New leadership to take retail returns analytics software
company to next level
BURLINGTON, Mass., May 14, 2024
/PRNewswire/ -- Returnalyze, the retail industry's leading
AI-driven SaaS returns analytics company, has named veteran
high-tech executive Rick Cramer as
CEO. Cramer will leverage over 20 years of successful senior
leadership experience to oversee all aspects of the company's
operations, with a focus on driving revenue growth of Returnalyze's
software as a service (SaaS) product offering and on taking the
company to the next level of success and industry category
dominance.
"Rick Cramer brings a wealth of
expertise in building successful technology companies from the
ground up," said Scott Savitz,
Founder and Managing Partner at Data Point Capital, lead investor
at Returnalyze. "Rick has a proven track record of success in
growing and scaling companies from $5M-$10M to well
over $250M in annual recurring
revenue."
Throughout Cramer's career, he has been instrumental in building
several technology companies from early-stage to IPO with over
$2B in market value. Most recently,
he served as Senior Vice President of Growth Products at Tricentis,
through its acquisition of Neotys. He has also served in senior
leadership positions at other highly successful venture-backed
companies such as Signiant, Centra Software and Avid
Technology.
"I could not be more excited about the opportunity at
Returnalyze, and am looking forward to building upon the successful
impact our solutions are making on our customers' businesses, and,
in turn, on our investors and partners," said Cramer. "Returnalyze
has enjoyed triple-digit revenue growth over each of the past three
years since bringing its product to market. Most exciting to me,
however, is a world-class team building best-in-class products that
are being used by many of the world's largest, forward-thinking
retailers. And yet, we are clearly still in the early innings of
what we are able to achieve and accomplish in the 'returns'
category."
Already Returnalyze works with many of the world's largest
retailers, such as J.Crew, Brooks
Running, Wolverine and Perry
Ellis, who depend on Returnalyze's AI recommendations, best
practices and industry benchmarking capabilities.
According to Will Plourde, CTO of
Returnalyze: "Returns are a huge cost for retailers—it's common to
see some retailers' returns as high as 15-30% of sales—and
Returnalyze leverages its purpose-built AI software to not only
mitigate the financial and logistical impact of returns but also
uncover hidden revenue opportunities." As Plourde describes it,
"With every return, customers are sending signals back to the
retailer. Harnessing and analyzing the massive volume of those
signals—insights about size and fit, products, brands, suppliers,
webpages, stores and more—is actually a task perfectly suited for
AI. The Returnalyze AI has been designed specifically for retail
returns, and continuously analyzes tens of millions of data points.
More importantly, the AI analysis doesn't just tell you what's
going on and why, it tells you exactly what to do next. You get
very crisp, data-driven prescriptive recommendations on where
returns can be reduced."
In a recent report from the National Retail Federation (NRF),
returns totaled $743 billion in 2023,
representing 14.5% of total sales. At this volume and scale, Cramer
emphasized, "you really need AI to identify where the
AI-recommended optimizations will have the biggest impact so that
you can prioritize the actions. And Returnalyze does this from Day
One."
Concludes Plourde: "Our technology is allowing retailers to
benefit from what otherwise has always been viewed simply as a
major challenge. As a result, our customers are saving millions
every year while providing a significantly better customer
experience. And we couldn't be more thrilled to have Rick Cramer, with his product, sales and
management experience, to lead the team as we continue to help
retailers succeed all over the world."
About Returnalyze: Returnalyze is the retail industry's
leading AI-driven returns analytics software company, empowering
brands to reduce return rates, lower operational costs, uncover
hidden revenue opportunities and improve customer satisfaction and
loyalty. Returnalyze is on a mission to leverage returns analytics
AI to help retailers turn returns into revenue today.
For media inquiries, please contact: Warren Sukernek, VP Marketing, Returnalyze at
206-601-1610 or 377674@email4pr.com.
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SOURCE Returnalyze