Source: Business Insider
Returns hemorrhaged $309 billion in the retail industry in 2019, according to the ” 2019 Consumer Returns in the Retail Industry ” report from returns fraud Appriss Retail. A cottage industry has risen up to help retailers cope with the rising tide of returns. Newmine is one such startup focusing on returns reduction solutions. Business Insider spoke to Newmine CEO and founder Navjit Bhasin and COO Mark Holmes about Amazon, “bracketing,” and how retailers can make returns more sustainable. Visit BusinessInsider.com for more stories. At Newmine, a returns reduction technology startup, they have a saying: “The best return is the one that never has to happen.” Returns proved to be a $309 billion headache for the retail business in 2019, according to a report from Appriss Retail , a service that tracks and bars customers from making purchases after they have made too many returns. Of those returns, online sales accounted for $41 billion. And an entire cottage industry — including Newmine — has sprung up to cater to retailers struggling to stem the tide of returns.