In the future, you will know the source of every component in the products you use or manufacture, how it was produced, the energy consumed in its production, perhaps even who will own it next through the reverse chain, and how much they will pay you for it.
This is the natural, inevitable outcome of combining circular economy principles with digitization technologies. Economically, environmentally, and socially, the logic of this is undeniable.
Only our unwillingness to change stands in the way.
We are in the midst of a digital transformation in which technology is helping businesses, entire industries and countries to enable, differentiate and fundamentally define their strategies. This is driving a tremendous amount of innovation and economic growth, while also creating unprecedented challenges as resource and energy consumption increase.
As customers continue to shop online the demand on the reverse logistics role—particularly the process of managing returns—will skyrocket.
It’s the same story; customers want more and more. And, it’s time for businesses to really consider the facts. “The global reverse logistics market is forecast to hit US$603.90 billion by 2025, and businesses can save millions of dollars if reverse logistics management is implemented and done properly.
With the expansion of the e-commerce industry emerging in parallel with the closure of many brick-and-mortar stores, retailers can expect to see a hike in return goods once the reopening of the sector begins,”reports Tech HQ.
Clearly, more companies need to go back to basics and ask what is reverse logistics’ role in the top trends of the supply chain?
If you think to optimize reverse logistics isn’t relevant to your business, think again. The global reverse logistics market is expected to reach $604B in the next 5 years, according to Tech HQ.
The combined growth of eCommerce sales and closure of many retail locations led to a recent massive increase in volume of returns. If managing returns and reverse logistics was difficult before, now it has become a critical operational issue that retailers, logistics providers, distributors and supply chain executives cannot ignore.
Is your business ready for returns and reverse logistics at scale? How can you optimize reverse logistics?