The Retail Equation Receives Patent For Systems And Methods Of Data Collection At Point Of Return
The Retail Equation, the industry leader in retail transaction optimization solutions, recently announced that the company has received an important patent from the United States Patent and Trademark Office (USPTO). The newly patented technology allows for streamlined customer data collection and return authorization at the point of return, and solidifies The Retail Equation as the industry forerunner in return optimization methods that reduce fraudulent and abusive activity at the retail return counter.
The recently allowed patent number 7,455,226, titled "Systems and methods for data collection at point of return," covers a wide variety of data collection technologies for use in processing merchandise return transactions requested by a customer. The obtained data can be used, in conjunction with supplemental stored data, in a return authorization system, helping a retailer decide whether to accept or deny a return. In addition, the collected data can be used to issue a warning to the customer about restrictions and limitations on future returns.
"Receiving this technology patent affirms our leadership position in delivering real-time solutions that reduce return fraud for the retail industry and demonstrates our commitment to providing the best possible financial results for our clients," said Mark Hammond, CEO of The Retail Equation. "With this innovative technology, retailers benefit from improved net sales, reduced shrink, minimized fraud and stronger profit margins."
This is the second patent awarded to The Retail Equation in the area of fraud prevention, the first being patent 6,016,480, titled "Merchandise return fraud prevention system and method." The company has an additional five patents pending at the USPTO. These patents extend The Retail Equation's intellectual property into broader areas such as targeted incentives (rewards) at point of return, physical holders of such incentives and warnings at point of return.
The Retail Equation's Verify-1 software system is designed to identify return fraud and abuse, a $15.5B per year problem in the United States. As customers return merchandise, Verify-1 compares variables such as return frequency, dollar amounts and/or time against a set of statistical models and rules that form that particular retailer's return policy. It is designed to distinguish and deter the one percent of consumers whose behaviors mimic return fraud or abuse.
About the Retail Equation
The Retail Equation, headquartered in Irvine, Calif., is the industry leader in retail transaction optimization solutions. The company's applications use statistical modeling and analytics to predict consumer behavior, and its software-as-a-service delivery enables retailers to achieve significant and measurable return-on-investment. Its solutions are operating in over 12,000 stores in North America, supporting a diverse retail base of specialty, department, sporting goods, auto parts and more. The Return Rewards solution creates sizeable incremental sales at the return counter, while also building customer loyalty. Both Verify-1 and Receipt Verification prevent fraudulent and abusive returns, reducing return rates and saving millions of dollars annually for retailers. For more information, visit www.theretailequation.com.
SOURCE: The Retail Equation