Combating Skyrocketing Online Returns
COMBATING SKYROCKETING ONLINE RETURNS
FEATURING RYAN DIEHL
SHOW NOTES
Episode 4 of the Tap Into An Expert Podcast, titled "Combating Skyrocketing Online Returns," tackles a growing concern for retailers, particularly online retailers: the surge in product returns. Host Eric Sheinkop interviews Ryan Diehl, a seasoned Digital Marketing Leader and Media Network Expert, bringing over 17 years of brand experience from Best Buy Corporate. During his time at Best Buy, Ryan successfully managed Affiliate Marketing, the Best Buy Influencer Network, and the Tech Insider Network, all programs emphasizing expert and peer-to-peer product previews. Today, Ryan advises tech and media startups, helping them integrate a brand perspective into their market strategies. This episode explores the reasons behind escalating return rates, especially in the context of increased online shopping, and delves into practical strategies that retailers can implement to bring those return rates back down to earth.
EPISODE HIGHLIGHTS:
Returns Blast Off
Online purchase returns increased from $118.41 billion in 2019 to $247 billion in 2023.
Consumers are becoming more comfortable with return fraud practices like bracketing and wardrobing.
41% of online retailers now charge return-shipping fees, up from 33% in 2021.
Exploring New Frontiers
E-commerce retailers are expanding into new categories and adding marketplaces with third-party sellers.
New product pages often have fewer reviews, leading to less-informed purchasing decisions and potentially more returns.
Getting Back Down to Earth
Videos are crucial in informing consumers and reducing returns.
81% of consumers find commerce video ads helpful for making purchase decisions.
Amazon reports that having 4 or more videos on a product detail page decreases returns by 40% and increases conversion rates by at least 9%.
Ultimately, Episode 4 delivers actionable strategies for businesses ready to combat the rising tide of online returns. Ryan Diehl's expert insights, gleaned from his experience at Best Buy and his current advisory role, provide a roadmap for retailers looking to enhance their product pages, better inform consumers, and, most importantly, keep those hard-earned sales from coming back. It's a must-listen for anyone navigating the complexities of e-commerce in today's market!
ABOUT RYAN DIEHL
Ryan Diehl is a seasoned digital marketing leader and media network expert with over 17 years of brand experience at Best Buy Corporate. During his tenure, he led key programs including Affiliate Marketing, the Best Buy Influencer Network, and the Tech Insider Network—each focused on expert-driven and peer-to-peer product recommendations.
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