Newmine Expands Globally to Help Retailers Reduce Returns
Boston, MA – November 1, 2019 – Newmine, the developers of Chief Returns Officer®, the first and only AI-driven returns reduction platform for retailers, announced today their expansion of operations in Europe to meet growing demands for returns reduction. The expansion will be led by newly appointed Head of European Sales, Neil Davis.
Returns pose significant challenges to retailers globally, as analysts predict they will cost the industry $550 Billion by 2020. This cost encompasses lost sales margins and increased operating cost. Retailers in Europe have unique challenges when it comes to returns, with each market coping with different regulations and customer return behavior. According to Bloomberg, German shoppers return the most frequently among all European shoppers, followed by shoppers in the UK, Netherlands, and France.
“The financial and organizational challenges created by escalating customer returns are a global problem. We are excited to bring our laser focus on returns reduction to European retailers and brand owners. Under the leadership of industry veteran Neil Davis, we look forward to bringing the returns reduction revolution to Europe” said Mark Lightbody, Partner.
According to Neil Davis, “Newmine offers retailers a unique platform that drives reductions in both the volume and cost of returns. We are well-positioned for growth internationally, and I am excited to lead the effort to bring Chief Returns Officer® to retailers across Europe.”
Newmine created Chief Returns Officer as a platform to support improvement in retailers’ bottom lines. This is achieved through revenue retention, margin improvement, reduced operating costs, and improved inventory management.
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