Sourcing Journal interviews Mike Relich, Executive Vice Chair of PACSUN about why CEO's need to put a focus on Returns Reduction.
Sourcing Journal. May 1, 2023
It’s no surprise that returns are the bane of any retailer’s existence. In fact, the problem has escalated so much that returns have become a “trillion-dollar problem” for retailers, impacting the entire value chain from supply chain and inventory to operational to customer experience.
But all hope is not yet lost.
While the returns epidemic has disrupted many retailers’ daily operations, not to mention bottom lines, returns reduction company Newmine is on a mission. The company’s aptly named Chief Returns Officer® is a digital retail intelligence platform focused on solving merchandise returns for both big and small brands. The data-driven Chief Returns Officer® helps retailers understand why their returns happened, and what they can do to prevent them from happening again.
“The Chief Returns Officer provides retailers with a wealth of data on what’s being returned,” said Michael Relich, co-CEO of American retail clothing brand Pacsun in a fireside chat with Sourcing Journal’s features editor Kate Nishimura. “Most retailers don’t look at the returns until maybe four months later, and by then it’s too late. Newmine allows you to slice and dice your return data based on all these different attributes.”
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