At a time when retailers are dealing with decreased sales, uncertain supply (and demand), and increased online sales, retailers should also expect an onslaught of product returns. The cash that can be saved by reducing returns is more important than ever. Sourcing Journal sat down with Newmine to discuss why retailers need a top-down vision to tackling returns:
We named our software Chief Returns Officer® because there is no position like that in retail today,” said Navjit Bhasin, CEO and founder of Newmine. “Returns touch every department in the enterprise, but there’s rarely an executive in the business responsible for unifying silos under a shared vision of reducing returns and optimizing the returns management process. …Because returns are an enterprise problem that require collaborative effort, moving the organization forward requires ownership from the very top to both direct functional area accountability and incentivize success.
Sourcing Journal, 2020