sabri Benasure in for David Bruncaccio.

0:10.7

Maybe it broke.

0:11.9

Maybe it doesn't fit.

0:12.8

Maybe we realized we don't need a Godzilla-shaped humidifier.

0:15.7

Whatever the reason returns are expensive for retailers, and they are cracking down.

0:21.3

As marketplaces, Nancy Marshall-Genzor reports.

0:24.0

81% of retailers started charging customers for at least one of their return options last

0:29.6

year.

0:30.3

According to Happy Returns, a UPS company, e-marketer says that includes stores like Zara,

0:36.4

J. Crewe, and Abercrombie and Fitch.

0:38.9

They now charge shipping fees for returns of online orders. Retailers say they're losing money

0:44.6

on returns and return fraud, but they have to be careful. E-marketer says almost 90% of consumers

0:51.5

they surveyed said they'd stop shopping at a retailer that quit offering free

0:55.9

returns. Some stores are trying to discourage returns with a lighter touch, offering clearance

1:01.6

items that can't be returned or more accurate product descriptions so consumers buy the right

1:07.2

stuff. There's even an augmented reality try on so you can slip into an outfit

1:13.1

virtually to see if you look as good in it as the model does. I'm Nancy Marshall Ginsburg for

1:19.1

Marketplace. Yesterday, the dollar saw some wild swings after President-elect Trump threatened

1:25.5

a group of countries, including Brazil and South

1:27.5

Africa with tariffs if they, quote, move away from the dollar. But what does moving away from

1:32.1

the dollar actually mean? Julia Cornado is founder of macro policy perspectives and joins us

...

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