Entity
  • Newmine

    Created in 2011
  • BETA

    Up & running (A)
    Existing signals show a regular activity
  • Social networks

    136 1,184
  • Activities

  • Technologies

  • Entity types

  • Location

    30 Turnpike Rd, Southborough, MA 01772, USA

    Southborough

    United States of America

  • Employees

    Scale: 11-50

    Estimated: 24

  • Engaged corporates

    10
    0 9
  • Added in Motherbase

    2 years, 6 months ago
Description
  • Value proposition

    Fixing Retail’s Trillion Dollar Problem - Returns

    Newmine provides retailers and consumer brands with the opportunity to think differently about returns. While most solution providers focus on easing the returns process, we offer an alternative. Decipher the reasons for those returns in time to take corrective action and prevent them from happening in the first place. With AI, natural language processing and prescriptive analytics, retailers reduce product returns and create a sustainable and more efficient business for their customers, the environment, and the bottom line.

    “CEOs have to think differently. CEOs need to quit focusing on just top line sales and look at the middle of the P&L. Returns are a big portion there.” – Mike Relich, co-CEO PACSUN

    “Returns are the most expensive and time-consuming element of the life cycle of a product. If you’re interested in profitability, returns reduction needs to be a top priority.” – Chrissy Ginieczki, COO Title Nine

    “What we’ve learned is that close to 70% of consumer returns are driven by factors that are controllable by the retailer. Let’s say we could solve just 1/4 of those controllable issues and shave 3 points off that return rate. For a $1B retailer, that’s a $30M reduction in returns. That certainly gets my attention if I’m a CFO.” – Scott Glaser, CFO, formerly of Ascena Retail Group

    “When you're planning and say, okay, I'm going to buy this much. And I know that a certain percentage of it's going to be returned and I'm going to get a margin hit on that. That's the way it used to be, but it can be different.” – Diane Randolph, CIO, formerly of ULTA & Reitmans

    “The sensitivity of the customers towards the product is heightened by the fact that it's not really needed in some cases. If I really love it, am I going to wear it? Am I going to use it? And if not, am I going to send it back? So it's important to be aware of the impact returns have on customers.” – Graziano De Boni, CEO, formerly of Armani, Prada & Valentino

    Retail Returns Reduction, Returns, AI in Retail, Artificial Intelligence, Applied AI, and eCommerce Returns

  • Newmine | Reducing Returns for Brands and Retailers

    Using AI to reduce merchandise returns by determining why customers return merchandise and prescribing actions to keep product returns from happening again.

  • https://www.newmine.com/
Corporate interactions BETA
Corporate TypeTweets Articles
World Retail Congress World Retail Congress
Retail
Other

31 Mar 2024


Roland Berger
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Consulting, Business Consulting and Services
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Consulting, Business Consulting and Services
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17 Mar 2023


XRC Ventures
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Startup accelerator & VC, Venture Capital and Private Equity Principals
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Startup accelerator & VC, Venture Capital and Private Equity Principals
Other

30 Jun 2022


Microsoft
Microsoft
IT services, Software Development
Microsoft
IT services, Software Development
Other

19 Nov 2022


SAP
SAP
IT services, Software, Software Development
SAP
IT services, Software, Software Development
Not capitalistic
Not partnership
Event

8 Jul 2019


Amazon
Amazon
IT services, Consumer Electronics, Software Development
Amazon
IT services, Consumer Electronics, Software Development
Other

31 Mar 2023


Aspen Technology
Aspen Technology
IT services, Software Development
Aspen Technology
IT services, Software Development
Not capitalistic
Partnership
Not event

7 Sep 2021


National Retail Federation National Retail Federation
Retail
Other

9 Jan 2020

11 Jan 2024



Retail TouchPoints
Retail TouchPoints
Book and Periodical Publishing
Retail TouchPoints
Book and Periodical Publishing
Other

7 Jan 2020

6 Mar 2023



Pan-Mass Challenge
Pan-Mass Challenge
Non-profit Organizations
Pan-Mass Challenge
Non-profit Organizations
Not capitalistic
Partnership
Event

10 Aug 2021

10 Aug 2022



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