Austin, TX (May 16, 2005) - Today, 360Commerce, the leading Java-based retail software solution vendor, announced the debut of their newest application, Returns Management. This solution is the only cross-channel Returns Management application on the market today that enables retailers to reduce fraud without losing good customers. Returns Management enables retailers to process returns easily and accurately across all stores and channels by providing real-time access to original transaction details, such as purchase location, item and tender, and customer return history. By empowering employees with return information and exception capabilities, and informing customers about their return compliance through dynamic receipt messaging, retailers can reduce surprises and keep customers.
Recent surveys report that merchandise returns currently represent from 7% - 15% of a retailer’s sales depending on merchandise mix and services levels. This high rate of return considerably reduces already thin margins. On average, 9% of those returns are fraudulent; therefore, a retailer with $1B in annual sales could be losing as much as $13.5M. Small improvements rapidly add up. By reducing fraudulent returns by even 20%, a retailer with $1B in revenue could see $2.7M drop straight to the bottom line. Additional savings are possible due to improved net sales, gross margins and cash flow, and more accurate inventory and commission payments. AMR Research analysts Janet Suleski and Scott Langdoc stated in their March 2004 POS Software in Specialty and GMA Retail: Extending Beyond the Box report, “Our research also reveals that centralized refund management alone provides the hard ROI needed to justify a full POS software replacement.”
“The unique features and functionality of 360Commerce’s Returns Management application provides retailers with a proactive, integrated approach to delivering a superior shopping experience while reducing overall returns rates,” said Christopher Brown, director of enterprise products for 360Commerce. “For example, Returns Management allows retailers to set-up and manage their standard return policy as well as create exception policies for specific merchandise and locations helping make it the most comprehensive and customer-centric returns management application on the market. Early feedback from retailers and industry analysts has been extremely positive in terms of ease of use and comprehensive functionality.” Additionally, Returns Management enables retailers to configure key performance indicators (KPIs) for use in tracking exceptions, alerting, and defining policy rules at the customer, associate, and store level. A variety of reports allow retailers to review analysis-based KPIs and return metrics to ensure they are achieving the right balance between fraud reduction and customer retention.
In addition to providing advanced features and functionality, Returns Management is a service-oriented, J2EE-based solution which runs on an application server and is deployed centrally within the retail enterprise enabling Returns Management to manage returns across all channels through a common XML interface. It is built on standards such as the ARTS data model and XML, which simplifies integration with existing store and enterprise applications as well as 360Commerce’s Point-of-Sale, Back Office, and Central Office applications. Retailers can see demonstrations of Returns Management in 360Commerce’s booth 107 at Retail Systems Convention and Expo held from May 24-26 in Chicago at the McCormick Place Convention Center.