More then half, 69%, of retailers and brands view product returns as a significant business challenge.
That's a top finding from Coresight Research's "Digital Merchandising Strategies: The Power of Automation and 3D Product Imagery in Retail," a report conducted with Nfinite, a product visualization tech provider.
The report is based on a survey of 190 brands and retailers in the U.S. and Europe, according to a press release.
Product returns in 2022 accounted for $816 billion in lost sales for U.S. retailers, according to the National Retail Federation and Appriss Retail.
A big factor in returns is consumer dissatisfaction with products not aligning with online images, according to Coresight Research.
"Accurate product imagery is integral to customer satisfaction and reducing return rates. Our findings indicate that investing in CGI, particularly within the next 12 months, offers a substantial opportunity for brands and retailers to address these challenges," Coresight CEO and Founder Deborah Weinswig said in the release.