goTRG is proud to be recognized on Fast Company’s distinguished list of the World’s Most Innovative Companies for 2021.
Our team applied for the first time this year, and we are humbled to be recognized–especially at a time when so many businesses faced strife and uncertainty.
Fast Company’s list credits businesses that have been resilient through the pandemic, while transforming challenges into impactful solutions. Companies like goTRG did more than survive, we flourished—continuing to disrupt the market with new technologies and services, while exceeding our growth goals and influencing others in our industry. This year’s MIC list features our company on a list of 463 businesses from 29 countries.
“It’s an honor to be recognized for our commitment to enhancing and innovating returns in a way that allows businesses to not only produce better financial outcomes for returned or distressed inventory, but to make the most environmentally sound decisions while doing so,” said Sender Shamiss, Co-Founder and CEO, goTRG.
How goTRG impacted retail returns
“As a result of the digital acceleration brought on by COVID-19, more purchases are being made through ecommerce, which translates to more returns. These return rates will only continue to grow, leading to the demand for even more innovation in reverse logistics...” said Shamiss.
The pandemic sparked an undeniable digital shift that led to significantly more ecommerce purchases and returns. As a result, retailers needed agile returns management partners who could quickly pivot to help them manage the changing landscape. We were that partner–helping retailers drive higher recoveries and eliminate waste in the process.
During this unprecedented year, our team developed an app that launched in thousands of retail stores simultaneously. Our vision was to create a Returns Automated Disposition app (RAD) that made more intelligent decisions about returns as early in the reverse supply chain process as possible. Using the world’s most extensive private catalog that we’ve built over the past decade of 100M+ UPCs, RAD seamlessly determined every item’s most profitable resale path. As a result, it eliminated unnecessary touch-points, human error, and transportation costs.
Part of our returns management solution includes refurbishment services. Every year, we refurbish millions of electronics, including brands like Apple, Dell, Lenovo, and LG. In the past, retailers had limited options and would throw away or liquidate open-box items, but refurbishing and reselling them is always more profitable. This year, we grew our capabilities to provide even more opportunities to recover profits from things that can’t be re-shelved or returned to the vendor.
In the end, our efforts helped retailers recover nearly 60% more profits from costly returns while adding 2-4% of additional revenue to their bottom line. Overall, goTRG helped our partner organizations recover well over $2 billion in value.
Why Fast Company recognized goTRG
Fast Company’s editors and writers choose us because goTRG is one of the world’s most groundbreaking businesses and industry influencers. The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial pursuits of the year. It provides a snapshot of the future of innovation across the most high-powered sectors of the economy. We are so grateful to be featured in their roadmap.
“In a year of unprecedented challenges, the companies on this list exhibit fearlessness, ingenuity, and creativity in the face of crisis,” said Fast Company Deputy Editor David Lidsky.
For so long, returns were simply a cost of doing business for retailers. But when the pandemic struck, retailers could no longer ignore the giant elephant in the room. That’s why we optimized the RAD app, grew our refurbishment capabilities, hired thousands of new employees, and opened three new reverse logistics centers.
In 2019, we refurbished about millions of items and processed nearly 80 million. In 2020, we processed over 100 million items. This growth is vital to keep moving the retail industry forward in the direction of profitable and sustainable returns.