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Three years after Blockbuster turned down Netflix’s offer Netflix had more than one million subscribers and by 2006 Netflix had six million subscribers. If you didn’t return your movie rental on time you were charged a dollar a day. Before too long Netflix was no longer the underdog, it was building a loyal and growing customer base.
If getting the order to you is expensive what about returns? Raise your hand if you have ordered multiple versions of the same outfit in different sizes because you don’t know what your size is at a particular retailer. This process of ordering and returning goods is very expensive. Take mattress retailer Casper.
According to The Pay Scale Index : “since 2006, wages have risen 16% overall in the U.S. In other words, the income for a typical worker today buys them less than it did in 2006.” Consumers have less money to buy many of the items retailers sell. But when you factor in inflation, “real wages” have actually fallen 9%.
If you do subscribe to our retailtrends newsletter to get the latest retail insights & trends delivered to your inbox. and if not returns and exchanges are free. While many of these events were put on hold during the COVID-19 pandemic watch for their return once the pandemic dies down.
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