The Retail Equation, an Irvine, CA-based developer and marketer of retail transaction-optimization solutions, named Peter Greene vp/retail product sales to lead the expansion of TRE’s Return Rewards retail marketing product to branded manufacturers.
Return Rewards is TRE’s proprietary solution to assist manufacturers and retailers in driving incremental consumer sales at the point-of-return to recapture some of the estimated $264 billion in industry-wide retail sales lost to merchandise returns.
Greene joins The Retail Equation with more than 20 years of experience in managing information service businesses within various industries. Prior to joining TRE, Greene was a consultant with Sharper Insights Consulting Group providing insights into industry trends and go-to-market strategies. Previously, he was senior vice president for Durables Strategies at Nielsen. Earlier, he spent 17 years with the NPD Group where he served as president of the Consumer Electronics Division from 2006 until 2010. Greene also headed NPD’s housewares and small appliance division during his time with the company.
“We have worked closely with Peter throughout the last year on strategies to engage branded manufacturers in the Return Rewards sale cycle,” said Mark Hilinski, executive vp/business development and strategic accounts for The Retail Equation.
After a return transaction, Return Rewards uses a consumer’s purchase and return history to instantly customize an offer for that particular shopper with the goal of providing immediate incentive for to continue shopping in that store and re-spending refund dollars. With the expansion of Return Rewards, manufacturers now have the ability to communicate directly with their consumers, or consumers of competitive brands, in the store at the point-of-return and provide them with customized messages and incentives, according to TRE.
“Through Return Rewards, we are able to present different offers to specific sets of consumers based on numerous variables, including geography and the product being returned. We also have the ability to integrate clients’ existing segmentation information to ensure their best customers are being incentivized to take those return dollars and spend them in the same retail location,” added Greene. “We believe this will drive significant new purchases for both our retailer and manufacturer clients.”