Retail Returns
Listen Now: Retail Returns
This year holiday shoppers bought a lot of stuff, and now they’re returning most of it. I’m Brian Banmiller on Business.
According to a National Retail Federation survey, returns to retail stores surged 78% to more than $700 billion between 2020 and 2021. Returns during the holiday season jumped by more than half. One of the obvious reasons for this surge in items being shipped back is that most people were shopping online. And with lockdowns and stores closed, they didn’t really have much of a choice. And according to experts shopping habits shift drastically when online compared to brick-and-mortar stores. In the store you can touch the item, try it on, see if you like how it looks and feels. Online you’re depending on descriptions and the reviews of other shoppers. In many cases, people buy a number of different sizes and colors online to see what works best. Then everything else gets sent back. At that point, it’s up to the stores to decide what goes to the landfill and what goes back on the shelf. To be bought by someone else. Brian Banmiller, CBS News.
About Brian
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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"The Technology Tornado: Media & Communications in the Modern Era"
See highlights from Brian's recent Ernst & Young "Continuing Education Conference" speech and hear directly from conference attendees.
Phoenix Convention Center
August 28th, 2019
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