Retailers face significant challenges due to merchandise returns, resulting in an estimated annual loss of $212B in the US, according to the National Retail Federation. Approximately one in five products purchased online is returned, with 30% of those items being in unsellable condition.
Arrive Recommerce is taking on this issue with a platform that helps retailers efficiently resell returned items. The company's software assigns a unique serial number to each returned item, enabling retailers to store data on its condition and corresponding price, facilitating resales in their storefronts. By reducing waste and increasing resale success rates, Arrive has achieved a remarkable 430% revenue growth compared to the previous year.
Arrive has recently secured funding from various investors which it will use to grow its team, scale its technology and expand its customer base. The company has also recently launched the Arrive Recommerce Operators Consortium, collaborating with prominent operators and retailers like Maersk and DHL to promote the adoption of recommence management technology worldwide. The company's strategic approach positions it for continued success in driving innovation and reducing waste in the retail industry.
Steph
Company Specialist at Welcome to the Jungle