Honeywell will offer retailers Optoro’s cloud-based, data-driven solution on its Mobility Edge mobile computers. Optoro’s end-to-end returns optimization platform helps retailers manage, process and decide next steps for returned and excess inventory.
The number of consumer returns continues to grow each year. Retailers estimate more than 10 percent of their total annual sales to be returned, according to recent data from the National Retail Federation.
Optoro’s software uses proprietary algorithms to determine how to best disposition a returned item to get maximum value. The algorithm’s decision logic can be applied to any part of the reverse supply chain, including the back of the store, a warehouse, or a customer self-service tool. Merchandise can now get back into the supply chain more efficiently, coordinating efforts on the sales floor and in the stock room.
While returns can pose a logistical challenge for retailers, a simple, easy-to-follow return process is also an ingredient of good customer experience. Optoro’s State of Retail Returns 2018 study revealed nearly seven out of 10 retailers believe returns are vital to creating a good customer experience. Ninety-seven percent of consumers are likely to purchase again from a retailer with which they had a positive returns experience, according to the study.
Honeywell and Optoro will offer live demonstrations of the solutions at the NRF Big Show, January. 13-15 in New York City.