parcelLab Launches Returns Forecast AI to Give Retailers Improved Visibility and Control over Returns Process
June 25 2024 - 10:01AM
Business Wire
AI-powered predictive analytics tool helps
brands detect trend anomalies based on a custom forecast
horizon
parcelLab, the premier global provider of post-purchase
experience software, today announced the launch of parcelLab
Returns Forecast AI. The new tool leverages AI to estimate inbound
parcels for retailer warehouses, allowing retailers to forecast
returns volumes and identify trend changes more accurately, better
plan warehouse resources, reduce processing times and operational
costs. Returns Forecast AI is purpose-built for retailers to
strengthen their ability to anticipate and mitigate the financial
impact of returns, providing more stability.
Today’s warehouse managers and logistics specialists have
limited or poor visibility into returns and are unable to
incorporate peak seasonality and historic data patterns into their
forecasts. parcelLab’s Returns Forecast AI allows them to replace
manual, error prone inbound forecasting processes with data-driven
AI insights to enhance resource planning, drive operational
efficiencies and improve financial forecasting. Operationally, the
ability to accurately predict returns can lead to substantial cost
reductions by optimizing staffing levels and minimizing the costs
associated with returned inventory such as transportation, handling
and processing costs. The tool generates a predictive returns
analytics report so retailers can proactively plan to avoid over-
or understaffing, incorporating custom peak and sales periods into
their forecasting to optimize utilization during lower workloads
and avoid additional payments during peak seasons. Returns Forecast
AI also enables better revenue forecasting and planning as
retailers can anticipate return volume, understand reasons for
returns and identify product improvements to reduce future
returns.
“The increasing number of returned parcels presents a unique
challenge to retailers, who need better visibility to understand
trend changes, manage staffing levels, reduce processing times and
create effective distribution plans,” said Tobias Buxhoidt, Founder
and CEO of parcelLab. “With parcelLab’s Returns Forecast AI, we’re
giving warehouse managers and logistics specialists the power to
turn that challenge into a business opportunity with a tool they
can self-configure to visualize patterns and measure percentage
errors. By reducing operational costs and improving financial
planning, our Returns Forecast AI delivers a new level of
transparency and returns forecast reliability by tapping into the
power of predictive planning to make data-driven decisions that
will revolutionize the returns process and dramatically decrease
operational costs for retailers.”
parcelLab’s Returns Forecast AI is a part of pL Retain, which
transforms the returns process into a business opportunity. pL
Retain helps retailers uplevel their returns, warranty, and
exchanges process from paper to digital to improve the customer
journey, generate brand loyalty, and create cross-sell
opportunities. With pL Retain, retailers can enable customers to
easily register their returns, generate a label or QR code, track
returns online, and receive proactive communications based on
data-defined segmentation. Personalized emails and a customized
Returns Status Page deliver end-to-end post-purchase communication
to drive web traffic and repeat purchases. By optimizing the
returns process, retailers can significantly reduce associated
costs, enhance profit margins, and improve overall financial
health.
About parcelLab
parcelLab is the only truly global enterprise post-purchase
software provider, enabling brands to increase top-line revenue,
decrease operational cost, and optimize customer experience in an
unprecedented way. Our award-winning post-purchase platform
empowers brands to transform mundane operational touchpoints into
the most differentiated and personalized experience, creating
unique moments of pure joy for their customers. Trusted by over
800+ brands including IKEA, Chico's, H&M, and Yeti, we actively
manage the post-purchase experience across 175 countries and track
shipping data from more than 350 carriers worldwide. Find out more
at www.parcelLab.com.
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Articulate Communications for parcelLab
parcelLab@articulatecomms.com