Reverse logistics is the process of moving goods from final destination and receiving returned products/ materials for proper disposal. Reverse logistics comprises of activities, which includes remanufacturing, redesigning, and refurbishing. Moreover, it also includes the process of returning merchandise/product due to damage, salvage, restock, and seasonal & excess inventory. Reverse logistics is associated with the reuse of products/merchandise. It includes the process of planning, implementing, and controlling the cost-effective, efficient flow of raw materials, inventory, final goods, or reducing the energy and pollution from transportation. Reverse logistics strategy is gaining friction point in the supply chain management owing to the rise in mobile and online commerce.
Reverse logistics play an important role in the retail and consumer electronics in order to let retailers deal with returns and process them efficiently. Retailers seek ways to offer hassle free multichannel returns to minimize fraud and abuse, as the process of moving goods from customers’ location to return centers, face number of challenges. The reverse logistics market is anticipated to expand at a considerable pace due to the introduction of blockchain technology in logistics industry. Advantages of blockchain technology includes increase in security, reduction in occurrences of fraud, data flow automation to improve efficiency and speed, increase in traceability/track ability, and reduction in paperwork and thus, reverse logistics is making the process and system efficient and economical through blockchain technology.
Rise in consumer demand for goods/products from various industries, such as automotive, medical devices, consumer electronics goods & products, packaging machines, and construction equipment, the manufacturing industries has gained prominence internationally and is subsequently rising the demand for reverse logistics. Growth of manufacturing industries and rapid industrialization in developing countries in South America and Asia Pacific are anticipate to drive the reverse logistics market during the forecast period. Additionally, surge in awareness, which the reverse logistics flows do not merely move the waste, but also goods that have an outstanding value that the company has and will progressively have in the near future to recover.
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The global reverse logistics market can be segmented based on end-use industry and region. In terms of end-use industry, the reverse logistics market can be categorized into packaging, consumer electronic, pharmaceutical, retail, and automotive. Based on region, the global reverse logistics market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is anticipated to dominate the global reverse logistics market, followed by North America and Europe.
Asia Pacific is expected to account for a major share of the reverse logistics market owing to reverse supply chain for spare parts and manufacturing industry and increase in the number of manufacturing companies in China, India, Japan, Taiwan, and South Korea among others. Moreover, the reverse logistics market in Asia Pacific is projected to expand at a rapid pace due to the evolution of electric and battery driven cars/ vehicles and increase in demand for reverse logistics in the automotive industry.