No matter what your return rate percentage is, studies show that about 6.5 percent of retail returns are fraudulent or abusive, adding to your costs and reducing your net sales. For a $1 billion retailer, that could mean up to a $6.5 million exposure.
Verify® Returns version 5 is a real-time, consumer-based return authorization system which uses predictive algorithms and statistical models to distinguish and deter fraudulent and abusive return behavior in-store, online, or in the call center. Its predictive models can also be used to improve click-and-collect (or BOPIS) processes while enhancing the customer experience with fast service.
It is the most widely used return optimization tool in the industry, prompting the Wall Street Journal to state that Verify Return Authorization “can now be found in every mall in America.”
In milliseconds Verify detects consumer behaviors that indicate retail return fraud, BORIS fraud, or return abuse. Only consumers with extreme outlier behavior are denied.
Verify denies returns only to the worst offenders (about 1 percent are fraudulent/abusive). The rest can make returns quickly and without restriction.
Retailers using Verify typically see a 13 percent reduction in shrink. The results are so profound, the solution pays for itself in a few weeks and saves millions per year.
Consumers prefer retailers who offer generous return policies, and you can fulfill their wishes when Verify streamlines your processes and manages your risk.
Verify accepts/denies returns based on the consumer’s actions. A consumer will receive the same result regardless of which store is visited or who is working at the returns desk.
Verify identifies specific employee and/or consumer situations as the transaction ends, and alerts your personnel while the individual is still in the store. (Optional module)
A powerful deterrent, Verify lets you individually address fraudulent returners, reduces the number of unprofitable consumers, stops the financial drain, preserves net sales, and leads to considerable improvement in margin dollars.
The science behind the optimization allows you to be confident of the results and simplifies your internal justification.
You may be a bit skeptical about how Appriss Retail solutions would impact your business’ performance. We understand, so we created this instant estimator. Try it out, and get your answer in less than a minute. Calculate Verify’s Impact
Rather than penalize their good customers, this retail company uses Verify return authorization coupled with a continuous analysis of KPIs and business results.
Fraudulent and abusive returners are draining $18–$24 billion annually from retailers’ coffers (per NRF) and costing the average household of four more than $200 per year.
Verify return authorization optimizes returns with analytical modeling that considers numerous factors including return policies, shoppers’ purchase and return behavior, and other trends.
Now, with this optional module, you can visualize the hidden links among consumers and suspicious activities that put your company at risk whether individual bad actors or organized fraud rings.
what people are saying
“One of the best ROI projects I worked on!!”
PAUL JONES, LPC
Former SVP, Limited Brands