Reduce and prevent returns in your ecommerce business with AI
Customers returning your products is a problem. An expensive problem.
Learn how to tackle returns the right way by paying attention to the data that matters, so you can prevent your growing rate of returns and scale your business.
In this episode, Navjit Bhasin, CEO and Founder of Newmine, joins Diane Burley to discuss why retailers need to address increasing return-rates.
Retailers have an expectation to match the liberal return policies of big box giants like Amazon and Zappos – an unrealistic expectation for growing ecommerce retailers. Bhasin talks about ways retailers can utilize data to prevent these returns from taking place, and using his product Chief Returns Officer can drive returns reduction.
Navjit Bhasin is the CEO and Founder of Newmine, a company that tackles high return rates in the ecommerce space to ensure profitability for retailers at every point of the customer journey – with no takebacks. As a veteran entrepreneur and active angel investor, he has worked with several global retailers and consumer brands to transform their consumer experience.
Topics we cover:
1:10 Why should retailers reduce returns – rather than just managing them?
3:07 How do you tackle the challenge of managing returns across multiple different departments as a retailer? How do you pull these departments together to solve a problem?
4:38 Where does the problem of returns fall in a company, and who takes responsibility?
6:50 What is the number one driver of returns between the time the product is manufactured and the time it’s delivered?
8:02 What kind of data is the most useful to tackle high return rates?
9:37 How much higher are the return rates in fashion compared to other industries?
10:30 How do retailers manage the expectation for liberal return policies set by the big box brands?
13:09 How do you solve the return problem? Should retailers prioritize customers with low or high return rates?
15:43 What is one key insight related to returns in ecommerce that often surprises brands?
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Episode 11
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Reduce your ecommerce returns
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