Shoppers may be eager to find the best deals on Black Friday, but in doing so they could overlook an area where they may get dinged: Product returns.
Six of 10 retailers are changing their returns policies this holiday season, according to a recent survey of 500 retailers by goTRG, a return management provider. Those changes generally aren't in the consumer's favor, with many stores shortening the returns period while adding restocking and online return fees, goTRG CEO Sender Shamiss said.
These changes may surprise some shoppers who grew used to the generous returns policies common during the pandemic, when retailers eased their guidelines to give consumers more breathing room. For instance, Kohl's and Bloomingdale's extended their returns windows in 2020 by an additional 30 and 90 days, respectively. and a slowing economy, causing some to tighten their policies.
"Now retailers are saying, 'We're not interested if customers are going to cause this crazy returns nightmare that we can't afford'," Shamiss said. He added that retail executives are concerned about the strength of the economy"and are making sure their policies serve their businesses to the best way possible."
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