In the United States, consumers return 8% of all products sold at retail. As companies take notice of the financial loss that product returns represent, it is no longer practical to accept the situation without acting. Many businesses are taking a hard look at their product return rate and considering ways to address the problem. Companies are now challenged with taking a proactive approach and implementing a program that will help reduce returns, improve profitability and protect their reputation.
How can product return rate be reduced?
Bureau Veritas has created a Returns Analysis process, which focuses on the root cause of the problem and how the defects of the failed product can be prevented. Our process starts with the collection of product return data. From this information, the products and vendors with high return rates can be identified and our engineers can further investigate the reason for the returns. The gathered information will be used to guard against similar problems in future products as well as shift resources to vendors who need help.
What are the key benefits?
• Improved profitability through reduction in product return rate
• Identification of poorly performing vendors that can be avoided or mentored
• Updating inspection and testing processes to guard against reoccurrences of poor quality product
• Reduction of inspection requirements for good vendors while refocusing on those vendors with questionable histories
• Improved customer satisfaction as the result of better quality product at a reduced price
OUR APPROACH TO CONSUMER RETURNS ANALYSIS
In order to deliver reliable and convenient service, Bureau Veritas created a four-tier Returns Analysis process that is designed to meet your unique requirements. Through this process, our experienced engineers will be able to review and analyze data specific to your product returns, pinpoint problem areas and offer solutions to address the underlying issues.
WHY CHOOSE BUREAU VERITAS?
Reputation – For over 35 years, we have worked successfully with top companies around the world to help them better manage risk and regulatory compliance.
Worldwide Locations – With locations close to sourcing areas in over 40 countries, we offer you the convenience of global coverage with local service where you need it.
Technical Knowledge & Leadership – Our staff participate in the development of international, industry and regulatory standards worldwide, keeping you and us at the forefront of changes in safety requirements and testing methods.
Personalized Service – We are committed to meeting your evolving needs as you anticipate new market trends. We offer customized quality assurance services throughout your supply chain.
DID YOU KNOW?
A company that grosses $1 billion in sales will lose around $80 million in returns alone resulting in a direct hit to their bottom line; a loss that is controllable.
93% of all returned products are due to quality and other issues with only 7% of product returns due to fraud.