Coresight Research has performed a deep dive into the returns problem with their new Innovator Intelligence Report: Solving Retail’s Most Expensive Problem with AI-Powered Returns Reduction. Coresight’s Innovator Intelligence series focuses on emerging companies that are disrupting traditional retail and fueling innovation across the retail value chain, and in their most recent report has recognized Newmine as an innovator in the returns reduction space.
According to Coresight:
Coresight Innovator Intelligence platform highlights some of the most promising, forward-looking companies around the globe and provides actionable analysis to help companies and startups anticipate change, collaborate and profit from the rapid innovation in retail.
- Returns are a costly and growing headache for retailers. As e-commerce continues to grab a greater share of the retail market, the overall retail return rate will continue to climb.
- Customers increasingly consider fast, free and easy returns to be a basic right of online shopping, making return costs one of the retail industry’s most expensive problems.
- Shoppers returned $396 billion worth of purchases in 2018 – brick-and-mortar and online, according to the National Retail Federation (NRF).
- To control costs and improve the customer experience, retailers are continually looking for technology solutions that identify the root causes of the return by expanding their return-centric knowledge about suppliers and customers.
- Newmine’s Chief Returns Officer® is an AI-powered returns reduction platform, which helps retailers manage and reduce returns by collecting internal and external data, incorporating data science for analysis, alerting the relevant teams to root causes in near real time, managing resolutions and measuring success.