Retail and eCommerce companies are no strangers to market risk. Every time an item gets sold or shipped, there’s a risk of returns.
However, when companies fail to embrace a time-and-money-saving high-tech reverse logistics solution, (or at least seriously consider implementing one) they will never truly be able to compete with companies who are implementing innovative solutions into their supply chain and reverse supply chain strategies.
As Big Box retailers like Walmart, Target and Best Buy (and mammoth eTailers including, well, Walmart, Target and Best Buy and, of course, Amazon!) battle it out in the eCommerce wars, where does your company stand in its efforts to grow and succeed?
Regardless of your company’s size, today’s biggest risk is simply getting left behind. There are two ways to lose the high-tech-infused supply chain and reverse supply chain management race; you can cling to the same-old or you can bet on the wrong technology. Either way, game over.
Simply put, if there was ever a time Survival of the Fittest was in play, it’s now. The big players are gearing up with the latest in product returns management solutions to deal with all aspects of the supply chain and reverse supply chain logistics. Using everything from automated systems to artificial intelligence, machine learning and the Internet of Things, supply chain sophistication is growing exponentially across the marketplace.
Consider the ever-compounding challenge posed by returns management. While many companies chalk the billions of dollars of annual returns up to the cost of doing business, several of the largest players in the eCommerce marketplace have already begun to embrace the future of reverse logistics software.
Companies such as Walmart and Home Depot are maximizing profits by embracing goTRG’s business solutions and AI-powered R1 SaaS platform for omni-channel and supply chain.
Instead of leaving money on the table or, often more appropriately, throwing it in the dumpster, these retailers/eTailers are getting the highest recovery of net costs, said Sender Shamiss, CEO of goTRG.
Moreover, size doesn’t matter but innovation does. Leveraging new return software at any point in the supply chain is important. In fact, if you aren’t prepared to embrace innovative reverse logistics solutions, you may want to consider leaving the game.
In a recent Forbes article, Jon Lindekugel, senior vice-president of 3M Supply Chain, said the new wave of supply chain solutions fueled by innovative product returns management technologies allow adopters to “advance nearly every supply chain function from the factory floor to store shelves. The payoff will be a renewed focus on customer satisfaction, and improved efficiency, transparency and sustainability results.”
Speaking of sustainability, goTRG’s reverse logistics software is helping to reduce product returns that are typically sent to landfills. Without reverse logistics software many companies opt to toss returns rather than attempt to maximize recovery.
“We are proud of the way our technology solutions are helping to make the world a better place by having a significantly positive environmental impact,” added Sender Shamiss.
For organizations that have yet to invest, or have underinvested in supply chain technology. Such as reverse logistics software, it will become increasingly difficult to remain competitive. If you are “lost in a fog of spreadsheets and/or multiple IT systems” as IBM’s consumer industries chief technology officer, Tony Morgan, recently said in a Retail Week article, you are at an extreme risk of losing the race.
So, at the end of the day, doing nothing isn’t really an option. Perhaps a conversation or two is in order. Start the discussion. In today’s marketplace, your company’s success depends on your ability to know your supply chain and reverse supply chain logistics and operations, set priorities and choose the product returns management solution that will have staying power.
Learn more about how goTRG can help you leverage the right technology for today’s supply chain challenges.
