Apparel and home subscription clubs frequently look healthier on gross retention than on returns-adjusted retention. A cohort that “stayed” may have kept an account while sending most of a box back.
When a client’s commercial question is contribution after fulfilment, we draw the adjusted view as the primary map and keep the gross view as a companion slide. The annotation then focuses on windows where returns spike — often the second and third shipments — rather than on signup week alone.
Not every brand needs the adjustment. Digital memberships without physical returns waste time chasing that cut. Ask whether finance already books revenue net of returns. If yes, your retention wall should speak the same language.
Bring both extracts to kickoff if you are unsure. Comparing them for two cohorts usually reveals whether the adjustment belongs on the wall or stays in a footnote.