#Another word for reverse logistics how to

Salable Goods A part of assembly authorized for sale to final customers through the marketing function. Safety Stock The inventory a company holds above normal needs as a buffer against delays in receipt of supply or changes in customer demand. Though safety lead time is used in the ordering calculation to determine when you need to order something, it is excluded from the calculation that then determines the вЂњrequested dateвЂќ for the order. For some, it will mean the difference between staying afloat and going out of business.S Safety Lead Time a means of adding some time to your lead time as part of your ordering calculations. With soaring return rates, piles of overstock and greater demand to squeeze margin out of every area of the business, itвЂ™s time for retailers to invest in tech-based programs for reverse logistics. retailers, but it took us over eight years to hit that milestone. For example, the company I work for provides tech-based solutions for nine of the top 10 non-food/pharmacy U.S. The technology exists and works, but up until recently adoption of these types of solutions has been slow.

Not only does this help the retailer make more money on its liquidation inventory, but it also promotes a direct sales channel between the retailer and secondary market resellers, allows for a faster sales cycle and eliminates unnecessary transportation, touch points and landfilling of the goods. These are buyers who are interested in all products of varying conditions (even salvage). Instead of a guy pulling up in his truck, the merchandise is sold through an online auction platform directly to thousands of business buyers across the globe. Many retailers are also starting to incorporate technology-based programs to more efficiently sell merchandise slated for liquidation. Another app, Shyp, allows the customer to compare shipping options and choose the easiest way to return their purchase.ДЇorbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Returnly is an app that facilitates the return of a product and provides an instant refund to the consumer. Apps that specialize in helping retailers manage online returns are also hitting the market. This automated process allows retailers to quickly process and track merchandise, boosting efficiency and helping to keep items out of landfills. For example, there are SaaS inventory management solutions that, based on data, determine the best channel for an item once it returns to the warehouse (refurbish, reroute, liquidate, scrap). The good news is that technology is slowly chipping away at this age-old industry, with both solution providers and retailers embracing and applying it to their reverse-logistics programs. IвЂ™ve walked out of many meetings where conference tables are littered with handwritten notes wondering, вЂњHow am I going to get that guy online?вЂќ The learning curve for some is slow - this is especially true in reverse logistics,В where fax machines, landlines and physical spreadsheets rule.

#Another word for reverse logistics how to

Education on how to physically leverage the technology is key, albeit challenging. The real challenge is getting people to understand the technology offering and how to use the technology itself.

Due to brand concerns, many companies choose to shred, incinerate or throw away items they canвЂ™t sell as new 'A-stock.'ДЄs a technologist, I believe that technology is the answer for this problem, and thatвЂ™s why IвЂ™m working to bring solutions that promote efficiency and automate the reverse logistics process.

ItвЂ™s crazy to think that 95% of this merchandise doesnвЂ™t go back on the shelves but instead ends up sitting in a warehouse, taking up space, costing money and depreciating in value until someone decides to do something about it. retailers in 2015, with another $123.4 billionВ having been pulled from shelves or deemed excess.В Globally, returns and excess inventory cost retailers $1.75 trillion annually. But with skyrocketing return rates and record amounts of overstock - due to relaxed return policies, the spike in e-commerce (which brings higher return rates) and fickle buyer behavior - tech adoption is critical in the reverse logistics industry.ДЄround $260 billion in merchandise was returned to U.S. ItвЂ™s an old-school, messy, awkward stepchild of an industry - a place where the sun (and technology) definitely doesn't shine.

I work in reverse logistics, which is how retailers manage the flow of returned and excess merchandise. This is why I find working to bring technology to the 'others' so interesting - and necessary.