RVCF Announces Launch of E-Comm Product Return Council
Thursday, February 13, 2020
Posted by: RVCF Admin
For years, retailers have created requirements that, if managed correctly, would result in the error free flow of goods through their supply chain and have assessed deductions when their suppliers did not comply. Unfortunately, these charges eroded suppliers’ bottom line. When we created RVCF 20 years ago, the idea was to help merchandise suppliers to comply with their retail customers’ vendor & routing guides in order to improve the flow of goods and to avoid these deductions all together.
Twenty year later, RVCF remains committed to helping both retailers and merchandise suppliers identify root causes of the issues that have slowed the movement of goods throughout the entire product procurement cycle.
Today, a different problem is eroding the bottom lines of both retailers and merchandise suppliers: E-Comm returns of product from consumers. Once again, Senior Managers are telling us it is the cost of doing business online. As Reagan said years ago, "There you go again”.
RVCF is exploring ways we can measure what is transpiring in the E-Comm marketplace to cause this problem and identify ways to improve the business process on E-Comm product returns. Our objective is not only to reduce or eliminate returns, but to address the handling and resolution of the product.
RVCF has expanded our focus in 2020 with the launch of the RVCF E-Comm Product Returns Council, sponsored by Newmine, to tackle this challenge head-on. “Returns is a growing challenge for retailers and brands, especially brands who offers seasonal merchandise. The RVCF Brand members I have talked to are facing serious challenges, such as no visibility to the amount of seasonal merchandise that is being returned by consumers or was never sold by the Retailer”, said Felton E. Lewis IIII, Principal, Newmine.
RVCF is tackling the returns challenge, as the financial gain from returns reductions can be substantial for Retailers and Brands alike and includes recovery of lost margin, plus reduction in operating, processing, shipping costs, as well as the cost to refurbish returned merchandise and the cost to liquidate. A general rule of thumb: Every $1M in return reduction equates to $500K in bottom line improvement for the Retailer or the Brand. Click on the exclusive RVCF link below, answer a few quick questions, and unlock your returns reduction potential for FY20. http://www.newmine.com/returns-calculator-rvcf
Participating with the Council will give our members an opportunity to learn about new technologies that have been proven to reduce returns, discuss impactful steps that can be taken before, during, and after the sale and drive meaningful conversations between retailers and suppliers on how to efficiently process, handle and liquidate return merchandise.
We ask our Retail and Brand members to encourage their returns-focused managers to participate. The first meeting will be held in conjunction with the RVCF Spring Conference followed by the RVCF Fall event. The group is open to all RVCF Members at no additional cost. Conference registration is required to participate.
Please feel free to contact me directly for more information at firstname.lastname@example.org.