The 95/5 rule in business means that 95% of the problems and issues can be solved by significant changes to 5 percent of the processes, people, or technology. One process to focus on that can significantly impact your business is how returns are managed.
Many retailers penalize 95% of their customers by having return policies to protect them from the 5% (and often less) of customer returns. What is ironic are the lenient return policies in e-commerce, where return rates are often 2 to 3 times higher than brick and mortar.
Let’s listen to Maureen Doron, owner of Skirt, a successful upscale women’s boutique in Pennsylvania. Maureen made her return policy a strength and a tremendous marketing tool. She also focused on 5% of her business that impacted the other 95% Watch here.
Some categories may have stricter guidelines, like swimsuits, etc.
Don’t build walls; build relationships.
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