As we approach Q4 of 2020, we decided to do a Newmine Rewind series and republish some of our most visionary content. We’re calling it “Product...
Newmine Recognized at VIP Awards
We’re excited to announce that Newmine was recognized as a Top 3 Finalist in “Customer Analytics and Retail Insights” at the Vendor In Partnership (VIP) Awards at NRF 2020.
We are proud of this recognition since partnership with our clients has always been a priority for Newmine. It is because of our dedication to improving customer and retailer experience that we have evolved to where we are today. In the spirit of driving “the art of the possible,” we are focused on providing retailers and brands with the means and technology to combat the rising tide of returns with Chief Returns Officer®. The result is a better bottom line and improved customer experience.
Thank you to all our supporters who voted for us!
We respectfully request your consideration of Newmine and our Chief Returns Officer® Returns Reduction Platform for the VIP Award under the category of Best Customer Analytics and Retail Insights.
We have witnessed first-hand how the challenge of customer returns has risen to become an enterprise-class problem, demanding a new and creative approach to achieving a holistic returns management strategy. While there is mature and growing ecosystem of partners focused on customer experience, return transaction management, product refurbishment, and product remarketing, there has been one big piece of the puzzle missing: How can a retailer reduce returns and stay competitive? Providing retailers with an answer to this question is precisely why Newmine developed Chief Returns Officer.
Chief Returns Officer is the only platform that is laser focused on the goal of returns reduction. Our platform analyzes the retailer’s existing transaction and returns-relevant data, along with voice of the customer feedback. We then apply powerful elements of AI, including anomaly detection (AD), natural language processing (NLP), and machine learning (ML) to create an efficient, scalable, and sustainable Returns Reduction Platform. This achieves four necessary goals: 1) Identification of the root cause(s) 2) Delivery of prescriptive and proven remedies, 3) Direction of meaningful in-season action, and 4) Support for unified team collaboration.
Chief Returns Officer has given birth to a new and creative means of easily measuring, benchmarking, and communicating returns impact across the entire value chain. We call it our KeepScore™. This name reflects a basic concept: Suppliers, retailers, and customers share a common desire for products that customers keep. Our KeepScore index measures how well suppliers, retailers, and customers align with this basic goal.
Chief Returns Officer has been created as a platform to support bottom line improvement. Returns reduction achieves this through revenue retention, margin improvement, reduced operating costs, and improved inventory management. Our platform also provides additional enterprise benefits that should not be overlooked.
- Returns reduction enhances the customer experience and combats customer churn. According to a study from Bain, 80% of first-time shoppers who return a product will never shop again with that retailer.
- Improved merchandise orders, both initial and reorders, supported through enhanced returns intelligence.
- Improved supplier accountability and collaboration via returns-related performance metrics.
- Improved retailer-customer engagement via returns-related intelligence inclusive of purchase versus return history, root cause return reasons, RFM return metrics, potential abuse, etc.
Chief Returns Officer® and KeepScore™ are innovative and achieve:
- Disruption to current returns management thinking and process
- Elegance in its simplicity
- Technical innovation including the effective use of applied AI
- Financial and enterprise-wide value
- Rapid time to value
Photos sourced from the VIP Awards Official Photography.