Newmine, llc
Founded 2018
About Newmine, llc
Newmine provides retailers and consumer brands with the opportunity to think differently about returns. While most solution providers focus on easing the returns process, we offer an alternative. Decipher the reasons for those returns in time to take corrective action and prevent them from happening in the first place. With AI, natural language processing and prescriptive analytics, retailers reduce product returns and create a sustainable and more efficient business for their customers, the environment, and the bottom line. “CEOs have to think differently. CEOs need to quit focusing on just top line sales and look at the middle of the P&L. Returns are a big portion there.” – Mike Relich, co-CEO PACSUN “Returns are the most expensive and time-consuming element of the life cycle of a product. If you’re interested in profitability, returns reduction needs to be a top priority.” – Chrissy Ginieczki, COO Title Nine “What we’ve learned is that close to 70% of consumer returns are driven by factors that are controllable by the retailer. Let’s say we could solve just 1/4 of those controllable issues and shave 3 points off that return rate. For a $1B retailer, that’s a $30M reduction in returns. That certainly gets my attention if I’m a CFO.” – Scott Glaser, CFO, formerly of Ascena Retail Group “When you're planning and say, okay, I'm going to buy this much. And I know that a certain percentage of it's going to be returned and I'm going to get a margin hit on that. That's the way it used to be, but it can be different.” – Diane Randolph, CIO, formerly of ULTA & Reitmans “The sensitivity of the customers towards the product is heightened by the fact that it's not really needed in some cases. If I really love it, am I going to wear it? Am I going to use it? And if not, am I going to send it back? So it's important to be aware of the impact returns have on customers.” – Graziano De Boni, CEO, formerly of Armani, Prada & Valentino
Company Facts
- Founded: 2018
- Operating status: Operating
- Company type: For Profit
- IPO status: Private
- Employees: 1 – 10
- Estimated revenue: $10K – $50K
- Website: newmine.com
- Phone: 508-740-4101
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