Newmine, a leader in returns reduction and returns intelligence technology, announced today that Title Nine reduced their returns by an aggregate 18% from 2019-2021, thanks to data and insights from Newmine’s Chief Returns Officer®. As an early adopter of the AI-based SaaS solution aimed at helping retailers of all kinds address the growing problem of returns, Title Nine has seen significant results, driving lower return rates in 90% of product categories.
A recent Consumer Trends study revealed that retail saw a 57% increase in returns in 2021, up to 16.6% from 10.6% in 2020. This exponential increase in returns has impacted retailers worldwide and in all areas of the supply chain. The effects have been compounded by the surge in e-commerce during the pandemic and the overall increase in sales in 2021. The digital transformation has been key to retailers’ success throughout the pandemic; the adoption of new technologies and processes to support digital expansion is critical to achieving results in complex business environments. “Returns are really the most expensive and time-consuming element of the entire life cycle of product and retail,” says Chrissy Ginieczki, COO at Title Nine. “If you’re interested in profitability, returns reduction needs to be a top priority.”
While the industry at large saw a spike in both sales and returns in recent years, Title Nine managed to increase sales while concurrently reducing returns across 90% of product categories, making the results even more significant. “The Chief Returns Officer tool created by Newmine should really be called “Chief Profit Officer” because it can be utilized in so many more ways than just returns,” says Title Nine President, Johnny Lin. “I know “game-changing” tools are touted all the time, but this one is the real deal.”
“As an early adopter of Chief Returns Officer, Title Nine really embodies their own value and mindset of innovation,” says Navjit Bhasin, CEO and Founder of Newmine. “At a time when few retailers were talking meaningfully about reducing returns, they saw the opportunity to be on the leading edge of innovation and we’re proud to have helped them achieve incredible results.”
Newmine’s Chief Returns Officer® is a retail intelligence platform focused on solving retail’s most persistent business challenge: merchandise returns. Through proactively analyzing and identifying the root cause of returns, Chief Returns Officer empowers retailers in-season to address upstream issues that cause returns. Machine learning, prescriptive actions, and workflow collaboration make what was once impossible, easy.
