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, 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.
“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”
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.
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