Black Friday has a new spin-off: ‘Make up your mind Monday', the day which sees the most returns from bargain hunters who regret their decisions. It signals a major problem, as returns in the holiday season cost retailers several billions.
140 % more returns
Now that the madness of Black Friday (and the long list of linked buying holidays) has faded away, many consumers regret their impulsive purchases. According to research, today is the day upon which the highest number of orders are returned. Returns platform ReBound Returns has calculated that British retailers can now expect up to 140 % more returns registered online than on an average weekday. The day has therefore even been given its own name: "Make Up Your Mind Monday", FashionUnited writes.
More and more shoppers place orders during the bargain frenzy of Black Friday and Cyber Monday, without giving it too much of a second thought – it is only afterwards at home that they decide what they want to keep. Immediately after Black Friday, the inevitable flow of returns starts to trickle in, until there is a stream that peaks on 'Make up your mind Monday' and continues beyond that.
Three billion in return costs
According to ReBound Returns, increased numbers of returns will continue well into the new year, with 85 % more returns in January than in an average month. Even on Cyber Monday, there were almost twice (+ 96 %) as many returns than on an average weekday, while on Tuesday 3 December, the following day, it reached a figure of 116 % more.
Consumers are also making returns more than ever: in the United Kingdom alone, returns cost retailers 2.6 billion pounds (3 billion euros) during the holiday season, which is 10 % more than in 2018. This amount includes the costs of receiving, processing and refunding all parcels, as well as the losses incurred by traders if they have to then resell the items at a discount at a later date. One tip from ReBound Returns is to process any returns as soon as possible, in order that they can be sold again before the January sales.
For those who want to get fully involved, the dates for next year are:
27 November: Black Friday (for all discounts)
28 November: Small Business Saturday (for local, small businesses)
29 November: Super Sunday
30 November: Cyber Monday (for e-commerce)
1 December: Giving Tuesday (for charities)
7 December: Make up your mind Monday (for returns)