Yahoo Lifestyle Appriss Retail and Optoro Join Forces to Combat Soaring Returns Fraud, Aiming to Save Retailers Billions
Returns fraud and abuse are a big problem for retailers and brands — and it’s getting bigger. According to a report from Deloitte and Appriss Retail, returns fraud cost retailers more than $100 billion in losses last year.
In response, Appriss Retail, a provider of solutions aimed at reducing retail losses, said it has teamed with Optoro, a tech provider for retail returns. “This partnership offers retailers a best-in-class returns solution powered by AI and retail analytics, enabling them to mitigate returns fraud and improve profit margins while delivering a seamless returns experience across virtual, online, and omnichannel customer touchpoints,” the companies said in a statement.
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Appris Retail said by partnering with Optoro’s returns management system (RMS) for retailers, it will be able to elevate the returns process, thereby providing more comprehensive, cross-channel coverage against fraud and related online abuse.
Appriss Retail said its solutions incorporate data from digital and store-specific sources, targeting “potential bad actors” and protecting retail sales. “This holistic approach to returns fraud complements Optoro’s end-to-end software, which manages the return experience from the point of return to resale,” the company said, adding that together, Appriss Retail and Optoro “will bring value to existing client relationships and offer 360-degree protection against returns fraud and abuse through pre-built integrations.”
Michael Osborne, chief executive officer of Appriss Retail, said, “Wherever a retailer engages with a consumer, Appriss Retail is there to protect the transaction against fraud and abuse. The relationship with Optoro enhances that ability and the consumer experience by providing a consistent, frictionless return experience.”
Osborne said the company’s combined cross-channel integration “will provide retailers with increased value in their overall returns process and improve profit margins by reducing fraud.”
Amena Ali, CEO of Optoro, said savvy retailers know that managing returns effectively is critical to protecting their bottom line, “and some bad actors can make it even more challenging.”
“With the 300 percent surge in returns fraud and abuse over the last four years, we are proud to partner with Appriss Retail to continue to offer a solution that equips brands with the data, insights, and returns software to strategically solve for fraudulent behaviors, while continuing to reward healthy, loyal shoppers,” Ali said.
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