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Returns, the Value Conundrum: Accenture Post & Parcel Industry Research 2018

With the rise of e-commerce, returns have become an integral part of the digital customer experience. See how dynamic friction control and dynamic routing control can transform this experience and improve operations.

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Returns, the Value Conundrum: Accenture Post & Parcel Industry Research 2018

  1. 1. RETURNSTHEVALUE CONUNDRUM Accenture Post and Parcel Industry Research 2018
  2. 2. Copyright © 2018 Accenture. All rights reserved. 2 With the rise of e-commerce, returns have become an integral part of the digital customer experience. Customers expect disposable digital, want access to the New and are time poor. This has led to significant disruption in how consumers shop and a growing demand for fast, free & frictionless returns. THE RETURNS STORY
  3. 3. THE CONSUMER STORY Copyright © 2018 Accenture. All rights reserved. 3 EXPECTATIONS ARE EVOLVING Of consumers review a return policy before buying Were deterred from making the purchase by an e- tailers return policy Are satisfied with retailers returns policies Of consumers consider the returns policy to be important when making an online purchase 60% 49% 28% 82%
  4. 4. 83% 74% 51% 25% 22% Return characteristics that prevent purchases THE CONSUMER STORY Copyright © 2018 Accenture. All rights reserved. 4 EXPECTATIONS ARE EVOLVING Restocking fees Return shipping fees Short time limit for return Requiring a return authorization Not being able to return to store
  5. 5. Common reasons for returns THE RETAILER STORY Copyright © 2018 Accenture. All rights reserved. 5 59% 42% 29% 35% Product not needed anymore Product was misrepresented Other Defective Most returned goods by online shoppers growth in e-commerce reverse logistics costs20% more likely to return online purchases than those made in-store3x 75% 33% 32% 18% 13% 12% Clothing and accessories Electronics Shoes Food Beauty & Personal Products Outdoor & Sports Gear Source: USPS OIG Report, Statista; Accenture analysis.
  6. 6. The categorization of retailers below is based on orders placed on Cyber Monday 2017 in the United States THE RETAILER STORY Copyright © 2018 Accenture. All rights reserved. 6Source: USPS OIG Report, Statista; Accenture analysis. RetailerValue Customer Experience HighLow LowHigh 56% Customer Pays for Return 19% Free & Easy Returns 25% Free Return, But Difficult to Process 19% Customer Keeps Items STUDY AVERAGE Average days to process a unit’s return—from the date the package is placed in the mail until the credit posts 11.4 DAYS
  7. 7. EXAMPLE EXAMPLE MODELS ARE CHANGING… Copyright © 2018 Accenture. All rights reserved. 7 Circular supply chains involving scheduled, guaranteed reverse logistics operations Delivering more than needed to consumers to enable them to try and the select the best suited product Analytics driven models sending curated selections at regular intervals RENTAL MARKET HOME TRY ON PROGRAM SHOP AT HOME— CURATED BOXES Rent the Runway Over 8 mn customers and began making profits in 2016 Amazon Prime Wardrobe Allows customers to order 8 items to try for 7 days before their being charged Trunk Club It scored the highest in customer experience for returns in Accenture’s Love Index Source: Press Releases, Annual Report, Bloomberg, Accenture analysis. EXAMPLE
  8. 8. Copyright © 2018 Accenture. All rights reserved. 8 CONSUMERS ARE CHANGING TOO… SUBSCRIPTIONS RENTAL BRACKETING
  9. 9. SUBSCRIPTIONS Copyright © 2018 Accenture. All rights reserved. 9 Imagine your favorite apparel/accessories/footwear retailer sent you items that they think you might like based on your shopping or browsing activity. You could choose to pay for and keep the items that they sent or simply send the items back at no charge to you. If this were a way for a trusted retailer to personalize your shopping experience, would you be interested in that service?
  10. 10. Copyright © 2018 Accenture. All rights reserved. 10Source: Accenture Global Consumer Shopping Survey 2017, Accenture analysis. SUBSCRIPTIONS Interest in Monthly Curated Subscription Programs —Global Consumer Survey 59% 46% 44% 42% 35% 66% 48% 49% 39% 34% 73% 56% 53% 40% 38% Fashion Consumer Electronics Health and Beauty Household Goods/ Home Improvement Grocery Old Millennials (28-37) Young Millennials (21-27) Gen Z (18-20)
  11. 11. RENTAL Copyright © 2018 Accenture. All rights reserved. 11 Now there are more and more opportunities to rent items instead of buying the item outright. How likely are you to rent an item in the following categories?
  12. 12. 14% 15% 17% 10% 9% 11% 1% 1% 2% RENTAL Copyright © 2018 Accenture. All rights reserved. 12Source: Accenture Global Consumer Shopping Survey 2017, Accenture analysis. Likelihood to Rent Items— Global Consumer Survey Older Millennial Younger Millennial Gen Z Fashion Consumer Electronics Health and Beauty Household Goods/ Home Improvement Grocery 10% 12% 15% 7% 8% 11% 10% 11% 15% 6% 7% 9%1% 2% 12% 13% 16% 7% 8% 10% 0% 1% 2% 13% 13% 15% 7% 7% 10%1% 1% 2% Likely Very Likely Currently Renting
  13. 13. 48% 46% 42% 27% 24% BRACKETING Copyright © 2018 Accenture. All rights reserved. 13Source: PostandParcel, Statista; Narvar Consumer Survey Returns, Accenture analysis. THE PRACTICE OF BUYING MORE ITEMS THAN NEEDED TO TRY AT HOME Most common goods bracketed by U.S. shoppers 2018 Apparel Footwear Home Products Consumer Electronics Other
  14. 14. BRACKETERS MATTER Copyright © 2018 Accenture. All rights reserved. 14Source: Narvar Consumer Survey Returns, Accenture analysis. Shoppers who have purchased multiple variations of an item with the intention of returning some (bracketed): IncomeAge 45% 41% 34% 34% 21-29 30-44 45-59 60+ 30% 48% >=USD 100k <USD 100k Gender 30% 44% FemaleMale
  15. 15. RETURNS=PROFITS? Copyright © 2018 Accenture. All rights reserved. 15 Source: “Perceived Risk, Product Returns, and Optimal Resource Allocation: Evidence from a Field Experiment” by J. Andrew Petersen and V. Kumar*, Accenture analysis. The power of effectively managing returns increase in profit per customer on average over six months 22-46% increase in profit per customer over a three year span than the firm’s normal strategy 29% How they do it 12-25% increase in profit from additional purchases 26-50% reduction in lost profit from returned items 18-39% decrease in marketing costs
  16. 16. THE OPPORTUNITY Copyright © 2018 Accenture. All rights reserved. 16 Solutions that dynamically manage the consumer experience • Cost: free—paid • Speed of refund: immediate— receipt of goods • Convenient Locations: home—shipper • Convenient Methods: label-less— request authorization • Digital: app—social • Time to Return: unlimited—short DYNAMIC FRICTION CONTROL DYNAMIC ROUTING CONTROL Solutions that dynamically return operations and associated costs • Location: DC—local store • Quality Check: local—central • Induction: pickup—drop-off • Disposition: secure destruction— wholesale • Dynamic Label: label-less—fixed disposition • Refund Processing: at induction—at DC Source: Press Releases, Annual Report, Bloomberg, Accenture analysis. To win in returns:
  17. 17. FOR MORE INFORMATION /in/brodybuhler ABOUT ACCENTURE Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With 459,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com. BRODY BUHLER Global Managing Director, Accenture Post & Parcel Industry @brodybuhler robert.b.buhler@accenture.com Copyright © 2018 Accenture All rights reserved. Accenture, its logo and High Performance Delivered are trademarks of Accenture. Learn more about Accenture Postal

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