Dropit, a retail technology company that integrates AI into existing fulfilment systems, has recently introduced its Smart Returns solution. This AI-powered solution simplifies returns management by seamlessly integrating with the retailers’ current systems. It utilizes real-time data to determine the most efficient return location for each item, maximizing the value of every return. This innovation addresses the costly, time-consuming, and wasteful nature of returns in the retail industry.
Returns have always been a significant concern for retailers, resulting in missed sales opportunities and substantial financial losses. The total cost of returns for every billion dollars of sales is a staggering 165 million dollars. Furthermore, returns have increased by over 500 billion dollars between 2019 and 2022. These suboptimal returns processes lead to inventory imbalances, costly logistic expenses, unnecessary markdowns, and environmental waste. This translates to significant profitability concerns for retailers.
Smart Returns by Dropit offers a solution to these challenges by providing AI-powered technology that simplifies and optimizes return management. Unlike traditional approaches, Smart Returns combines rules-based decision-making with machine learning, enabling the system to make intelligent, dynamic returns decisions based on historical and real-time data. It integrates with existing inventory, warehouse, and order management systems to consolidate information and make smarter decisions. By leveraging diverse first and third-party data, Smart Returns determines the best location for every return, saving retailers time and money.
Karin Cabili, Dropit founder and CEO, stated, “At Dropit, we believe in revolutionizing the retail industry by bridging the gap between online and offline channels. With Smart Returns, we’re taking a step further towards unifying inventories and optimizing operations. By using AI to intelligently route returns based on real-time data, retailers can achieve better inventory balance, reduce unnecessary markdowns, and enhance their overall profitability.”
Dropit’s Smart Returns solution provides retailers with an AI-powered technology to simplify and optimize the returns management process. By leveraging real-time data, this innovative solution enables retailers to maximize the value of every return, reduce costs, and enhance profitability.
