PHOENIX--(BUSINESS WIRE)--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 10.2 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.
Bruce Herrier, Vice President of Veras Retail, said, “The balance between providing frictionless customer service and ensuring loss prevention has always been challenging for retailers. 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
Founded in 2008 as Zoftec LLC, Veras Retail builds unique and innovative software solutions to connect with consumers at the point of decision. It starts at the store, providing point-of-sale/mPOS, inventory, cross-channel execution and CRM applications. Headquartered in Phoenix, Ariz., Veras is focused on using technology to foster enjoyable, meaningful, and profitable interactions between retailers and consumers. Veras POS solutions power more than 130,000 lanes every day in over 50 retailers around the world. Learn more at verasretail.com.
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.