New technologies help retailers and brands delight shoppers and drive loyalty, while reducing costs, growing revenue and enabling circularity
In the past year, Optoro surpassed 200 million returns processed by its enterprise-grade Returns Management System, which features new innovations like Home Pick-ups, machine learning for returns processing and personalized returns journeys
Washington, DC – March 19, 2024 – Optoro, Inc., the leading technology provider for retail returns, has been named to Fast Company’s prestigious list of the World’s Most Innovative Companies of 2024. This acknowledgement comes after a year of significant product and customer growth as retailers faced an all-time high of $743 billion in returns.
Optoro’s Returns Management System is a software platform that spans the entire returns lifecycle — from return initiation, return methods, shipping consolidation to dispositioning and ultimately restock and resale. In 2023, Optoro launched and scaled several new modules and functionality in its end-to-end returns management system, including: expanding Express Returns® with box-free, label-free consolidated Drop-offs and Home Pick-ups; personalized returns journeys; robotics integration for returns processing; and more. Retailers have used this solution to process more than 200 million returns and kept 95% of returns out of landfills.
“Our vision is to make every return simple and efficient through great technology so that we can make shopping easy and sustainable for everyone,” said Amena Ali, chief executive officer of Optoro. “In 2023, we made incredible progress in realizing that mission with our customers. We’re grateful to partner with brands and retailers committed to setting a new standard in returns for shoppers, reducing cost and waste, and enabling circularity at the same time.”
In 2023, Optoro:
- Partnered with leading retailers like Gap Inc, American Eagle, Steve Madden, Vineyard Vines, Tuckernuck, Best Buy, and Ralph Lauren to optimize the returns lifecycle.
- Diverted more than 8 million pounds of returns from landfills by giving retailers solutions to optimally manage and resell inventory.
- Expanded Express Returns Drop-offs and introduced an industry-leading Express Returns Home Pick-ups service across 36 markets, significantly enhancing the convenience of returns and exchanges for shoppers, and consolidated shipping for retailers.
- Enhanced its robotics APIs, adding Locus Robotics to their roster alongside other leading AMR (Autonomous Mobile Robot) providers.
- Introduced advanced analytics and machine learning technology that enables personalized returns experiences.
Optoro is honored as one of Fast Company’s most innovative companies in retail. For more information about the end-to-end returns management system, visit Optoro.com. More details about Optoro’s progress in the past year can also be found in its annual impact report.
About Optoro
Optoro is a fast-growing software company revolutionizing the retail industry with cutting-edge returns solutions for retailers, brands and third-party logistics providers (3PLs). Optoro’s modular Return Management System (RMS) orchestrates and streamlines return processes from returns initiation to the next customer, helping businesses maximize savings and revenue from every return while maintaining industry leading customer satisfaction rates and enabling circularity. Optoro’s Returns Portal and Express Returns network enhance shopper convenience, reduce returns costs, and increase repurchase rates. Optoro’s Returns Processing software utilizes data and AI to reduce speed-to-stock times, eliminating backlogs. Trusted by the world’s leading retail brands like Gap, American Eagle Outfitters, Steve Madden, and Best Buy, Optoro is the preferred choice for turning returns into a strategic advantage.
Discover how Optoro is reshaping the future of retail returns at http://www.optoro.com/
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