A recent survey of retail executives shows around 60 percent say they're changing their return policies.
Return policies have been changing, and it’s something you should watch for while shopping this year.
“Returns especially coming off the pandemic have really now become part of the shopping journey,” said shopping expert Shelley Kohan. “It's part of what shoppers do, especially shopping online. They're going to buy three items of something with the full intent of returning two.”That's $761 billion in returned products.But now retail experts say they're also dealing with the effects of higher gas prices and UPS and FedEx raising their rates.
Because of this, a recent survey of retail executives shows around 60 percent say they're changing their return policies.Retailers are also adding restocking fees or shortening the timeframe to make returns. “Just know what that return policy is,” Kohan said. “It'd be very difficult to buy someone a gift, and then they're stuck with a restrictive return policy. So know what you're getting yourself into and know what's important to you.”But expects more restrictive return policies to start again going into next year.