Home / Knowledge / News / Most retailers' holiday policies to stay consistent with last year
Most retailers' holiday policies to stay consistent with last year
29
Oct '09
Though return fraud continues to plague the retail industry, changes in policies have helped companies see improvements in some areas. According to NRF's annual Return Fraud Survey, completed by loss prevention executives at 134 retail companies, two-thirds of retailers (69%) say their company's return policy has changed in the past to account for fraud. However, the losses remain staggering: the retail industry will lose an estimated $2.7 billion in return fraud this holiday season and an estimated $9.6 billion this year.

The survey provided evidence that changing return policies are beginning to reduce the amount of return fraud in retail. According to the survey, 6.4 percent of holiday returns are expected to be fraudulent this year, down from 7.5 percent last year. Return rates at department stores and specialty stores, including children's apparel stores, experience higher return rates; as expected, rates at grocery stores, drug stores and restaurants are lower.

“Retailers are constantly trying to fine-tune return policies to create guidelines that honest customers can live with and dishonest people can't get around,” said Joe LaRocca, Senior Asset Protection Advisor for NRF. “Many shoppers are doing their part to help stores combat return fraud by being more conscious about saving receipts and attaching gift receipts to presents this holiday season.”

According to the survey, 93.1% of retailers said stolen merchandise has been returned to their stores in the past year, up from 88.9 percent in 2008. In addition, three-quarters of retailers (75.4%) say they have experienced returns of merchandise purchased with fraudulent or stolen tender while 43.1 percent say they have experienced returns using counterfeit receipts. Nearly half (46.2%) also report that wardrobing the return of used, non-defective merchandise like special occasion apparel and certain electronics has been an issue for their company within the past year.

Most retailers' holiday policies will stay consistent with last year (80.4%), while 16.9 percent of companies said their return policy will tighten and 3.8 percent said the policy will loosen. About one-third (28%) of retailers say their return policy is more flexible during the holidays than it is during the course of the year.

According to an NRF survey conducted last December, 87.2 percent of Americans feel retailers' return policies are fair.

“Criminals have been fond of using a 'woe is me' mantra because of the economy, but the truth remains that most return fraud is more “greed” than “need”,” said LaRocca. “In many cases, return fraud is committed by people who use technology to produce counterfeit receipts or take advantage of lenient return policies by stealing large quantities of merchandise and returning it to dozens of stores without a receipt.”

NRF's fourth annual Return Fraud Survey polled senior loss prevention executives at 134 retail companies from October 6-15, 2009. Executives from discount stores, department stores, supermarkets, drug stores, specialty stores and restaurants completed the survey.

National Retail Federation


Must ReadView All

Israeli minister announces tax cuts on consumer goods

Apparel/Garments | On 14th Dec 2017

Israeli minister announces tax cuts on consumer goods

The Israeli Government will slash taxes by $227 million, finance...

Courtesy: Kelvin Techstyles

Apparel/Garments | On 14th Dec 2017

Kelvin Techstyles fuses style and function in city apparel

Fusing style and function in outdoor clothing, Roseville,...

India’s WPI inflation for textiles up 0.3% in Nov 2017

Textiles | On 14th Dec 2017

India’s WPI inflation for textiles up 0.3% in Nov 2017

India’s annual rate of inflation, based on monthly wholesale price...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Urmil Arya

Sushila International, a well established textile organisation established ...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search