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Returns Reduction Consulting Omnichannel Operations Optimization Organization Management Re-platforming Project Execution Mergers and Acquisitions Applications Expertise Insights Company About In the News Affiliations Community Impact Events Careers Contact
Newmine
  • Returns Reduction
  • Consulting
    • Omnichannel Operations Optimization
    • Organization Management
    • Re-platforming
    • Project Execution
    • Mergers and Acquisitions
    • Applications Expertise
  • Insights
  • Company
    • About
    • In the News
    • Affiliations
    • Community Impact
    • Events
    • Careers
  • Contact

The Future of Retail? Sustainability and Technology

19
Mar
2020

Supply and Demand Chain Executive covered Coresight and Retail Innovation Hub’s Hype Innovation Showcase. Newmine was one of a select group of retail startup innovators to join and present how reducing returns is a key part of helping retailers become more sustainable.

 Data analytics can be used by retailers to reduce the number of returns from the e-commerce channel. Returns result in processing costs, lost revenue, potential landfill waste (from damaged products and used packaging, for example) and added logistics requirements—such as transportation, which increases carbon emissions. Reducing e-commerce returns therefore comprises one sustainability goal for many retailers. According to technology company Newmine, lost revenue for retailers as a result of returns is set to increase from $205 billion in 2020 to $290 billion in 2022.

Because 65% of returns are controllable, the reduction opportunity is $133 billion in 2020 and upwards of $189 billion through 2022. The company helps retailers to optimize retail commerce and reduce returns by gathering and analyzing data from multiple retail systems—merchandising, planning, product information management, product lifecycle management, order management, warehouse management, customer relationship management—as well as product reviews. Newmine uses data analytics, AI, NLP and machine learning to identify and understand the primary reasons for returns—such as sizing, product quality and misleading marketing—so that retailers can take actions to address the challenges.

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Jenny Gorlin
Marketing Manager at Newmine
Jenny is Newmine's Marketing Manager. Having recently completed her MSc. in Marketing at Trinity College, Dublin, Jenny brings a global perspective of consumer behavior and customer decision journeys. She's passionate about how omnichannel retail is being used today to create powerful customer experiences.
Latest posts by Jenny Gorlin (see all)
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Related Posts
Newmine Recognized as a 2019 Gartner Cool Vendor ( 28 Oct,2019 )
Product Returns Reduction: The Time Is Now ( 3 Aug,2020 )
Newmine’s Chief Returns Officer Highlighted by Coresight Research ( 24 Mar,2018 )
Retail CIO Outlook Names Newmine as A Top 10 AI Solution Provider ( 25 Feb,2019 )
Newmine Presents at Mi9 Synergy 2018 ( 18 Apr,2018 )
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