Household goods account for a significant majority of all consumer product recalls in the U.S. since 2010, according to Recalls Hit Home: Household Goods Drive Consumer Product Recalls, a report from Stericycle ExpertSOLUTIONS.
Whether it's a toy, automobile, medical device or food item, not a day goes by without news of another product recall. Unfortunately, recalls are a reality of the global economy and it truly is a matter of when, not if, a company will be impacted by one. Navigating a product recall tests customer relationships, puts pressure on the supply chain, affects sales and can paint brands in an unfavorable light. Given the serious nature of these and other recall execution challenges, it's critical that organizations have a recall plan in place long before an event occurs.
Online shoppers around the world want the ability to search and shop on
multiple channels and devices, expect to see alternate delivery and payment options, and when it comes to shipping and returns, "free" is a driving factor to complete the sale.
Retailers estimate that they will lose $3.8bn to return fraud for the 2014 holiday season, up from last year's $3.4bn estimate, according to a recent National Retail Federation (NRF) survey. Retailers also estimated that 5.5 percent of all holiday returns are fraudulent, similar to last year's 5.8 percent.
What would you do if you knew your business was going to face a loss of as much as nine percent of bottom line sales? Hopefully, you would try to avoid calamity by putting steps in place to manage the situation with a customer-friendly returns management program.
In the high-tech and electronics industry, cutting costs is often difficult and nearly impossible to do without impacting product quality, time to market, or customer service. Unwilling to compromise on such critical business factors, many electronics companies are turning to less conventional means to drive cost savings and as a result, are often finding ways to not only reduce costs but also improve operations and overall business practices. Reverse logistics is one such area.