How Retailers Are Crunching Data to Cut Losses from Returns

In The Daily Scoop by Lauren Parker, Accessories MagazineLeave a Comment

In the U.S., returns now account for more than $351 billion in lost sales for retailers — an increase of more than $100 billion since 2015, when it was reported at $250.5 billion. Many of these returns can be attributed to the pervasive lack of size uniformity across retailers, rendering what one brand calls a size 4 to translate to a size 2 or 6 to its competitors. This size discrepancy continues to pave the way for machine learning and data-driven personalization tools, developed by internal data teams at companies like Stitch Fix and Tommy Hilfiger, or with the help of third-party algorithmic integrations like True Fit that can be embedded into e-commerce sites. Read more at Glossy