Americans expected to return up to $170Bn in holiday gifts

NewsNation, America's fastest-growing cable news network, discussed holiday returns with Newmine CEO Navjit Bhasin to find out what retailers and consumers can do to solve this growing problem.

NewsNation, Dec. 26, 2022

The party’s over, the cakes, cookies and candies have been gobbled and now comes the question: what to do with the gift you received but really didn’t want?

According to marketing data firm Inmar, about one-third of retailers are expecting to see between 11% to 20% of the items they sold this holiday season returned. Some estimates put the dollar figure for all of those returned gifts at roughly $170 billion.

Chanda Torrey of Gifter World says she tries to curate gift lists on her website so you’re able to find the perfect presents for even the pickiest people. But if a return is a must, she suggests reading the fine print.

“It’s important. Some places have like a month, some places say three weeks, some places say six months, and they’re all different,” Torrey said. “So, make sure you know what the time difference is.”

With 33% of stores reporting an increase in holiday sales, returns will rise too. That’s where the company Newmine comes in.

CEO Navjit Bhasin explained how artificial intelligence helps retailers cut down on returns. Eliminating merchandise mistakes like sending a black garment instead of a much-wanted, rose-colored item makes for a return and a loss in brand loyalty.

“The best return is the one that does not have to happen,” Bhasin said. “The moment a .....

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