Reverse Logistics Market is set to Fly High Growth in Years to Come | DB Schenker, The Deutsche Post AG, FedEx Corporation
Reverse logistics is the process of moving goods from final destination and receiving returned products/ materials for proper disposal. Reverse logistics comprises of activities, which includes remanufacturing, redesigning, and refurbishing. Moreover, it also includes the process of returning merchandise/product due to damage, salvage, restock, and seasonal & excess inventory. Reverse logistics is associated with the reuse of products/merchandise. It includes the process of planning, implementing, and controlling the cost-effective, efficient flow of raw materials, inventory, final goods, or reducing the energy and pollution from transportation. Reverse logistics strategy is gaining friction point in the supply chain management owing to the rise in mobile and online commerce.
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Reverse logistics play an important role in the retail and consumer electronics in order to let retailers deal with returns and process them efficiently. Retailers seek ways to offer hassle free multichannel returns to minimize fraud and abuse, as the process of moving goods from customers’ location to return centers, face number of challenges. The reverse logistics market is anticipated to expand at a considerable pace due to the introduction of blockchain technology in logistics industry.
Advantages of blockchain technology includes increase in security, reduction in occurrences of fraud, data flow automation to improve efficiency and speed, increase in traceability/track ability, and reduction in paperwork and thus, reverse logistics is making the process and system efficient and economical through blockchain technology.