Your burning questions about returns reduction and Chief Returns Officer, delivered.
What opportunities do retailers have when it comes to returns?
Returns impact a retailer in three key areas:
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- Economic: Returns impact both the top and bottom line of a retailer. Retail executives surveyed believe there is an opportunity to reduce return rates by an average 31%. For an omnichannel retailer with a blended return rate of 10%, that amounts to 3% of annual revenue or $30 million per $1 billion of sales. See how much your company could save by visiting our returns calculator.
- Emotional: 42% of shoppers will stop shopping with a retailer upon multiple retailer-induced returns, and 72% will post a negative rating or review upon multiple retailer-induced returns. With reducing returns, retailers can keep their customers returning, not their products.
- Environmental: 15 million metric tons of carbon dioxide produced from transporting returns every year. Returns impact the environment throughout its lifecycle, from production, transportation, and its end in the landfill. By reducing returns, a retailer can create less waste, less packaging, and fewer carbon emissions.
What is "returns reduction," and how is it different from returns management or reverse logistics?
Returns reduction is a proactive solution to solving the returns crisis. The primary objective of returns reduction is to address the root cause of returns in order to prevent future returns from happening.
Reverse logistics and returns management reactively address returns handling, processing, disposition, and customer experience.
How does Newmine reduce returns for retailers?
Newmine is pioneering the returns reduction space with our AI-powered solution, Chief Returns Officer. This SaaS platform integrates millions of enterprise-wide data points and continuously analyzes product, transactional, and customer feedback to detect returns anomalies and diagnose their root causes. In near real-time, Chief Returns Officer prescribes corrective actions, triggers alerts, and coordinates all activities with your business team for seamless collaboration.
Why is Newmine's SaaS platform named Chief Returns Officer?
While every department is responsible for returns, there is currently no single executive responsible for returns reduction and returns intelligence. That’s where Chief Returns Officer comes in. It will be the newest AI-powered member of your C-Suite, taking charge of returns and reducing them. Today, it is your Chief Returns Officer and tomorrow it will be the tool of choice for anyone who takes the role.
How fast can I begin to reduce returns?
Chief Returns Officer can be up and running within 30 days, and you can begin reducing your returns and realizing results within 90 days.
What kind of resources do I need to start reducing returns?