Description

Episode 4 of the Tap Into An Expert Podcast, titled "Combating Skyrocketing Online Returns," tackles a growing concern for retailers, particularly online retailers: the surge in product returns. Host Eric Sheinkop interviews Ryan Diehl, a seasoned Digital Marketing Leader and Media Network Expert, bringing over 17 years of brand experience from Best Buy Corporate. During his time at Best Buy, Ryan successfully managed Affiliate Marketing, the Best Buy Influencer Network, and the Tech Insider Network, all programs emphasizing expert and peer-to-peer product previews. Today, Ryan advises tech and media startups, helping them integrate a brand perspective into their market strategies. This episode explores the reasons behind escalating return rates, especially in the context of increased online shopping, and delves into practical strategies that retailers can implement to bring those return rates back down to earth.

Episodes Highlights

Returns Blast Off

• Online purchase returns increased from $118.41 billion in 2019 to $247 billion in 2023.
• Consumers are becoming more comfortable with return fraud practices like bracketing and wardrobing.
• 41% of online retailers now charge return-shipping fees, up from 33% in 2021.

Exploring New Frontiers

• E-commerce retailers are expanding into new categories and adding marketplaces with third-party sellers.
• New product pages often have fewer reviews, leading to less-informed purchasing decisions and potentially more returns.

Getting Back Down to Earth

• Videos are crucial in informing consumers and reducing returns.
• 81% of consumers find commerce video ads helpful for making purchase decisions.
• Amazon reports that having 4 or more videos on a product detail page decreases returns by 40% and increases conversion rates by at least 9%.

Ultimately, Episode 4 delivers actionable strategies for businesses ready to combat the rising tide of online returns. Ryan Diehl's expert insights, gleaned from his experience at Best Buy and his current advisory role, provide a roadmap for retailers looking to enhance their product pages, better inform consumers, and, most importantly, keep those hard-earned sales from coming back. It's a must-listen for anyone navigating the complexities of e-commerce in today's market!

Credits

• Host: Eric Sheinkop
• Presented by The Desire Company
• Production services by Multitude

About The Show

Tap Into An Expert is your go-to podcast for unlocking the secrets of the retail media network space. Each episode features in-depth conversations with industry experts, tackling the pressing questions you want answered. Whether you're a marketer, retailer, or business leader, our show is designed to provide you with actionable insights and strategies that can elevate your understanding and effectiveness in this rapidly evolving sector. Tune in and empower yourself with the expertise needed to thrive in today's competitive market.