Las Vegas, NV (ShopTalk) – March 19, 2018 – Newmine, LLC. announces the launch of their revolutionary cloud-based software to reduce customer return rates. Chief Returns Officer™ enables retailers and consumer brands to take omnichannel commerce profitability to the next level.
With ever increasing pressure to grow top-line revenue, returns have traditionally been accepted as a cost of doing business. However, in today’s highly competitive market, customers expect Fast, Free and Easy returns. This has driven customer return rates even higher, placing increasing pressure on the bottom-line. For a typical specialty retailer this means that every $1M in returns will reduce EBITDA by at least $500K.
Chief Returns Officer™ is like adding a world-class returns expert without the burden of adding additional staff. The software leverages data from multiple sources, as well as data science and AI principles to determine the root-cause of returns in near real-time. Actionable recommendations are then supported via a collaborative cross-functional workflow. This approach allows retailers to solve problems during the selling season, which in turn guards against revenue leak.
While returns will never be eliminated, Chief Returns Officer ™ allows retailers to take informed and timely actions to reduce the return rate and add significantly to their bottom line. Chief Returns Officer ™ is currently in place and producing actionable insights for two major retailers.
“We recognize that offering fast, free and easy returns is important to the success of retail brands,” said Navjit Bhasin, founder and CEO of Newmine. “But that doesn’t mean that returns should be left unmanaged and unchecked. Reducing consumer returns can potentially add millions to the bottom line. This can provide funding for growth initiatives, improve company valuation, and even avoid bankruptcy.”
Newmine was established in 2011 as a highly focused retail consulting firm. Our team is comprised of former retail and supply chain executives with hands-on experience in retail strategy, operations and technology. Newmine’s expertise extends across the entire retail enterprise: “From the first click to the last mile”. The result is a team that thinks strategically, executes flawlessly, and applies our extensive experience to navigate the twists and turns that inevitably pop up in any project.
- Why Anomaly Detection is a Strategic Enhancement For Retailers - October 1, 2019
- Demystifying Artificial Intelligence - February 5, 2019
- Reducing Outbound Shipping Costs: The ROI Revolution - May 15, 2018