Nowadays, instead of “going” online, consumers live online, constantly scrolling and navigating the web for new products and experiences. It’s no surprise, then, that a majority of retailers depend heavily on online purchases for their overall revenue. However, online conversion rates are notoriously lower than in-store (1-2% compared to 20-40%), customer acquisition costs are much higher, and the average online return rate is a whopping 30%. So, what is a retailer to do, particularly about the high return rate that cuts into profits and resources? BORIS to the rescue. If you’re not familiar with the acronym, BORIS stands for Buy Online Return In-Store, and it’s a source of revenue that is often overlooked by retailers struggling to make the numbers work for their online shopping.
In this blog, we delve into the benefits of Buy Online Return In-Store for your organization, and the difference between traditional BORIS and its omnichannel counterpart.