2/13/2023 0 Comments Officertool 2018While 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. “If you’re interested in profitability, returns reduction needs to be a top priority.” “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. 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. The effects have been compounded by the surge in e-commerce during the pandemic and the overall increase in sales in 2021. This exponential increase in returns has impacted retailers worldwide and in all areas of the supply chain. 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.Ī recent Consumer Trends study revealed that retail saw a 57% increase in returns in 2021, up to 16.6% from 10.6% in 2020. SOUTHBOROUGH, MA – J– 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 ®. “If you’re interested in profitability, returns reduction needs to be a top priority,” says retailer Title Nine's COO Title Nine sees 18% reduction in merchandise returns thanks to Newmine's Chief Returns Officer
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