Statistics gathered during the seven days after Christmas reveal some interesting facts about consumer return behavior, according to The Retail Equation.
- Illinois and Iowa had the greatest rate of returns – 22.5 percent.
- The Midwest as a whole had the highest percentage of returns compared to sales with Nebraska, Iowa, Wisconsin, Missouri, Illinois, Indiana, Michigan, Ohio, Kentucky and West Virginia all with more than 20 percent in return rate.
- Wyoming had the least rate of returns with only 13.3 percent.
- Returns peaked at 2 pm, with 12.3 percent occurring within this hour. At 1 pm, returns were second highest with 12.1 percent and at 3 pm, they were down to 11.5 percent.
- According to the results, shoppers would have had the easiest time making a return before 10 am or after 6 pm.
- While the return total for females was 57 percent versus males at 43 percent, returns by gender varied widely based on the type of retailer.
About The Retail Equation
The Retail Equation, headquartered in Irvine, Calif., optimizes retailers' revenue and margin by shaping behavior in every customer transaction. The company's solutions use predictive analytics to turn each individual shopper visit into a more profitable experience. This yields immediate financial payback, increasing store comps by as much as two percent, with significant return on investment. The Software-as-a-Service applications operate in more than 17,000 stores in North America, supporting a diverse retail base of specialty apparel, footwear, hard goods, department, big box, auto parts and more. For more information, visit www.theretailequation.com.