Veras Retail Announces New Customer-Centric Loss Prevention Features in its Leading Point-of-Sale Solution
January 9, 2019
The Integration of Appriss Retail’s Verify Solution with Veras CheckOut 10.2 Reduces Return Fraud and Abuse While Improving the Customer Experience
January 9, 2019 – PHOENIX – Veras Retail, a leading provider of fixed and mobile point-of-sale, inventory, cross-channel execution and CRM software solutions, today announced the release of Veras CheckOut 10.2. This release includes integration with solutions from Appriss Retail, the industry leader in retail performance improvement, to deliver significant ROI for retailers looking to improve customer service at the point-of-return.
Integration with Appriss Retail’s innovative return authorization technology, Verify®, is now available in the latest version of Veras Retail’s leading point-of-sale solution. Veras CheckOut offers a powerful pricing engine, enterprise-wide visibility into inventory levels, and the ability to access customer information and orders across all selling channels. Users at the retailer’s headquarters benefit from real-time access to POS transaction information.
Estimates of return fraud and abuse in the United States run as high as $24 billion per year, according to a 2018 report. For every $100 in returns, fraud and abuse costs retailers up to $6.50 in losses. The negative impact on a retailer’s bottom line is undeniable, but the combined Veras Retail and Appriss Retail offering provides a powerful and cost-effective solution to improve the return experience and combat fraud.
Appriss Retail’s Verify solution uses actual, individual consumer behavior data to render a fair, objective decision to accept, warn or deny merchandise returns. The retailer no longer needs to rely on simple rules or subjective observations and guesswork by sales clerks. Verify is designed to distinguish and deter the one percent of consumers whose behaviors mimic return fraud or abuse. This creates a positive customer experience, since retailers can quickly approve all legitimate returns, while addressing only those consumers that present with highly suspect return-and-exchange behavior.
Veras CheckOut also provides functionality to address a common friction point between loss prevention and customer service by allowing manager overrides to be deferred until the end of the transaction – or even approved remotely from a mobile device. This capability allows retailers to tailor their security policy in such a way that customers need not be inconvenienced by application of anti-fraud controls at the point-of-sale.
“The balance between providing frictionless customer service and ensuring loss prevention has always been challenging for retailers,” said Bruce Herrier, Vice President of Veras Retail. “We feel that the new features in Veras CheckOut 10.2 give retailers the tools to strike a perfect balance between those two key business drivers and bring tangible ROI. For many customers, implementing Veras CheckOut 10.2 with Appriss Retail’s Verify can pay for itself within the first year of implementation.”
The Appriss Retail ROI Calculator can help retailers determine the additional ROI Verify brings to their Veras CheckOut implementation.
“Our retailer clients are pleased at the quick ROI from return optimization,” said Tom Rittman, Vice President of Marketing at Appriss Retail. “Veras CheckOut 10.2 with Verify already integrated into the solution ensures that retailers will see benefits immediately. They need to manage only one implementation to address multiple business issues, and every day faster is money in the bank.”
About Veras Retail
Veras Retail builds innovative omnichannel solutions to connect with consumers at every point of decision. It starts at the store, providing fixed and mobile point-of-sale, retail CRM, omnichannel inventory, mobile selling tools, and seamless cross-channel execution. Headquartered in Phoenix, Ariz., Veras is focused on using technology to rapidly implement new solutions to foster positive, meaningful, and profitable omnichannel interactions between retailers and consumers. Veras powers more than 160,000 lanes in over 50 retailers around the world. Top clients include Office Depot, Kirkland’s, Floor & Decor, DKNY, Best & Less, and MEC. To learn more, visit verasretail.com and follow us on LinkedIn or Twitter.
About Appriss Retail
Appriss Retail, a division of Appriss Inc., provides artificial intelligence-based solutions to help retailers protect margin, unlock sales, and cut shrink. With more than 20 years of retail data science expertise, the company’s Software-as-a-Service (SaaS) platform generates advanced analytical insights and real-time decisions that drive action throughout the organization, including operations, finance, marketing, and loss prevention. Its performance-improvement solutions yield measurable results with significant return on investment among retail store, ecommerce, and inventory functions. Appriss Retail serves a global base of leading specialty, apparel, department store, hard goods, big box, grocery, pharmacy, and hospitality businesses in more than 100,000 locations (brick and mortar and online) in 45 countries across six continents. For more information about Appriss Retail, visit https://apprissretail.com.