Transcript

Policing Returns: Why the Merry Season's Returns Won't Be Easy

POLICING RETURNS WHY THE MERRY SEASON'S RETURNS WON'T BE EASY Americans hoping to return unwanted holiday gifts may encounter a bigger hassle than originally anticipated. In fact, instead of relaxing their return policies, some retailers are actually putting firmer rules in place for after-holiday store returns. Here, we take a look at why the hassle-free return may be as good as gone. FRAUDULENT RETURNS According to the National Retail Federation's annual Return Fraud Survey, retailers expect return fraud to hit high marks this holiday season. Annual Return Fraud Estimates: Return fraud during the holidays will cost retailers $13.66 Billion $14.37 Billion $3.5 BILLION. 2010 2011 SOMETHING BORROWED The same NRF survey indicated nearly 9 in 10 retailers have experienced a return of stolen merchandise in 2011. 89% experienced a return of stolen merchandise. (81% encountered a return of merchandise purchased on fraudulent or stolen tender. 61% experienced a return of used, non-defective merchandise, including special occasion apparel and electronics. "Wardrobing" is retuming a non-defective item to a retailer after use-Nearly 6 in 10 retailers experienced this type of return fraud. have found criminals using counterfeit receipts to 39% return merchandise. Numbers do not add to 100 percent, as participants were allowed multiple answers. ENHANCED RULES Return fraud is forcing many retailers to adopt new policies and enforce strict rules on consumer returns. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 83% 3% 14% of retailers are keeping their current return policy intact. RECEIPT 62% of retailers will require customers without a receipt to show identification. Retailers estimate only 3 percent of returns with a receipt are fraudulent, while nearly 14 percent of returns without a receipt are fraudulent. 12% of retailers will tighten their policies during the holiday season. Top Retail Policy Changes : Unique Policies: Shortening return period on high-priced items such as electronics or jewelry Overstock.com's policy states that large TVs are not returnable and automatically applies a 60 percent restocking fee for open, used, or late items. VA Among other stores, Macy's requires special occasion dresses to be returned with their tags attached to deter wardrobing. Limiting returns without a receipt Sports Authority stores will not accept returns of goods purchased at their online store. Applying a restocking fee RETURNING WITH SUCCESS While the majority of stores seem to be keeping their current return policies the same, some retailers are changing the rules. Here are some helpful tips to improve your chances of a happy return. RECEIPT Take a sales slip or gift receipt. If not, be prepared to provide your ID, as this is a new policy for some retailers. If you are returning an opened item, make sure to include all of the packaging materials, even if they are no longer attached. You don't have to fight the crowds to return that gift you didn't like, but do make a point of bringing your unwanted item back within a month, as most retailers are shortening their return policies. While retailers are eager to protect themselves from fraud this holiday season, consumers left with unwanted gifts shouldn't have too much trouble returning their items as long as both sides are willing to play by the rules. COUPON CABIN.COM SOURCES: NRF.COM, CONSUMERWORLD.ORG

Policing Returns: Why the Merry Season's Returns Won't Be Easy

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Americans hoping to return unwanted holiday gifts may encounter a bigger hassle than originally anticipated. In fact, instead of relaxing their return policies, some retailers are actually putting fir...

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