Today is National Returns Day: 5 things to know

FILE (AP Photo/Paul Sakuma, File)
Caption
FILE (AP Photo/Paul Sakuma, File)

Record amount of packages are expected to be returned this week, after consumers spent an estimated $655 billion during the holiday season.

Here are five things you need to know:

1. According to UPS, today is National Returns Day, "when the most UPS returns packages are sent back to retailers," the shipping company said in a news release.

RELATED: Millennials say no thanks to holiday shopping, driving sales online

2. UPS will deliver 1.3 million returns packages to retailers in a single day, and more than 5.8 million returns packages shipped during the week. In 2016, shoppers returned more than 1 million packages on National Returns Day and 5 million packages during the peak returns week.

3. Online shoppers are seeing the improvements that retailers have made to returns programs over the last five years. Between 2012 and 2016, consumers consistently reported fewer issues paying for returns shipping, paying restocking fees, and experiencing a delay in receiving credits or refunds.

RELATED: Store closures make gift cards risky to buy

4. Merchandise returns cost U.S. retailers more than $260 billion in lost sales, according to the National Retail Federation.

5. About 70 percent of online shoppers made an additional purchase when they returned an item to a store and 45 percent made an additional purchase when processing their return on the retailer's website.

FIVE QUICK BUSINESS READS:

» Macy's to close 68 stores

» LEAVING DAYTON: 5 questions answered about Southwest Airlines

» 5 things to know about the Overstock Corner fire

» Woolpert awarded $1.6 million contract to map Ohio

» Healthcare business opens location in Beavercreek

About the Author