BOSTON, Feb. 9 /PRNewswire/ -- According to the Yankee Group, holiday returns for the 2000 holiday season exceeded $1 billion. Return rates for many online retailers are much higher than in prior years - reaching as high as 20% to 30% for many retailers. With online sales in the US exceeding $9 billion for the fourth quarter of 2000, the dollar volume of returns for the holiday season will exceed $1 billion, and could easily approach $1.5 billion. The Yankee Group's estimates are based on surveys over the past few weeks of online retailers and several returns management outsource providers. (Photo: http://www.newscom.com/cgi-bin/prnh/20000609/YANKEELOGO ) According to Paul Ritter, director of Yankee Group's Online Retail Strategies Planning Service, there are many reasons for the higher volume and greater return rates for the 2000 holiday season: -- Online sales for the 2000 holiday season were 70% higher than the sales for the 1999 holiday season; -- Online Shoppers "hedged their bets" by purchasing the same product on multiple Web sites, with the hope that at least one of the orders would arrive in time and the one that didn't would just get returned; and -- Shoppers are becoming more comfortable buying products online that have traditionally been bought in stores in which consumers can actually see, touch, or hear the products they are buying. Many of these online purchases aren't what they were expected to be, so they return the items are returned. This month the Yankee Group is publishing a research report on reverse logistics and best practices for handling returns. The Report examines the issue of reverse logistics, provides an overview of best practices, and outlines recommendations for retailers to reduce return rates and improve financial performance. To receive an executive summary of this Report, please send an e-mail to email@example.com. Contact: Hanna Roach Media Relations 617-880-0360 firstname.lastname@example.org The Yankee Group (www.yankeegroup.com) As a global leader in technology research and strategic consulting, the Yankee Group provides impartial and practical analysis, benchmarking studies, best practices audits, custom consulting, and personalized one-to-one client inquiry encompassing all areas essential to e-business success: the Internet, electronic commerce, communications, wireless/mobile, computing, and enterprise applications. Established in 1970 and headquartered in Boston, the company maintains offices throughout North America, Europe, Latin America, and the Pacific Rim.
SOURCE Yankee Group