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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
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What’s Beneath the Surface? Reducing Returns Requires the Full Picture

07
Jul
2020

When it comes to product returns most retailers have an obstructed view of the role that returns play in measuring overall performance. Most performance metrics rely on sales alone—Most retailers don’t consider the financial opportunities and the valuable insights they can glean by understanding which products are returned—and why. Studies indicate that only 30% of retailers quantify the full cost of returns. Understanding the full enterprise impact of returns requires a 360-degree and 3-dimensional view of relevant returns data. With the full picture, you can identify the root causes of returns in your organization, course correct to reduce returns, and learn valuable insights to improve overall business performance.

How do you achieve the full returns picture?

Let’s start by highlighting two of the biggest challenges retailers face when trying to achieve the ideal picture:

Data—Lots of Data

When it comes to product returns there is no single source of data that empowers an organization to measure returns impact and drive return reduction. Like a puzzle, each data source is a critical piece that must fit together to form the complete picture.  

Which sources are we referring to?

  • Historical and ongoing eCommerce and store transactions
  • Historical and ongoing product reviews and sentiment
  • CRM data and product feedback
  • Intelligent customer experience platforms
  • Product catalog data
  • Supplier data
  • Customer data
  • Sourcing/QC data

The good news is that retailers already generate much of this data. The challenge rests in creating a single version of the truth capable of supporting a sustained returns reduction discipline while also providing intelligence that supports the entire product lifecycle.  

Not Today’s Business Priority

Returns and returns reduction have not been top-of-mind business priorities. This should come as no surprise given the intense focus on topline growth, margin improvement, and customer retention. This extends to returns management with the key objective being maximizing revenue and margin on products that are already returned. Retailers have also adapted to customer demand for a fast, free, and frictionless returns experience. In response to these priorities, a robust and growing ecosystem has evolved to support customer experience, return logistics, and product refurbishment/remarketing. These are all valuable services, but they focus on reaction, not reduction.   

A second obstacle to returns prioritization is simply lack of resources. This is a challenge even for the largest retailers that have dedicated returns management teams. Reducing returns requires sustained vigilance to detect issues, identify the root causes, act, measure the results, and apply learned successes. Resources and investment naturally flow to the areas and initiatives that support business priorities. If returns continue to be viewed as a simple cost of doing business, nothing will change.

Chief Returns Officer® Meets the Challenge: You Reap the Rewards

With all these obstacles, you may be wondering if returns reduction is even possible. Fortunately, Newmine recognized both the challenges of returns growth and the tremendous opportunities offered by returns reduction.  We harnessed emerging AI-technologies and sound business practices to tackle the primary challenges of disparate data and limited resources—Suddenly, returns reduction became not only possible—but easy. It was also essential to deliver a streamlined, easy to use platform that could start delivering results in less than 90 days, and then scale to benefit teams managing the entire product lifecycle.

Chief Returns Officer® provides a returns-centric, 360-degree view of product, supplier, and customer performance. Our cloud-based platform provides the single-source, complete picture needed to better plan, manage, and reduce returns.

While retailers are struggling with post-COVID workforce limitations, Chief Returns Officer’s powerful AI elements transform even the smallest teams into a Returns Reduction Legion, with the help of anomaly detection, predictive analytics, natural language processing, and machine learning.

The Full Picture: What does it mean for you?

Here are just a few benefits:

  • See and analyze the business in a way you never could before
  • Drive greater profitability by applying the “returns lens” to product, supplier, and customer performance analysis
  • Digest and distill huge amounts of data to predict, identify, prioritize, and act on returns reduction opportunities in season when it matters most
  • Improve customer retention and customer KeepScore™ through more effective marketing, customer experience, and product delivery

Are You Ready to See the Full Picture?  Contact Us!

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  • Author
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Mark Lightbody
Partner at Newmine
Mark is an accomplished software executive with over 35 years’ of hands on experience in retail and direct channels. Much of his career was spent with CommercialWare and MICROS (now ORACLE). He brings a deep understanding of the opportunities and complexities related to the design, implementation and adoption of enterprise software and technologies. Mark’s hands-on experience supporting a wide range of leading retail brands in critical supply and value chain initiatives gives him a unique understanding of the business processes and metrics required to successfully manage and grow a business.
Latest posts by Mark Lightbody (see all)
  • Did High Product Returns Sink These Fashion Retailers? - July 15, 2020
  • What’s Beneath the Surface? Reducing Returns Requires the Full Picture - July 7, 2020
  • Veteran Retail Tech Entrepreneur, Donny Askin, Joins Newmine to Accelerate Rapid Expansion - July 2, 2020
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Why Anomaly Detection is a Strategic Enhancement For Retailers ( 1 Oct,2019 )
Newmine’s CEO is a Finalist in EY’s Entrepreneur Of The Year ( 19 Aug,2020 )
Why Aren’t Retailers Able to Reduce Returns? ( 5 Aug,2020 )
How the CMO can leverage Returns Data in 2019 ( 14 Dec,2018 )
Newmine Finalist at 2020 Red Herring Top 100 North America ( 17 Nov,2020 )
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