Holiday returns not a jolly scenario for retailers, are facing a 7% spike in the cost of holiday returns this year, according to a CBRE-Optoro report.
The data revealed that the average return cost will be two thirds of the item’s original price given warehouse, transport and labor costs, according to a CNBC report.
The news comes as retailers are grappling with continued supply chain issues and the rising inflation concern among consumers.
«It’s increasing because you have many more things that are wired or connected to the Internet of Things that need to be wiped and you need to be concerned about security,» Tobin Moore, founder and CEO of Optoro, told the news outlet. «All the watches now have sensors on them. Now there is clothing and shoes having sensors. I see that as something that’s only going to increase.»
