The 21st century is a slave to modern technology and a prime example of the same would be the chokehold, the phenomenon of online shopping has on our generation. You must have shopped online countless times in your life, however, how many times has it happened that you were not satisfied with what you had bought and hence ended up returning the product. Usually, once we receive an exchanged product or a refund after returning the original product, we do not pay much heed to the return process, however, companies put up an extensive and elaborate system to operate their return and exchange departments smoothly. This is known as reverse logistics.
What is reverse logistics?
Worldwide, the returning of goods in itself is a multi-billion-dollar industry that generates hundreds of thousands in revenue. The key to this industry and what business owners and shipping agencies use while processing the return of an order is known as reverse logistics. This tracks down the chain that was followed while delivering the product, in hopes of regaining the value of the product, when it reaches back the reseller or a new customer. It starts at the consumer’s end and differs greatly from the traditional tracking method. Any leases or refurbishments are also dealt with under this process only.
In a nutshell, reverse logistics is a crucial part of each and every online business and is even the primary income source for certain people who rely or work in the online return and exchange industry.