Newmine: AI Makes Returns Reduction Possible

Newmine: AI Makes Returns Reduction Possible

Navjit Bhasin, Founder & CEO , NewmineNavjit Bhasin, Founder & CEO
In this highly competitive world, seamless and transparent return policies have become the new norm among retailers. However, increasing product returns and exchanges are slowly turning out to be the nemesis of retailers as returns are increasing daily at an alarming rate. Returns are estimated to cost retailers $550 billion by 2020. The rise in apparel returns is fueled by a wide variety of reasons including: size, fit, and color issues, poor quality, as well as the phenomenons known as "bracketing" and "wadrobing." Mismatched products and wrong shipments further lead to unhappy customers and increased chargebacks. Despite efforts in the industry, such as adding more images on websites and comprehensive customer review systems, there’s no universal system that guarantees customer gratification. Increasing return rates result in supply chain complexities and costs that negatively impact profitability.

Shedding more light on the issue, Navjit Bhasin, Founder and CEO of Newmine, mentions that unmanaged return rates have a big negative impact on the bottom line of a retailer, as $1MM in returns equates to $0.5MM of lost EBITDA. He further stresses that retailers need to consistently examine their logistics and other operations across the value chain to comprehend the varied reasons for returns. “Retailers struggle with how to consolidate data to uncover the root cause of returns,” he adds. By leveraging data analytics, Artificial Intelligence (AI), and machine learning (ML), Newmine supports retailers in disrupting their status quo and addressing the challenges that arise as commerce evolves in the 21st century. “Our team of retail experts knew that uncovering the root cause of returns and taking action in-season was paramount to sustained returns reduction. We believe the best return is one that never has to happen,” adds Mark Lightbody, Partner, Newmine.

The firm’s flagship software, Chief Returns Officer® is the AI-powered Returns Reduction Platform.
Mark Lightbody, Partner
The platform is aproactive, persistent, and collaborative system that gives retailers a holistic view of returns insights in addition to prescriptive actions to address the root cause of returns. “Even a one percent reduction in the return rate can bear fruitful results to retailers,” advises Bhasin. The offering provides prescriptive insights for process improvements and increases interdepartmental collaboration. “AI significantly accelerates productivity, especially when it comes to the volume of data mining needed for returns reduction,” explains Bhasin. “However, AI is distinguished from automation, because rather than repeating tasks over and over, it’s adaptable and learns from results and course corrects errors. AI makes the humanly impossible, possible.” With Chief Returns Officer®, retailers can garner actionable results almost immediately without additional headcount.

We believe the best return is one that never has to happen

“At present, returns negatively impact every stage of the value chain— from product development to customer service. With returns reduction, retail businesses have more money to invest in growth and the foresight and intelligence to develop products and that are meaningful to their customers,” appealed Lightbody. Chief Returns Officer® zeros-in on the weakest links in product lines, so teams can take in-season corrective action to mitigate future returns.

Newmine seeks to disrupt the return management market with AI-driven solutions to help retailers to improve their bottom line. Comprised of former retail and supply chain executives and people who have hands-on experience in retail strategy, operations, and technology, Newmine is committed to change the way consumers and retailers perceive returns.

Newmine News

Newmine, the Global Omni-Channel Retail Consulting firm announces, CHIEF RETURNS OFFICER™, A Disruptive, AI-Driven Solution to Reduce Customer Returns

Las Vegas - Newmine, LLC. announces the launch of their revolutionary cloud-based software to reduce customer return rates. Chief Returns Officer" enables retailers and consumer brands to take omnichannel commerce profitability to the next level.

With ever increasing pressure to grow top-line revenue, returns have traditionally been accepted as a cost of doing business. However, in today's highly competitive market, customers expect Fast, Free and Easy returns. This has driven customer return rates even higher, placing increasing pressure on the bottom-line. For a typical specialty retailer this means that every $1M in returns will reduce EBITDA by at least $500K.

Chief Returns Officer" is like adding a world-class returns expert without the burden of adding additional staff. The software leverages data from multiple sources, as well as data science and AI principles to determine the root-cause of returns in near real-time. Actionable recommendations are then supported via a collaborative cross-functional workflow. This approach allows retailers to solve problems during the selling season, which in turn guards against revenue leak.

While returns will never be eliminated, Chief Returns Officer " allows retailers to take informed and timely actions to reduce the return rate and add significantly to their bottom line. Chief Returns Officer " is currently in place and producing actionable insights for two major retailers.

"We recognize that offering fast, free and easy returns is important to the success of retail brands," said Navjit Bhasin, founder and CEO of Newmine. "But that doesn't mean that returns should be left unmanaged and unchecked. Reducing consumer returns can potentially add millions to the bottom line. This can provide funding for growth initiatives, improve company valuation, and even avoid bankruptcy." Read More

Manhattan Associates and Newmine Join Hands to Leverage Unified Commerce

The partnership will look to equip retailers with market-leading omnichannel solutions that deliver a persistent, holistic retail shopping experience.

FREMONT, CA: Manhattan Associates, an Atlanta-based developer of supply chain software, has partnered with Newmine, a consulting and technology firm focused on retail commerce optimization. The partnership will pave the ground for collective efforts from both the parties in equipping the retailers with market-leading omnichannel solutions that deliver a persistent, holistic retail shopping experience.
Read More

Newmine Expands Executive Team With Mark Holmes, Former COO of Coldwater Creek, and Appoints Janis Abbingsole as Chief Strategy Officer

SOUTHBOROUGH - Newmine, a consulting company focused on retail commerce optimization, announced today the appointment of Mark Holmes as Partner/Chief Operating Officer to oversee and scale Newmine’s operations and technology consulting practice. Janis Abbingsole will transition into the newly created role of Chief Strategy Officer and continue to be a Partner at Newmine.

Prior to joining Newmine, Mark was the Chief Operating Officer of Coldwater Creek. Mark brings 25+ years of IT and business leadership experience for omnichannel retailers (Coldwater Creek, TJX, Orvis, L.L. Bean) and service providers (IBM, GSI Commerce). As COO of Newmine, Mark will be responsible for managing business operations for the consulting practice, as well as oversee the relationships with business partners such as Manhattan Associates and Oracle Retail.

In her new role as Chief Strategy Officer, Janis will continue to manage key client accounts in addition to delivering visionary leadership for the growth of Newmine. She will also be responsible for product strategy for Newmine’s flagship returns reduction solution, Chief Returns Officer®.

“As Newmine embarks on the next growth phase, both Janis and Mark will play an instrumental role,” says Navjit Bhasin, Founder and CEO of Newmine. “Mark’s depth of executive experience as a retailer and service provider will ensure the continued successful delivery of consulting services, while Janis will focus on strategic initiatives across the company.”

As the retail industry undergoes significant transformation, Newmine is bolstering its capabilities to provide solutions to retailers in order to stay true to its vision: Ensuring retailers thrive in a transforming world.