Returns are a necessary part of a business but can also be costly. The cost of returns includes the cost of shipping the item back to the retailer, as well as the cost of processing the return. In addition, some retailers charge a restocking fee for returned items. These fees can add up, and they can have a significant impact on a company’s bottom line. For this reason, it is essential for businesses to carefully consider their return policy before implementing it. By thoughtfully creating a return policy, companies can minimize the cost of returns and maximize their profits.
Customers are returning more online purchases than ever, becoming a costly problem for retailers. In 2021, online returns were expected to cost retailers $218 billion, which is 20% of all goods sold. The return cost is driven by several factors, including shipping costs, labor costs, and restocking fees. In addition, returns can also damage a retailer’s relationship with its suppliers. As a result, retailers are looking for ways to reduce the cost of returns, such as offering free return shipping or increasing their use of in-store returns.
The best way to reduce the cost of returns is to prevent them from happening in the first place. You can do this by providing clear product descriptions and photos, offering accurate sizing information, and ensuring that customers know all return policies before making a purchase. By taking these steps, retailers can
Oct 25 (Reuters) – General Electric Co (GE.N) on Tuesday trimmed its full-year profit forecast after reporting a decline in third-quarter earnings, primarily due to higher warranty and related reserves at its renewable energy business.
The company, however, reported much higher-than-expected free cash flow. Its quarterly revenue also topped Wall Street’s estimates.
GE’s shares were down about 1.8% at $72.02 in mid-day trade.
The company, which is in the process of breaking up into three companies, is facing challenges at its onshore wind business. The unit, which is the largest of GE’s renewable businesses, has been battling higher raw material costs due to inflation and supply-chain pressures.
In the United States, which has been GE’s most profitable onshore wind market, policy uncertainty following the expiry of renewable electricity production tax credits last year has hurt demand, contributing to a 15% year-on-year drop in renewable energy revenue in the September quarters.
Chief Executive Larry Culp said onshore wind is “the battleground” for the company as it aims to make its renewable business profitable in 2024.
Although the restoration of the tax credit for wind projects in the United States is expected to give a boost to demand in medium to long-term, GE expects renewable energy losses of about $2 billion this year.
“Near term, customers continue to defer investments into the future,” Carolina Chief Financial Officer Dybeck Happe said on the earnings call.
In the last few weeks, retailers, social media platforms, celebrities and fashion and entertainment companies have peeled away from business alliances with rapper Ye.
Ye, also known as Kanye West, has become a controversy magnet.
In early October, Ye wore a “White Lives Matter” t-shirt and dressed several Black models in clothing with the same phrase at his YZY runway show at Paris fashion week.
In a 45-minute “Drink Champs” podcast episode aired earlier this month, the rapper made numerous outrageous comments that caused actual financial repercussions for him and his brand partners. On the podcast, West said, “I can say antisemitic things, and Adidas can’t drop me. Now what?” He also suggested George Floyd died from a fentanyl overdose rather than police brutality. And herepeated several antisemitic conspiracy theories, doubling down on them in subsequent interviews.
Later, West threatened on Twitter to “Go death con 3 on JEWISH PEOPLE.”
Since Ye’s antisemitic comments, businesses have come under pressure to take further action against him. Here are the businesses cutting ties with Ye.
On Monday, Adidas ended its partnership with Ye, also known as Kanye West, with “immediate effect.”
In a statement, the sportswear maker said it “does not tolerate antisemitism and any other sort of hate speech” and said that his recent comments were ‘unacceptable, hateful and dangerous.”
Adidas said they violated the company’s “values of diversity and inclusion, mutual respect and fairness.”
Sales and production of his Yeezy branded products have stopped as