Reverse Logistics Market Likely To Touch At ,450.17 Billion By 2030: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on August 30th, 2023 San Francisco, 30 August 2023: The ReportReverse Logistics MarketSize, Share & Trends Analysis Report By Return Type (Recall Returns, Repairable Returns), By Service (Transportation, Warehousing), By End-user Industry, By Region, And Segment Forecasts, 2023 - 2030 The global reverse logistics market size is projected to reach USD 1,450.17 billion by 2030, growing at a CAGR of 9.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. One of the key factors contributing to the growth of the reverse logistics industry is the strict government regulations for product quality. One of the biggest threats faced by organizations is the risk associated with the quality of products. In addition to posing a serious threat to consumer safety, defective products can severely harm the organization's reputation and goodwill. According to the National Retail Federation, 10% of overall online purchases were returned by customers in 2018 in the U.S. Over the past decade, the return of products has increased significantly. A purchase made online is returned three times more frequently than one purchased in a physical store due to digital problems, customer behaviors, and evolving business models exclusive to e-commerce. The increasing use of advanced technologies such as Automation, Robotics and Augmented Reality (A.R.A.R.) has enabled e-commerce companies to excel in efficiency and reachability. An increasing number of consumers prefer online purchasing owing to benefits such as convenience, lead time, cost, and variety of choices. E-commerce businesses significantly depend on shipping and warehousing capabilities to transfer products from retailers or manufacturing units to end-users in a shorter lead time. Automation can be used to route customer return requests, create packaging and labeling materials, reduce wait times for returning items to physical stores, and offer customers the option to return orders by mail, among others. Companies can use robotic process automation to contact consumers once the return request is initiated or to complete the return process and efficiently audit all operations. Automation can provide transparency in the return process to ensure that customers are aware of the process once they raise a request for a return, exchange, or submit a warranty claim. Moreover, it prevents fraud in the returns process. The COVID-19 pandemic outbreak adversely impacted global supply chain operations. Logistics and transportation services encountered unprecedented challenges due to the pandemic. Lockdowns imposed in countries like the U.S., India, and the UK caused uncertainties in the movement of goods, placing strain on shipment companies. The logistics networks experienced disruptions due to supply and demand imbalances and reduced delivery capacity. Many nations encountered additional difficulties in their logistics activities owing to a limited workforce and reduced operational hours. However, the COVID-19 pandemic had a positive impact on the growth of e-commerce platforms. With physical stores closed during lockdowns, there was a significant increase in e-commerce sales. Notably, in 2020-2021, the pandemic led to e-commerce sales amounting to USD 219 billion in the U.S., according to Digital Commerce 360. The surge in online sales consequently resulted in a rise in product returns by consumers worldwide. Moreover, the limited movement of goods and restrictions imposed by state and international governments caused delays in returns and refunds during the pandemic. In addition, businesses increasingly utilize return policies to distinguish themselves from their competitors. Request sample report of Reverse Logistics Market@https://www.grandviewresearch.com/industry-analysis/reverse-logistics-market-report/request/rs1 Reverse Logistics Market Report Highlights
The global expansion of e-commerce businesses and the increasing frequency of returns and replacements of products have propelled the demand for reverse logistics services. Increasing product recalls due to strict government rules and product quality standards is expected to boost market growth. A competent reverse logistics solution has become essential owing to the expansion of e-commerce businesses worldwide. The demand for returning goods in a simpler way is increasing as the e-commerce industry/business is significantly expanding. Reverse Logistics Market Report Scope
List of Key Players in the Reverse Logistics Market
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