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Refunds rocket by 225% right after Valentine’s Day, new data from Worldpay shows
Valentine’s romance fizzles out in just three days as couples just can’t find the right gift
February 10, 2017
London – 10th February 2017 — Online retailers in the UK can expect an influx of returns this year as Valentine’s lovers take just three days to start getting refunds on gifts given to them by their significant others. New data from Worldpay shows that in the three weeks following Valentine’s Day last year, there was an impressive peak for returns on February 17th, with Worldpay processing over 4,500 refunds – an almighty 225% increase compared to February 14th itself.
Clothes proved to be the least appreciated gifts among loved ones, with apparel and footwear accounting for 79% of all refunds on February 17th. Even the most experienced couples can struggle to find the perfect style for one another and with so many different fits and sizes available in clothing, getting the right look may prove to be a potential minefield for those eager to impress admirers.
Beauty, personal and healthcare meanwhile proved much more appreciated gifts. Accounting for just 10% of total refunds, this seemed to be a much safer option for the doting beau. DIY, electronics and food and drink were also less likely to be returned, suggesting that Valentine’s sweethearts – far from being inspired by the Fifty Shades effect – are likely to be more content staying in with a newly bought screwdriver set and a 2-for-1 supermarket meal deal.
Maria Prados, VP Global Retail, Global eCom at Worldpay said, “More than ever we’re seeing consumers move to a culture of returning – particularly among fashion retailers – with people often choosing to buy a variety of gifts in different styles and sizes with the possibility of returning them at a later date. Valentine’s Day can be an extremely busy time of the year. Retailers must also be prepared for the days following the event and get ready to process more refunds than usual.”
Prados added, “With returns proving to be a popular trend among shoppers, having a simple refund policy that is made clear online is a sure-fire way for internet retailers to maintain customer satisfaction and keep people coming back to them. Meanwhile, for those celebrating Valentine’s Day, may I suggest sticking to buying perfume or aftershave rather than jewellery or dresses; it might be just the trick to keep you out of the doghouse this year!”
About the data
Figures refer to Worldpay’s online retail customer transaction data from 01/02/2016-28/02/16. In 2015, Worldpay processed 13.1bn transactions for more than 400,000 customers.
For more information please contact: WorldpayeCommTeam@Golin.com
Worldpay is a leading payments company with global reach. We provide an extensive range of technology-led payment products and services to over 400,000 customers, enabling their businesses to grow and prosper. We manage the increasing complexity of the payments landscape for our customers, allowing them to accept the widest range of payment types around the world.
Using our network and technology, we are able to process payments from geographies covering 99% of global GDP, across 146 countries and 126 currencies. We help our customers to accept more than 300 different payment types, by providing an end-to-end service including acquiring, treasury, gateway, alternative payments and risk management, all via a single integration to Worldpay. Worldpay makes global payments simple for many of the world’s leading organisations.