GRAND RAPIDS, Mich. — There are just a few days left to shop for the perfect gift for your loved ones this holiday season.
But don't stress too much, because according to Forbes, four in 10 consumers are expected to return at least one gift to retailers this year.
While some retailers make it easier to return items, not all unwanted gifts end up back on the shelves again. According to a supply chain management expert at Michigan State University only less than half of the goods that are returned are resold.
That's why some retailers are just letting people keep the items. Experts predict the retail return volume will total nearly $630 billion this year. Returns can be very costly for retailers, with some things that can't be resold at all.
For example, it costs more to process fast fashion products that are cheaply made and go out of style very quickly than to resell it.
So what happens to some of the returned products?
"A lot of the returned goods might actually end up in landfills or with liquidators, or some retailers are working with nonprofits and actually make donations after return goods," said associate professor Simone Peinkofer.
Experts say it's important for consumers to be able to make returns. It can influence whether or not they repurchase from the retailer in the future.
Luckily, many have generous return policies, with some extending the return window well into January.
But be aware that because of the growing costs of returns, some retailers are looking for ways to reduce costs and are starting to charge fees—so double check with the retailer before making a return.
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