THE RETAIL EQUATION UNVEILS VERIFY-2 RETURN AUTHORIZATION
Streamlined Software Solution Further Aids Retailers in Protecting Against Fraud and Shrink at Point-of-Return—Without Requiring ID
IRVINE, Calif. (Jan. 11, 2010) —The Retail Equation, the industry leader in retail transaction optimization solutions, today announced the launch of Verify-2™ Return Authorization, a cutting-edge software solution that makes it easier than ever for stores to protect against fraud and shrink at the point-of-return, while still providing fair and friendly customer service. The new version supersedes the company’s Verify-1® product and includes all the same industryleading features—with the added option to deploy the system without needing to collect customer ID on many return transactions via its new receipt triangulation™ system.
By employing The Retail Equation’s patent-pending receipt triangulation feature, Verify- 2 is able to look inside a receipt to identify a customer with, or without, a form of ID. This innovative function helps retailers reduce their shrink and cut their costs, all while creating a more positive experience for shoppers.
“As the industry expert on merchandise returns, we developed the receipt triangulation methodology for identifying individuals based on a long-term statistical analysis of patterns and trends seen across all retail transactions,” said Mark Hammond, CEO of The Retail Equation. “We are committed to continually fine-tuning our solutions so they remain sound and effective, while also assisting our clients in maintaining a customer-friendly environment.”
Like Verify-1, the enhanced Verify-2 solution utilizes predictive analytics to distinguish and deter return fraud and abuse, a $15 billion per year problem in the United States. As part of the service, The Retail Equation is contracted by retailers to validate the integrity of every return, in real-time, at the individual shopper level through the use of statistical models.
In addition, Verify-2 takes return authorization beyond in-store retail transactions. The solution is now capable of validating returns across all retail channels—including online and catalog sales. The software solution is also effective in executing SKU-based decisions, in conjunction with or independent from the individual making the return. For example, policies may dictate that certain types of products, such as undergarments, may not be permitted for returns due to health and safety issues, while others, like baseball bats, may be declined due to manufacturer requirements. In other cases, the presence of one of a retailer’s most profitable customers might trigger an analytics-based decision to waive a restocking fee on a particular item. Retailers can now identify specific requirements to Verify-2 for optimized, SKU-level return authorizations.
The Retail Equation’s return optimization solutions can be found in retail stores throughout the United States. Retailer benefits from optimization of the return process include: improved shopper satisfaction, higher store comps and net sales, fewer lost sales, increased postreturn purchases, better shopper conversions, streamlined associate procedures, and the ability to implement more customer-centric return policies, if desired.
About the Retail Equation
The Retail Equation, headquartered in Irvine, Calif., is the industry leader in retail transaction optimization solutions. The company’s applications use statistical modeling and analytics to predict consumer behavior, and its software-as-a-service delivery enables retailers to achieve significant and measurable return-on-investment. Its solutions are operating in over 15,000 stores in North America, supporting a diverse retail base of specialty, department, sporting goods, auto parts and more.