The product return process has long been neglected at companies, written off as a necessary expense that adds no value. The returns function and any process related to it is often given the bare minimum of time and consideration. Typically, once an item is returned, it's thrown into the back of a warehouse and forgotten about while a new product was shipped to the customer.
Whether it's a toy, automobile, medical device or food item, not a day goes by without news of another product recall. Unfortunately, recalls are a reality of the global economy and it truly is a matter of when, not if, a company will be impacted by one. Navigating a product recall tests customer relationships, puts pressure on the supply chain, affects sales and can paint brands in an unfavorable light. Given the serious nature of these and other recall execution challenges, it's critical that organizations have a recall plan in place long before an event occurs.
Lack of innovation over the past few decades around how organizations approach disposing of their returned, excess and obsolete inventory has resulted in billions of dollars lost and can no longer be left to inefficient, reactive or outdated methods.
A report from The Boston Consulting Group and the World Gold Council analyses the economic drivers of the global gold recycling market and highlights important future industry trends, including a shift in concentration of gold recycling from west to east, increased difficulty in obtaining gold from electronic products as less is used in modern devices, and potential consolidation within the recycling industry across the entire value chain.
Retailers are moving away from liquidating outdated inventory for a set price of pennies on the dollar, says Jeremy Witte, COO of Genco Marketplace. Instead they are looking to partners to maximize liquidation returns through a network of secondary merchants.