parcelLab, a premier global provider of post-purchase experience software, has announced the launch of parcelLab Returns Forecast AI. The new tool leverages AI to estimate inbound parcels for retailer warehouses, allowing retailers to forecast returns volumes and identify trend changes more accurately, better plan warehouse resources, reduce processing times and operational costs. Returns Forecast AI is purpose-built for retailers to strengthen their ability to anticipate and mitigate the financial impact of returns, providing more stability.
Today’s warehouse managers and logistics specialists have limited or poor visibility into returns and are unable to incorporate peak seasonality and historic data patterns into their forecasts. parcelLab’s Returns Forecast AI allows them to replace manual, error prone inbound forecasting processes with data-driven AI insights to enhance resource planning, drive operational efficiencies and improve financial forecasting.
Operationally, the ability to accurately predict returns can lead to substantial cost reductions by optimising staffing levels and minimising the costs associated with returned inventory such as transportation, handling and processing costs. The tool generates a predictive returns analytics report so retailers can proactively plan to avoid over- or understaffing, incorporating custom peak and sales periods into their forecasting to optimise utilisation during lower workloads and avoid additional payments during peak seasons. Returns Forecast AI also enables better revenue forecasting and planning as retailers can anticipate return volume, understand reasons for returns and identify product improvements to reduce future returns.