In this interview with Michael Relich, co-CEO of PACSUN, Kate Nishimura of Sourcing Journal discusses the problems that returns cause for retailers and why reducing returns is of strategic importance. https://hubs.la/Q01Nfbmq0
Newmine
Software Development
Southborough, MA 1,163 followers
Fixing Retail’s Trillion Dollar Problem - Returns
About us
Newmine provides retailers and consumer brands with the opportunity to think differently about returns. While most solution providers focus on easing the returns process, we offer an alternative. Decipher the reasons for those returns in time to take corrective action and prevent them from happening in the first place. With AI, natural language processing and prescriptive analytics, retailers reduce product returns and create a sustainable and more efficient business for their customers, the environment, and the bottom line. “CEOs have to think differently. CEOs need to quit focusing on just top line sales and look at the middle of the P&L. Returns are a big portion there.” – Mike Relich, co-CEO PACSUN “Returns are the most expensive and time-consuming element of the life cycle of a product. If you’re interested in profitability, returns reduction needs to be a top priority.” – Chrissy Ginieczki, COO Title Nine “What we’ve learned is that close to 70% of consumer returns are driven by factors that are controllable by the retailer. Let’s say we could solve just 1/4 of those controllable issues and shave 3 points off that return rate. For a $1B retailer, that’s a $30M reduction in returns. That certainly gets my attention if I’m a CFO.” – Scott Glaser, CFO, formerly of Ascena Retail Group “When you're planning and say, okay, I'm going to buy this much. And I know that a certain percentage of it's going to be returned and I'm going to get a margin hit on that. That's the way it used to be, but it can be different.” – Diane Randolph, CIO, formerly of ULTA & Reitmans “The sensitivity of the customers towards the product is heightened by the fact that it's not really needed in some cases. If I really love it, am I going to wear it? Am I going to use it? And if not, am I going to send it back? So it's important to be aware of the impact returns have on customers.” – Graziano De Boni, CEO, formerly of Armani, Prada & Valentino
- Website
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http://www.newmine.com
External link for Newmine
- Industry
- Software Development
- Company size
- 11-50 employees
- Headquarters
- Southborough, MA
- Type
- Privately Held
- Founded
- 2011
- Specialties
- Retail Returns Reduction, Returns, AI in Retail, Artificial Intelligence, Applied AI, and eCommerce Returns
Locations
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Primary
30 Turnpike Road
Southborough, MA 01772, US
Employees at Newmine
Updates
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We are attending The Lead Summit 2024! Let's make the time to chat about our platform and how it can help you grow #ecommerce profitability and improve customer loyalty. #retailnews #retailinnovation #returnsreduction
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A few weeks ago, we released our latest ebook: Returns Resolved. For those who weren't able to read it, here's a quick preview into the returns insights that can be found! Download the full ebook here: https://lnkd.in/giTyaPJy #retailinnovation #ecommerceprofitabilty #retailnews
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Lowering your returns increases your net revenue. Download our ebook to hear from retail experts and learn how to improve your #ecommerce profitability! https://hubs.la/Q02CthYK0 #retailnews #profitability #retailinnovation
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Newmine reposted this
FREE Download available for RLA Members: "Returns Resolved: Reducing returns and keeping customers," a report by Newmine Download here: https://lnkd.in/eGe5M_At Returns Resolved Actionable Steps Every Retailer Can Take Returns have become an inevitable part of the retail landscape, but the status quo doesn't have to be the norm. Last year, we released Returns Uncovered - New Insights on a Growing Problem, discussing the retail returns issue and questioning conventional solutions. In this second edition, we examine retail relationships and provide quick, actionable steps that every retailer can take to reduce returns. Find it on our RL Industry Research page: https://lnkd.in/g8xJCaUf #RLA #reverselogistics #circulareconomy #returns
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📢We are at CommerceNext! Join us at for our roundtable on Optimizing Returns for Profitability or find our kiosk in the startup zone! #CN2024 #retailanalytics #retailinnovation
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We are excited to announce the release of our second annual report - #Returns Resolved: Reducing Returns and Keeping Customers! In this edition, we uncover our 2023 returns #benchmarkdata and discuss actionable steps every retailer can take to #reducereturns. Download the ebook: https://hubs.la/Q02zyTHp0
Returns Resolved Report
newmine.com
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We're excited to be a sponsor for CommerceNext 2024 on June 11 - 13! Register here to join our CEO, Navjit Bhasin, and Chief Product Officer, Rhyanna Mogé Taylor, at the event: https://hubs.la/Q02xZns80 #retailinnovation #ecommerce #CN2024 #retailanalytics
Apply to Attend CN2024 | CommerceNext
https://commercenext.com
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We're very honored to be included in the #Leading100! Thank you The Lead
The Leading 100 List takes over Times Square! Join The Leading 100, 180+ speakers and 2,500+ innovation-minded brand and retail leaders at The Lead Summit on July 10th-11th in NYC: summit.the-lead.co A special thanks to Nasdaq for supporting The Leading 100 companies and a big congratulations to the innovative tech start-ups driving the future of brand-to-consumer! Spencer Penn, CEO, LightSource; Disney Petit, MBA, CEO, LiquiDonate; Ganesh Ramakrishna, CEO, Lyric; Benjamin Kosinski, CEO, MadeMeBuyIt; George Wojciechowski, CEO, Manifest.eco; 📈Aurangzeb Agha, CEO, Metrical, Inc.; Stacy Bransfield, Founder, MidMetrics; Heikki Haldre, CEO, Miros; Navjit Bhasin, CEO, Newmine; Co-Founders Armin Faraji & Mackenzie Dérival, Node App; Oren Raboy, CEO, Noogata; Arthur Root, CEO, Nostra AI; Thomas M., CEO, Ocula Technologies; Lucas Tieleman, Co-Founder, Optiversal; Dor Shany, CEO, OwnID; Galit Arizon, CEO, Pairzon; Pranav Piyush, CEO, Paramark.com; James Taylor, CEO, Particular Audience; Mo (Mohamad) Afshar, CEO, Pipe17 #Leading100 #TheLead #startups #NASDAQ #retailtech #ecommerce #innovation
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We are excited to announce that we are an honoree of The Leading 100 List produced by The Lead! This list recognizes the innovative tech startups driving the future of brand to consumer. Join us at The Lead Summit this July to learn more about returns insights and other innovative solutions. #Leading100 #retailinnovation #returnsreduction https://hubs.la/Q02x6PrX0
The Leading 100 2023 - The Lead
https://the-lead.co