Newmine has an AI tool called Newmine Applied AI. This platform uses machine learning and artificial intelligence to help brands and retailers decrease product returns. Newmine Applied AI uses different types of information, like what customers have bought before, what they think of products, and what they say on social media, to guess which products are likely to be given back. It can also find out why customers are returning products so that brands and retailers can fix the problem. Here are some of the features of Newmine Applied AI:
- Product return prediction: With Newmine Applied AI, you can easily predict how many products will be returned and identify any unusual patterns within the first week of sale. This helps companies and stores to fix problems before it's too late.
- Reasons for product return identification: Newmine Applied AI can figure out why customers return products. This assists companies and stores in enhancing their products and services to decrease the amount of items being returned.
- Actionable insights: Newmine Applied AI helps brands and retailers figure out how to reduce product returns. They give useful advice and suggestions. This includes suggestions on how to design, price, and market a product.
- Reduce product returns: Newmine Applied AI can assist in reducing product returns by up to 20%.
- Improve customer satisfaction: By decreasing the number of products that customers return, you can make them happier and more likely to stay loyal.
- Save money: Newmine Applied AI can assist you in saving money by decreasing the expenses associated with managing product returns.
- Improve efficiency: Newmine Applied AI can assist you in enhancing productivity by automating tasks associated with product returns.