StoreConnect is unveiling a comprehensive strategy to significantly reduce e-commerce return rates for small to medium-sized businesses and nonprofits in the U.S., addressing a costly challenge in the digital marketplace. According to CEO and Founder Mikel Lindsaar, the key is understanding the customer, providing them with enhanced experiences through correct recommendations and using data to streamline the return processes creating growth for small to medium businesses.
(San Francisco, CA) January 09, 2024 — In 2022's digital shopping spree, a staggering 16.5% of online purchases, amounting to a whopping $212 billion, were returned.1 Fast forward to 2023, and this trend is predicted to skyrocket by over 2%.2 This return rate is slamming retailers with a loss of $642 billion yearly.3 In a move to revolutionize the e-commerce landscape, StoreConnect is unveiling a comprehensive strategy to help small to medium-sized businesses and nonprofits in the U.S. significantly reduce their e-commerce return rates. The initiative is poised to address a pervasive and costly challenge businesses face in the digital marketplace, explains Mikel Lindsaar, CEO and founder of StoreConnect.
“E-commerce returns have long been a pain point for businesses, impacting profitability and operational efficiency,” Lindsaar shares. “StoreConnect recognizes the pressing need for practical solutions in this space and is committed to empowering businesses with innovative approaches.”
StoreConnect’s Innovative Approach
E-commerce returns are an enormous problem, devouring resources, and stifling growth, especially for smaller enterprises and nonprofits. A striking 11% (about $22.8 billion) of these returns are even flagged as fraudulent.4 StoreConnect, a leader in integrated e-commerce solutions, is confronting this problem with a revolutionary strategy:
Understanding the Customer: By being built on top of the World’s #1 CRM, Salesforce, StoreConnect harnesses the information held by the business about their customer base, allowing them to identify patterns and trends in returns. By understanding the root causes, businesses can proactively address issues, minimizing the occurrence of returns.
Enhanced Customer Experience: The company emphasizes the importance of a seamless and transparent customer experience and providing the capability to give real time updates to customers and the website, providing up to date information to the customers helping prevent incorrect purchases. Also, having all the data in one system allows for call center staff and support teams to accurately help the customer through their buying or support journey, reducing the likelihood of dissatisfaction and returns.
Streamlined Return Processes: StoreConnect introduces the capability to streamline return processes through the power of the Salesforce platform, making it easier for businesses to manage returns efficiently. Automation and user-friendly interfaces are vital components, reducing the burden on staff and minimizing errors.
The Business Impact
Reducing e-commerce returns transcends mere cost-cutting; it's about nurturing growth and durability. StoreConnect's strategy equips businesses to develop a more robust and successful e-commerce presence.
This initiative aligns with StoreConnect’s mission of empowering small to medium enterprises and nonprofits with essential e-commerce tools. Lindsaar asserts, “StoreConnect is ‘Designed for speed. Crafted for connection.’ For us, this means persistently tuning into our customers' needs and innovating to address emerging challenges.” By targeting the return issue, StoreConnect is doubling down on its pledge to provide tangible solutions that boost efficiency and expandability. Reducing e-commerce returns is not just about saving money; it’s about fostering growth and sustainability. StoreConnect’s strategy empowers businesses to create a more resilient and profitable e-commerce operation.
About StoreConnect
Mikel Lindsaar is the CEO and Founder of StoreConnect, a Salesforce Partner Innovation Award Recipient. Mikel is a serial technology entrepreneur having successfully built and sold four SaaS companies within the last decade. StoreConnect has one goal: to help small and medium-sized businesses become scalable Customer Companies powered by Salesforce. Clients achieve this daily by breaking free of the shackles of what Mikel calls “Plugin Purgatory and SaaS Hell.” StoreConnect clients don’t need multiple SaaS systems connected by plugins to manage their online, in-store POS and in-person Customer Commerce business systems. Many of today’s eCommerce solutions are designed to get up and running quickly and inevitably hit a brick wall of scalability and extensibility as companies grow. That's why StoreConnect is built on the world’s #1 CRM, so its customers will never need to replatform no matter how fast they grow in size, product offerings or regions. Global growth now has no barriers for any SMB. Being built on Salesforce allows StoreConnect customers to update their websites, funnels and content in real time, providing an unparalleled competitive advantage. StoreConnect is Time. Well Spent. Visit https://getStoreConnect.com/.
References:
“Innovation Helps Small Merchants Tackle eCommerce’s $212B Product Returns Problem”; PYMNTS; February 3, 2023;.pymnts.com/news/ecommerce/2023/innovation-helps-small-merchants-tackle-ecommerces-212b-product-returns-problem/.
“Retail Returns Will Surpass $620 Billion in 2023”; Insider Intelligence; January 10, 2023;.insiderintelligence.com/press-releases/retail-returns-will-surpass-620-billion-in-2023/.
Jenns, Claire; “Returns cost e-commerce retailers $600bn every year”; Retail Insight Network; June 28, 2023; retail-insight-network.com/news/returns-cost-e-commerce-retailers-600bn-every-year/?cf-view&cf-closed.
Guha, Indy; “Total Cost Of Online Returns Breaks $200 Billion—Can Retail Afford It?” Forbes; October 3, 2023; forbes.com/sites/forbescommunicationscouncil/2023/10/03/total-cost-of-online-returns-breaks-200-billion-can-retail-afford-it/?sh=177c411f780b.
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