How to turn your Lost & Found into a Profit Center

Running auxiliary departments and services cannot only be time-consuming, but also costly. Nevertheless, they are essential for everyday customer service and customer loyalty. Lost and Found is a perfect example of one of those services.

At first glance, your Lost and Found may seem like a drain on your resources. You have to account for staff, storage, shelving, materials, and more. To counteract, there are two general measures to take, mainly reducing your costs and increasing your revenue.

The easiest step to counter your costs is investing in a solution that frees your resources through automation and digitization, making your operations more efficient and therefore less expensive. Professional Lost and Found solutions are capable of assisting in multiple categories.

Once highly labour-intensive processes become as easy as a click of the mouse thanks to cleverly utilized technology. Here are just some examples of how time can be saved by up to 90 % compared to working manually:

• Image Recognition → Uploading pictures, taking snapshots with the webcam, or live video is enough for the system to identify and categorize found items
• Smart Matching → Owners of found items are automatically identified
• Shipping and Handling → Shipment provider of your choice picks up and delivers the package
• Customer Service → Chatbots, follow-up emails, IM notifications, …
• Payment → Instant electronic payment
• Bookkeeping → Taking care of all associated micro-transactions
• Dynamic Storage → The systems “knows” where the item can be placed right away
• Paperless → Save time, waste, and clutter all thanks to new digital workflows
• Unclaimed Item Management → Disposal, donation/charity, auctioning, …

And more (for a comprehensive list, check out www.lostandfoundsoftware.com/compare)

Automation does not only dramatically reduce the workload of staff e.g. by reducing incoming calls and emails — it also enables your Lost and Found crew to spend more time on investigating ambiguous cases, in turn increasing your return rate even further.

Additionally, automation improves the digital customer experience by allowing your customers to independently submit their lost item reports, add or edit details later on, choose their preferred delivery and payment method, pick up their found items and much more. Proactive service e.g. through automated sequenced emailing or predictive measures (such as incorporating Lost and Found into your newsletters, customer brochures, homepage etc.) go a long way in terms of service and recognizability — almost as far as being able to return the lost item! After all, customers who had the best experiences spend 140 % more than those who don’t. At the same time, 86% of customers will cease patronizing a business because of a bad experience. So make sure you choose the best solution to increase your return rate.

To make it even easier for your customers, we further recommend implementing an easily accessible and dedicated Lost and Found section on your website that can be found quickly in the heat of the moment it’s needed. Reach out to your Lost and Found Software provider if you want assistance or advice with setting up your landing page or implementing the customer form.

Read more on our medium.com blog: https://medium.com/lost-and-found-software/improve-customer-satisfaction-lower-costs-c66630a34242

On average, every found item costs the organization finding it around $60. Costs include staff spending hours on filing found items, receiving customer inquiries, customer care, hotlines, storage, packaging, following up, etc.

An easy way to increase your Lost and Found profits is to join established partner programs. For example, revenue sharing models reward you for ever found item you return. With Lost and Found Software.com, you receive up to $3 for every found item returned using the provided Handling Gateway (easy to use payment and shipment portal).

Furthermore, the Software lets you choose if you want to be compensated for packaging, handling, shipping and other services you provide to your customers. From experience, customers gladly accept reasonable fees for safely finding, storing, and returning their personal property. Advantages of the Handling Gateway include being connected to over 10 of the world’s top shipping providers, access to all conventional payment methods (credit card, PayPal, bank wire, etc.), and customers always staying fully informed on the status of their item as well as their ability to choose their preferred payment and shipping providers.

Set yourself apart from competitors by treating Lost and Found as an excellent opportunity to retain your customers. Remember: Once their item is successfully returned, your company will also be a positive topic for word-to-mouth recommendations! And even if a customer’s item can’t be returned, with the right Lost and Found solution utilized in your customer service, your patrons will know that you did everything in your power to help them. With 24/7 service and frequent emails containing details, customers will always have their concerns taken seriously.

While a good solution makes your processes more efficient, a great solution like Lost and Found Software.com helps you save money and the environment at the same time. Take the important step to go completely paperless by embracing digital Lost and Found opportunities.

Acknowledging Lost and Found not as a cost center but as a sophisticated support strategy will not only increase your reputation. If realized intelligently, your cost center turns into a profitable part of your revenue strategy. Be sure to use automation options at your disposal and get in touch with Lost and Found Software providers in order to increase your service capabilities and maximize your operational excellence. They can also help train your staff to regard Lost and Found not merely as “managing lost items”, but as an essential part of customer retention and company success. And while you’re at it, review every step of your Lost and Found process and utilize the abundant possibilities to decrease costs and open new revenue streams.

Reach out to Lost and Found Software.com for assistance.