Stores Have a Mission: Getting You to Keep That Thing You Bought Online Today’s Wall Street Journal covers how ...
Today’s Wall Street Journal covers how retailers are getting a handle on their returns problem, from fit analytics solutions to bespoke product development. Newmine CEO, Navjit Bhasin, explains the growth of the returns problem and details our newest technical innovation to help retailers reduce returns, KeepScore:
To solve the returns problem, retailers need to know why shoppers are sending products back. Some retailers require customers to fill out a questionnaire when returning goods, but the answers tend to be inaccurate.
Newmine developed the KeepScore, which measures consumer returns much the way credit-ratings firms track creditworthiness. Newmine scours product reviews, social media and call-center data to determine why products are sent back.
Sometimes it is a quality issue with the supplier, sometimes it is due to a poorly written description. It also tries to ferret out serial returners or those who tend to return only in certain categories.
The score is based on a sliding scale with 100 equating to average. Shoppers below 85 have high return rates, with those above 120 returning very little. Customers with a bad KeepScore might not get offered special discounts, or catalog mailings.
“Why spend money mailing catalogs to chronic returners?” Mr. Bhasin said.
Wall Street Journal, 2/9/2021
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