Jessica Binns, Managing Editor and Technology Director Editor at Sourcing Journal, sat with Navjit Bhasin, CEO and Founder of Newmine, to discuss how returns affect the fashion industry and what retailers can do to change their trajectory.
Sourcing Journal, Oct. 28, 2022
Let’s face it. No consumer enjoys returning clothing, and no retailer likes receiving stuff
back.To add insult to injury, returns have become a “trillion-dollar problem” for retailers, impacting the entire value chain from supply chain and inventory to operational to customer experience, not including the increased cost and complexity returns have for some retailers.
So why isn’t the industry laser-focused on reducing returns?
Navjit Bhasin, chief executive officer and founder of returns reduction company Newmine,
believes there are a few factors at play. “First, returns have always been assumed as a cost
of doing business. Second, there is no true owner of returns if you look inside any retail
organization or brand. And last, it’s always been perceived as a complex problem to solve,”
he said at Sourcing Journal’s Fall Summit 2022 session “Real Talk on Reducing Returns.”Reducing returns costs
While Bhasin described returns as the “unsexy” part of fashion.....