The rise of BORIS (Buy Online, Return In Store) is reshaping retail, offering a seamless omnichannel solution to meet the growing demand for flexibility and convenience. While BORIS presents operational challenges, it also creates significant opportunities to boost customer loyalty, optimize inventory, and maximize profitability. This blog gives you a closer look at BORIS and how it can transform your post-purchase strategy.
What is BORIS?
BORIS allows your customers to shop conveniently online and have the option to return in-store, creating a seamless shopping experience. This strategy requires an efficient post-purchase system and recourse management in place. When BORIS is done right, it opens up opportunities for upselling, cross-selling, and boosting customer loyalty. Integrating BORIS into your strategy will attract more customers by enhancing the overall shopping experience with your brand.
Key profit factors to address with BORIS
- Return processing costs: Handling returns in-store involves resources like staffing and logistics that can weigh heavily on your profit margins. A streamlined return process will reduce costs while maximizing revenue potential. Research shows that 73% of consumers value flexible return options, making offering omnichannel returns a must.
- Inventory discrepancies: BORIS introduces complexity in inventory management, as mismatched stock levels between online and physical stores can result in lost sales or overstocking. Integrated inventory management systems ensure synchronization, keeping products available where and when customers need them most.
- Reduced basket size: Returns can result in smaller and lower transaction values, which impacts your bottom line. However, with the right strategies, these returns offer an opportunity to engage customers and drive new purchases. Studies show that 20% of customers make an additional purchase during an in-store return, highlighting the potential for upselling and cross-selling.
Strategic actions for boosting BORIS success
If you want to succeed with BORIS, a proactive approach is key. These strategies will help you protect profits, enhance customer experience, and strengthen your competitive edge.
- Optimized return management systems: A streamlined return process with dynamic return rules lowers operational costs and creates a hassle-free customer experience. It will help you to increase efficiency, freeing up time for store staff. Studies have shown that 92% of customers with a positive return experience are more likely to shop again, demonstrating the value of an optimized post-purchase process.
- Integrated inventory management: Advanced WMS or ERP solutions are essential to synchronize online and in-store stock levels effectively. Integrating these systems with your return management system allows you to track returns in real time, improve stock accuracy, gain data-driven insights to minimize future returns, and ensure that high-demand products are always available.
- Upselling and cross-selling opportunities: Returns allow you to engage with your customers and drive additional sales. Training staff to recommend similar items during returns can transform what might be a loss into new revenue, helping you increase average transaction values and boost customer loyalty.
Examples of leading companies using BORIS:
- H&M: H&M allows customers to return online purchases in-store using a QR code from the app or delivery confirmation. Exchanges can be made directly in-store.
- Clas Ohlson: Clas Ohlson promotes in-store returns for online purchases over digital registration. Staff assist with the process and can recommend complementary products to enhance the experience.
- IKEA: IKEA provides hassle-free in-store returns for online purchases, boosting customer confidence and encouraging visits to physical stores.
These leading companies show how BORIS can streamline operations, enhance customer experiences, and boost loyalty.
Conclusion
BORIS is more than just a solution for managing returns—it's a strategic approach to enhancing the customer journey and maximizing business value. By implementing BORIS effectively, you can turn returns into opportunities, attract and retain more customers, and deliver the flexibility and convenience that today's consumers expect.
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