Coldwater Creek is proactively managing returns.
Two recently merged specialty women’s lifestyle brands are deploying technology to predict and prevent returns.
Coldwater Creek and Soft Surroundings are implementing the artificial intelligence (AI)-based Newmine Chief Returns Officer platform in an effort to gain the ability to predict, forecast and prevent returns for improved profitability.
Utilizing the Chief Returns Officer' solution’s predictive analytics, Coldwater Creek and Soft Surroundings intend to quickly analyze and take corrective actions on why customers return merchandise, with the goals of deepening loyalty and customer satisfaction. The retailers will utilize the platform to automate analysis of sales, returns and customer feedback data to identify the root cause of returns.
"Returns are a major focus for our brands. Newmine's innovative solution enables our brands to proactively reduce returns leading to greater sales and profitability," said David Walde, CEO at Coldwater Creek, and Soft Surroundings.
"Our applied AI platform, Chief Returns Officer, disrupts an industry-wide problem that had been assumed as a cost of doing business until now,” said Navjit Bhasin, CEO and founder of Newmine. “Innovative brands and retailers are starting to embrace this practical application of AI and machine learning (ML) to solve the retail industry's trillion-dollar problem of product returns."
Soft Surroundings acquired by Coldwater Creek
Coldwater Creek recently acquired Soft Surroundings’ direct-to-consumer business, which will continue online at softsurroundings.com. The sale was facilitated by global asset experts Gordon Brothers.
The women's apparel and lifestyle brand filed for Chapter 11 bankruptcy in September and said it would focus on its e-commerce business going forward. In November, Soft Surroundings began chain-wide closing sales at its 43 stores.
In 2020, Newtimes Group, one of world’s largest supply providers to the apparel industry, acquired Coldwater Creek parent company CWC Companies from Sycamore Partners. Sycamore had acquired the Coldwater Creek brand and other intellectual property in 2014 and relaunched the business as a direct-to-consumer brand.
Founded in Sandpoint, Idaho in 1984, and headquartered in Fort Lauderdale, Fla., Coldwater Creek is a lifestyle brand and e-commerce retailer of women's apparel, shoes and accessories. Headquartered in St. Louis, Soft Surroundings is a direct-to-consumer retailer of women's apparel, home, shoe and accessories merchandise.