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2 years, 6 months agoFixing 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
Using AI to reduce merchandise returns by determining why customers return merchandise and prescribing actions to keep product returns from happening again.
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World Retail Congress Retail | World Retail Congress Retail | Other 31 Mar 2024 | | |
Roland Berger Consulting, Business Consulting and Services | Roland Berger Consulting, Business Consulting and Services | Other 17 Mar 2023 | | |
XRC Ventures Startup accelerator & VC, Venture Capital and Private Equity Principals | XRC Ventures Startup accelerator & VC, Venture Capital and Private Equity Principals | Other 30 Jun 2022 | | |
Microsoft IT services, Software Development | Microsoft IT services, Software Development | Other 19 Nov 2022 | | |
SAP IT services, Software, Software Development | SAP IT services, Software, Software Development | Not capitalistic Not partnership Event 8 Jul 2019 | | |
Amazon IT services, Consumer Electronics, Software Development | Amazon IT services, Consumer Electronics, Software Development | Other 31 Mar 2023 | | |
Aspen Technology IT services, Software Development | Aspen Technology IT services, Software Development | Not capitalistic Partnership Not event 7 Sep 2021 | | |
National Retail Federation Retail | National Retail Federation Retail | Other 9 Jan 2020 11 Jan 2024 | | |
Retail TouchPoints Book and Periodical Publishing | Retail TouchPoints Book and Periodical Publishing | Other 7 Jan 2020 6 Mar 2023 | | |
Pan-Mass Challenge Non-profit Organizations | Pan-Mass Challenge Non-profit Organizations | Not capitalistic Partnership Event 10 Aug 2021 10 Aug 2022 | | |