The buzz may have quieted about (holiday) returns but If you are a digital retailer; you are most certainly still dealing with the massive financial aftermath of returns.
These companies below work to solve the pain of processinging a return. Read below for a brief overview; and read even further to learn about a singular tech service provider working with retailers to prevent returns.
Many returns processors are tech operators behind the scenes – allowing the retailer to offer seamless service as if it is their own service rather than outsourced. Some are building trusted names with consumers and simultaneously building a loyal consumer base that benefit their retailer clients.
With too much to tend to and the stakes incredibly high, tech solutions offer retailers the opportunity to outsource part or all of the return journey.
And not to be overlooked, retailers can finally, get meaningful data. These operators use machine learning, AI, and more and report it back to the retailer.
Listed below are some of the sector leaders with brief descriptions about what they do and how they compare and differ. They all put the consumer at the center and create, in most cases, an imperceptible outsourced, pleasant return experience for the client. They white label the service and it looks -to the customer- that they are still within the brand’s ecosystem garnering trust and often being rerouted to additional shopping. It is a homerun for retailers and brands to have access to world class returns processing.
For the Shopify folks:
Loop Returns – A Shopify stalwart focused on the DTC ecomm crowd – Loop Returns credits the client and entices an exchange with a financial incentive and/or credit. Clients: Chubbies, Allbirds, Brooklinens. (I demo’d Loop returns with Laura McQuinn and can vouch for the easy interface).
Returnly – also a white label return systems provider however, in actuality, they are a fin tech company. The difference they offer is instant fulfillment with zero risk to the retailer. When Returnly places the exchange, they pay for the new order and take 100% of the product risk. If the customer doesn’t send back the original or it gets lost in the mail, they take that loss (and the retailer gets two sales in the books.) Read on to learn about their partnership with Optoro.
encourages and exchange by paying the client on the spot. Opero and Returnly are working together now. Also, returnly is less an operational tech software as it is a fin tech. This partnership makes sense. My conversation with Tony Keitel was…. Clients: Untuckit, Everlane, Fanatics. Those in the partnership with Optoro.
For Digital and Physical Retailers:
Optoro – takes back the product and will sell it on their site or route back to client. Clients: Target, American Eagle, Ikea
Narvar: provides post-purchase experiences for customers through order tracking, delivery notifications and more. Offers consumers the choice to return to 73,000 carrier locations and 8,600 Narvar Concierge locations such as Walgreens and Nordstrom. Clients: Yeti, Urban Decay, Finish Line
Happy Returns is a forward-facing service whereby the customer is aware that Happy Returns is the returns processor. Happy Returns looks to eliminate the hassle of boxing and taping a return and offers the client the opportunity to return the items unpackaged. They recently partnered with Fedex to add over 2,000 more locations for a total over 2600 Clients: Rothy’s , Revolve, Steve Madden
However, well-handled returns are processed does not address the REAL PROBLEM. the amount of returns.
The Pain: There are TOO MANY returns.
Can retailers and brands get IN FRONT of the returns? How can a retailer reduce returns?
Meet Newmine (www.newmine.com): a “returns reducer / preventer”. How? Using AI and ML, their data identifies issues (65% are actionable) to prevent he return.
But don’t take it from me, listen to my interview of Newmine Founder Navjit Bhasin and Donny Askin EVP.
Want to learn more about customer return sentiment or the state of a particular consumer industry, and more? Contact me – I have access to world class survey data through my partnership with Prosper Insights and Analytics: accurately predicting consumer behavior for over 25 years. www.goprosper.com When you access this data you will join Wall Street, brands and retailers, real estate developers, researchers and more and you will have accurate forward-looking information. Is that a plug…well yeah, I guess it is… contact me here: christine@rccagency.com
(enjoy a gratuitous video of my english bulldog Nacho bc he's just the cutest)