Oracle Unveils Oracle® Retail Returns Management
#1 Retail Software Company Applies Science to Help Retailers Simultaneously Reduce Fraud and Improve Customer Service
NRF 96th ANNUAL CONVENTION & EXPO, NEW YORK, 15-JAN-2007 - Oracle today announced the availability of Oracle(r) Retail Returns Management, an innovative application that allows retail organizations to proactively address the rapidly-growing problem of fraudulent returns while providing a superior in-store shopping experience and also increasing customer loyalty. Oracle Retail Returns Management enables retailers to process returns easily and accurately across all stores and channels through real-time return authorizations that screen for returns fraud by analyzing return behavior and identifying specific return patterns.
According to a 2006 study by the National Retail Federation, return fraud currently costs retailers $9.6 billion a year. Criminals commonly take advantage of companies’ return policies to receive cash for stolen merchandise, launder money or return an item after it has been used. However, retailers are often times reluctant to adopt more stringent return policies for fear of alienating loyal shoppers.
“The retail industry today faces a significant challenge around the explosion in the number of fraudulent returns happening each year,” said Joseph LaRocca, Vice President of Loss Prevention, National Retail Federation. “Retailers are being forced to strike a delicate balance between servicing loyal shoppers and discouraging opportunistic criminals. There is a real and immediate need for technology solutions that help retailers solve this dilemma and address the growing threat that return fraud poses to their businesses.”
By applying science to the problem of fraudulent returns, Oracle is enabling retail businesses to leverage real-time return authorizations that significantly improve the speed and accuracy of processing returns. Oracle Retail Returns Management provides retailers with unprecedented control over their returns policies and helps ensure consistency across the organization in handling customer returns. As a result, retailers are able to respond quickly to both new business drivers and newly detected patterns of fraud in order to help simplify the challenge associated with maintaining a balance between reducing fraudulent returns and providing a world-class customer experience.
Oracle Retail Returns Management helps retailers ensure that all returns are from legitimate customer purchases and that cashiers are following all store policies. The application improves the overall shopping experience for customers by providing a faster check out process and making it easier for retailers to process returns at any location regardless of whether items were purchased online or in a different store location.
“Retail organizations no longer have the luxury of competing on price alone,” said Duncan Angove, Senior Vice President and General Manager, Oracle Retail. “With Oracle Retail Returns Management, we are further defining the next-generation store system and delivering significant value to retailers by helping to make them more efficient and improving their bottom line results.”
About Oracle Retail
Oracle is the number one provider of innovative and comprehensive industry software solutions for retailers - enabling organizations to serve their customers better by applying insight into daily business decisions for more profitable results. With software that provides supply chain, operations, merchandising, store systems, optimization and information technology solutions, Oracle partners with the world’s leading retail companies, including 17 of the top 20 retailers worldwide, to transform the economics of their businesses.
Oracle (NASDAQ GS: ORCL) is the world’s largest enterprise software company. For more information about Oracle, please visit our Web site at http://www.oracle.com
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