Announcing Yofi Dynamic Returns

In an era where online shopping has become the norm, the convenience of easy returns is a requirement for customers, but it creates a double-edged sword for retailers. On one side, it empowers customers, giving them the confidence to purchase freely, knowing they can easily return items. On the flip side, this convenience has opened the floodgates to a surge in return fraud and abuse, a growing concern that's costing the retailers billions, with NRF estimating 16.5% of total returns being fraudulent and $24.5 billion in losses during the 2023 holiday period.

Traditional approaches to mitigating return abuse often involve tightening return policies, a blunt instrument that unfortunately impacts all customers, including the honest majority. This strategy not only fails to effectively stem the tide of abuse but can also damage customer relationships and brand loyalty, creating a no-win situation for businesses striving to balance fraud prevention with maintaining a positive customer experience. However, Yofi has changed this dilemma with Dynamic Returns.

Enter Yofi Dynamic Returns:

Using our real-time detection and clustering, we map all associated identities into a single cluster with statistics and explanations of the intentionality of an individual or group of individuals. Consolidating disparate aliases into a single customer profile helps retailers understand, quantify, and enable a dynamic policy for return abusers.

With a single click of accepting our risk label, we will automatically create the tag for the customer and cluster, which integrates into your existing return flow. These tags, like Yofi - Return Abuser, will enable the dynamic return policy by segmenting return abusers and other bad actors from your return policies (example below with Loop Returns).

It takes seconds to enable because we integrate with all existing return workflows and support all return platforms, like Loop, Narvar, Happy Returns, and much more! We have helped our customer reduce their costs of returns by ~12% and save hours handling return abusers.

Successfully Implemented Dynamic Return Policies for our Customers:

  • In-Store Returns Only - saving $100,000s monthly on shipping costs by forcing select return abusers to return in-store for a multibillion apparel brand.
  • Issue Only Store Credit - keeping 2% of revenue within the brand ecosystem for a streetwear retailer by allowing store credit only for bad actors.
  • Restocking Fee - decreased the cost of returns by 13% by requiring a 15% restocking fee for return abusers.
  • Rejecting Returns from Known Serial Abusers - detecting return abusers that have fraudulently claimed item not received, stolen, or sent back packages with rocks or counterfeit items.

Want to Give Dynamic Returns a Try?

Yofi Dynamic Return is establishing a new standard for preventing return abuse while protecting free returns for legitimate customers. We are offering a free monthly trial and would love to partner with you to significantly reduce your return costs.