Copilot.CX Unveils Product Returns Mitigation Predictive Engine
Copilot.CX launches the Product Returns Mitigation prediction engine that enables manufacturers to foresee and address device setup difficulties.
FREMONT, CA: Copilot.CX, the first cloud-dependent IoT solution to engage consumers directly with electronics manufacturers after a purchase, recently unveiled its Product Returns Mitigation predictive engine. The software enables manufacturers to foresee and address device setup difficulties for the first time using IoT-driven consumer engagement data. Vendors and channel partners, such as retailers, e-commerce marketplaces, and distributors benefit from the feature because product returns are reduced.
According to regular alerts about the upcoming holiday product shortage, the global supply chain problem will extend more into the holiday season and beyond. Inflation augments firms throughout the Consumer Goods and Electronics (CE) supply chain, from manufacturers to distributors to retailers.
"Anticipating this pandemic-driven crisis as early as Q2 of 2020, we have dedicated the past year to perfecting this Engine, which allows our customers to rapidly decrease US retail product return rates by 7-10%," said Copilot.CX Co-CEO Frank Zvi. "While it isn't possible to stop the entire crisis at this point, we are trying to set an example for other technology providers out there. Like us, they need to switch gears immediately to figure out how their solutions can intelligently help customers financially vs. just technically. Companies are bleeding money or, even worse, closing due to these insane global inflation prices. Reducing returns can lead to thousands to millions of dollars in Gross Profit Margin gains."
According to an Accenture survey, 68 percent of returns are classified as No Fault Found (NFFs), with 65 percent occurring during the unboxing and installation stages. Additionally, Juniper Research found that the average IoT customer encounters 1.5 performance issues every day. This relatively insignificant quantity usually results in a large number of product returns. Within 24-48 hours after unboxing, the Copilot. CX Product Returns Mitigation Engine reverses these NFF non-issues and eliminates usage difficulties in real-time for every consumer.
"Weve discovered that most product returns and bad reviews for smart home appliances happen in the first 12 minutes of using the product," said Co-CEO Tsiki Naftaly. "For example, when connecting a smart Wi-Fi device, most consumers automatically choose 5GHz Wi-Fi. However, many smart devices will work only when connected to a 2.4GHz Wi-Fi frequency. Although this instruction is included in a quick reference guide and might be very clearly written on Amazon, few tend to read the manuals, and unnecessarily, customers end up with the hassle of returning products."
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