Today in Retail: Social Commerce Set to Explode; Handling Holiday Returns

In today’s top retail news, social commerce comes with plenty of potential and pitfalls, while retailers are facing a $200 billion holiday returns scenario. Also, FloBiz rolls out a point-of-sale billing platform, and the Bring-It-To-Me economy is reshaping the retail sector.

Gift Returns: The Holiday Hangover That Busts Retail Budgets, Overflows Dumpsters

The retail returns situation has become more daunting with the increased popularity of online shopping triggered by the COVID-19 pandemic. This year, retail returns could cost merchants $200 billion or more in the U.S. alone.

Tobin Moore, co-founder and CEO of returns management firm Optoro, told PYMNTS that companies must handle the situation well, noting that 89% of customers who have had a bad returns experience say they won’t shop again from an online retailer.

How the Bring-It-To Me Economy is Set to Reshape Retail

No one needs to tell retailers that consumers are demanding a better experience, meaning the time between when they place an online order and they have it in their possession is getting shorter all the time — whether that’s through curbside pickup, expedited delivery or other frictionless services.

To put a finer point on it, 2021 could be remembered as a time where speed set a retailer apart in the online-heavy, delivery-obsessed society that’s spun out of the coronavirus pandemic and the subsequent supply chain snafus.

We’ve learned two things from this year on the retail front: consumers’ “bring it to me now” mentality makes retailers want to be faster and direct-to-consumer subscription services with unique experiences are wooing consumers.

Beyond Likes, Social Commerce Potential and Pitfalls Reach New Heights

Social media and retail sales are inextricably linked for the foreseeable future, but it’s no longer about getting likes on post. It’s about something much more instant and immediate.

The metaverse is already bearing some of the fruit that was promised by Mark Zuckerberg when his company renamed itself Meta in late October—and we’re just at the very beginning. There’s a lot more to come on this front, including some developments no one’s even thought of yet.

Livestream advertising will also continue to reshape the social commerce front and could be a big winner for retailers who do it well.

FloBiz Debuts Retail POS Billing Solution myBillBook

Bengaluru-based FinTech FloBiz on Tuesday (Dec. 28) announced the creation a point-of-sale billing solution for retailers and franchises through its billing and accounting software platform myBillBook.  The new offering will help the Indian economy, about 10% of which is comprised of retail.

FloBiz’s point of sale billing offering has been designed to provide a faster billing experience using keyboard shortcuts and barcode scanning. It will be available for a free 14-day trial to all myBillBook users within its desktop application.