Economy

Record set on Black Friday… for returns

A new record is set on Black Friday… for returns: Britain’s online retailers are hit by a wave of returns

Online retailers have been hit by a ‘boomerang Friday’, with revenues higher than a year ago by more than a quarter.

Outlets rolled out huge discounts around Black Friday and Cyber ​​Monday in hopes of luring cash-strapped shoppers before Christmas.

But while the numbers last weekend showed an increase in spending, providing some respite for beleaguered online retailers, it was followed by a rise in revenue.

Retail returns firm ReBound said the rising cost of living was partly responsible for a 26.6 percent increase in returned items in November, compared to the same period a year earlier.

Backtrack: Online retailers have been hit by a ‘boomerang Friday’, with revenues more than a quarter higher than a year ago

Alarmingly, the additional returns came in the last three days of November – suggesting overenthusiastic shoppers returned Black Friday purchases almost immediately.

ReBound, which works with retailers including Asos, River Island and Crocs, said returns “eclipsed” last year’s Black Friday total as customers wanted their money back for unwanted products as quickly as possible.

ReBound’s Laura Garrett said: ‘The first results from the Black Friday weekend show that 2022 is likely to be a record year.

“Despite retailers staggering their sales throughout the month to avoid the logistical nightmare of a one-day spike, the number of returns in November will put additional pressure on retailers who need to return their products in time for Christmas.

“The cost-of-living crisis is clearly playing a role as the impact of October’s skyrocketing utility bills and skyrocketing mortgage rates are making buyers rethink their purchasing choices.”

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Jacky

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