To remedy retailer pains, including returns and stock breaks, Madrid-based size recommendation technology, Usizy, publicly launched its “Smart Business” tool for retailers. Usizy is a platform for retailers to make data-driven decisions “based on their pains, needs and feedback,” according to Iñaki Garcia, cofounder and chief executive officer of Usizy.
Citing data from Statista, the U.S. returns problem will surmount $550 billion by 2020, up 75 percent from 2015. With Usizy Smart Business, companies can see on average, returns rates reduced by 25 percent, conversion rates boosted 20 percent, as well as customer loyalty lifted by 3 percent.
Of that is the ability, Usizy informs, for the retailer or brand to “measure and correct” major losses — such as restocking out-of-stock sizes or adjusting pricing mishaps in line with industry trends or sector-specific data.
Servicing more than 315 brands including Nike, Levi’s, Calvin Klein in 100-plus countries, Usizy touts the strengths of its team — comprising data scientists and engineers — and algorithms, which predict stock breaks, profitable price points and returns at the product and size level. Clients can access tools such as size adviser, smart stock, smart logistics and smart pricing to better tailor their e-commerce strategies with data, while aiming to eliminate hidden costs.
According to Newmine, a developer of an AI-powered returns reduction platform technology, every $1 million in returns reduction adds 500,000 in earnings before interest, tax, depreciation and amortization.
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