IRVINE, Calif. (February 26, 2013) – The Retail Equation, the industry leader in retail transaction optimization solutions, today announced it has received an important patent from the United States Patent and Trademark Office (USPTO) for its Return Rewards® solution. This newly patented technology helps retailers recover lost sales associated with merchandise returns and build customer loyalty at the point of return. After a return transaction, Return Rewards uses a consumer's purchase and return history to instantly customize an offer for that particular shopper, which provides an immediate incentive for them to continue shopping in that store, re-spending their refund dollars.
The recently approved patent number 8,355,946, titled "Systems and methods for determining whether to offer a reward at a point of return," covers computerized decision making systems that provide a reward, such as a coupon or instant discount, to a consumer making a merchandise return at a store. The computer system then applies predictive analytics to that shopper's purchase and return behavior to determine whether to issue an incentive and the conditions of the reward, such as value, expiration date, and other terms associated with an offer. The obtained data generates intelligent incentives to buyers who are returning merchandise in order to keep them shopping in that store after a return, enabling retailers to generate millions of dollars in new sales.
"This patent reinforces our leadership position and our continuous development of innovations to enhance the return process for consumers and retailers," said Mark Hammond, CEO of The Retail Equation. "With this solution, a consumer's return experience is improved and our retail clients benefit from enhanced customer loyalty, increased revenue and stronger profit margins."
This is the third patent awarded to The Retail Equation in the area of retail merchandise returns, the first being patent 6,016,480, titled "Merchandise return fraud prevention system and method," and second, patent number 7,455,226, titled "Systems and methods for data collection at a point of return." The company currently has two additional patents pending at the USPTO. These patents extend The Retail Equation's intellectual property into broader areas at point of return.
About The Retail Equation
The Retail Equation, headquartered in Irvine, Calif., optimizes retailers' revenue and margin by shaping behavior in every customer transaction. The company's solutions use predictive analytics to turn each individual shopper visit into a more profitable experience. This yields immediate financial payback, increasing store comps by as much as two percent, with significant return on investment. The Software-as-a-Service applications operate in more than 20,000 stores in North America, supporting a diverse retail base of specialty apparel, footwear, hard goods, department, big box, auto parts and more. For more information, visit www.theretailequation.com.