Returns management is a supply chain process that addresses unwanted, recently purchased merchandise. It begins with a customer requesting to return an item and ends with the item being returned to inventory, refurbished, recycled, or otherwise disposed of. This article guides you through the process of handling returns, returns management strategies to implement in your…
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What Is Customer Service Experience? Strategies, Examples & Tips
Customer service experience is a customer service aspect based on the customer’s interactions with your business’s sales and service teams across the sales cycle—before, during, and after purchasing your product, service, or solution. But the best approach must be holistic, proactive, omnichannel, and ongoing, encompassing the totality of customer experience. Learn what customer service is,…
What Is Customer Service Analytics? Types, Benefits & Examples
Customer service analytics is the process of studying customer behavior, preferences, and expectations to get insights that can improve your customer interactions. This data helps your sales reps connect with prospects better to earn their trust and business. In this guide, we define customer service analytics, its types, benefits, and examples, which can help improve…
What Is a Perpetual Inventory System & When Is It Used? (+ Example)
A perpetual inventory system is a method of continuously tracking inventory levels and transactions in real time.
Perpetual inventory systems record transactions—like inventory purchases, sales, returns, and adjustments—as they occur. This is unlike periodic inventory systems, which depend on physical inventory counts and end-of-period adjustments Perpetual inventory systems also provide up-to-date inventory data at any given moment and enhance accuracy, making it a useful tool for manufacturers, retailers, and ecommerce businesses. How…
How Much Does TikTok Shop Take? 2024 TikTok Shop Fees Guide
TikTok Shop charges a 6% referral fee for every order, up from its original fees of 2% + 30 cents when it first launched in the US in September 2023. By July 1, 2024, referral fees for every order will go up to 8%, with above $10,000 orders for certain product categories slightly lower at…
What a Cash-basis Taxpayer Is & How Cash-basis Accounting Works
A cash-basis taxpayer is an individual or tax-paying entity that accounts for their business activity using the cash-basis method of accounting.
Under cash-basis accounting, the taxpayer records income once payment is received and records expenses when payments are made. When noncash payments are received as income, the amount recorded is the fair market value (FMV) of the property received. Payments made with a bank credit card are deductible as cash payments, whereas payments made with a…
What Is Workforce Management? How It Works + Best Practices
Workforce management is a set of organizational processes that help maximize employees’ competency and performance levels by placing them in roles where they can fully utilize their skills and talents. It involves effectively forecasting labor requirements as well as creating and managing staff schedules to accomplish specific tasks on a daily basis. It also integrates…
What Is Circular Fashion? A Retailer’s Guide
Circular fashion involves designing, manufacturing, and using clothing and fashion products with the goal of extending their life cycles and minimizing waste. On the producer’s end, this can mean sourcing sustainable materials or reusing or recycling materials back into the production phase, rather than being discarded as waste and removed from the process entirely. A…