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Join us for an insightful webinar featuring our fantastic partner and entrepreneur, Daniel Carlson, from LIKELIHOOD Seattle! Daniel will be sharing his journey on building strong customer relationships and how Likelihood has become THE streetwear/sneaker retailer in Seattle. In this webinar, we will delve into the rollercoaster ride of the sneaker industry, from all sneakers selling out instantly to the cooling of the resell market. Daniel will also share his strategies for preventing bad actors and developing meaningful, authentic relationships that have helped accelerate Likelihood's success despite the dip in the resell market! 🗓️ Date: Wednesday, July 24  ⏰ Time: 10:00AM PST or 1:00PM EST Don't miss out on this opportunity to learn from one of the best in the industry. Register below:

🚀 Check out the latest edition of our Yofi newsletter! 1️⃣ The “Return King of Miami” Charged! Matthew Frederic Bergwall, a 21-year-old former University of Miami student, has been charged with orchestrating a multi-million dollar fraud scheme. This highlights the ongoing battle against return fraud in retail. 2️⃣ Boosting Sales & Reducing Returns Yofi’s magic is working! We've helped an apparel and footwear brand increase their Average Order Value by 35%, while reducing returns by 5% and customer support tickets by 12%. 3️⃣ Amazon Fixing Potholes? Prankster Oobah Butler found a creative use for Amazon's return policy by filling potholes with cement and returning bags of sand! A quirky reminder of the impact of return fraud. 4️⃣ Sneaker Drop Fumble New Balance and Action Bronson’s sneaker release was gobbled up by bots, leaving fans disappointed. Less than 1/10th of bot orders were canceled, proving bots are still a big challenge in the sneaker world. Stay tuned for more updates and insights from the world of retail and e-commerce! #ecommerce #bots #fraud #returns

Managing product returns is critical for retailers, with 14.5% of all retail sales, or $743 billion, returned in 2023 according to the National Retail Federation. E-commerce returns are even higher, ranging from 20-30%. These returns impact profitability and drive the need for new strategies. In our latest blog post, we dive deep into: - The true cost of returns and their impact on profitability. - Direct and indirect costs associated with returns. - The rising issue of return abuse and fraud. - Dynamic strategies for managing returns efficiently. Retailers face a delicate balance between maintaining margin expansion and ensuring a positive customer experience. At Yofi, we understand these challenges and offer solutions to help retailers navigate this complex landscape. #returns #retail #ecommerce

Tackling returns has always been a challenge for retailers, but with bots now facilitating the process, it has never been easier than ever to make returns for legitimate customers. However, this also opens the door for increased return abuse, as bad actors integrate generative AI and other innovative technologies into their exploitative practices. Retailers must innovate to protect their customer experience and profitability!

As the convenience of food delivery grows, so does the challenge of refund scams. Unwarranted refund claims are not just a financial hit—they're undermining the trust between restaurants, delivery services, and genuine customers. Restaurant owners are sharing their struggles with bad actors exploiting the system, it's clear: the integrity of food service delivery is at stake. We dive into the real impact of these scams and explore the dilemma for restaurants relying heavily on delivery services.

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During the 2023 Holiday Season, the National Retail Federation estimated 16.5% of total returns were fraudulent, leading to $24.5 billion in losses.  Traditional approaches of tightening return policies and manual reviews, the traditional return abuse mitigation strategy often harms the honest majority and jeopardizes customer loyalty. We are excited to announce Yofi Dynamic Returns, an innovative approach to tackle return abuse without compromising the customer experience. Our real-time detection and clustering technology maps all associated identities into a single cluster with statistics and explanations of intentionality, enabling customers to create customized policies for abusers on their return platforms by applying a tag within the Yofi Portal: In-Store Returns Only: saving $100,000s monthly on shipping costs by forcing select return abusers to return in-store for a Multibillion Apparel Brand. Issue Only Store Credit: keeping 2% of revenue within the brand ecosystem for a Streetwear Retailer by allowing store credit only for bad actors. Rejecting Returns from Known Serial Abusers: prevent return abusers that have fraudulently claimed item not received, stolen, or sent back packages with rocks or counterfeit items for a Fast Fashion Brand. Check out our blog in the comments for more details about Dynamic Returns! #ecommerce #returns #shoptalk2024  

Huge scandal brewing amongst the Los Angeles Golfing Community! Los Angeles Public Golf courses are notorious for never having tee times available, leaving golfers frustrated. Dave Finks exposes a network using bots to monopolize and resell premium golf tee times, revealing the hidden side of tee time accessibility. Dive into the full story below! #golf #reseller

Thanks to Solveig Godeluck and Les Echos for highlighting Yofi as one of the companies helping retailers tackle the massive issue of returns! We see that ~1% of total customers contribute 15% of total returns, with many of these individuals abusing generous return policies. Retailers need help with the dilemma of providing customer-friendly policies, including free returns, while also managing the financial and logistical challenges of high return rates. This is where Yofi comes in - our real-time detection helps retailers create dynamic policies to prevent retail abusers by focusing on understanding customer intentionality and segmenting bad actors. Let us know if you want to learn to reduce your return rate by 8% overnight! #returns #retailshrinkage #nrf2024