UPS And Optoro Form Strategic Alliance To Enhance Retail Reverse Logistics Services
- UPS enhances retail solutions portfolio by investing in Optoro.
- More than 1.3 Million packages to be returned with UPS on National Returns Day.
UPS (NYSE:UPS) has formed a strategic alliance with Optoro, providing a one-stop shop solution for retailers and manufacturers to optimize the transportation and disposition of returns and excess inventory. The companies’ joint reverse logistics solutions combine UPS’s operational and logistics expertise with Optoro’s software platform that maximizes recovery value and reduces environmental waste.
Founded in 2010, Optoro is a technology company that helps retailers and manufacturers manage, process and sell returned and excess inventory. Using comprehensive data analytics and multi-channel online marketing, Optoro’s software platform determines the best path for each item, maximizing recovery and reducing environmental waste. Optoro brings an innovative approach to the traditional liquidations model, simultaneously leveraging marketplaces to efficiently sell returned and excess goods across major digital platforms that include Amazon, eBay and Optoro’s own BLINQ.com and BULQ.com retail websites.
“We’re here to help retailers and manufacturers simplify returns management and unlock the full value from their reverse logistics programs,” said Alan Gershenhorn, UPS Chief Commercial Officer. “Optoro is an excellent complement to UPS’s existing portfolio of retail services that optimize the flow of goods, information and funds.”
“Retailers are facing a growing number of challenges, with the rise of customer returns being one of the most prominent, totaling over $260B in value annually in the U.S.” said Tobin Moore, co-founder and CEO of Optoro. “We’re excited to partner with UPS to couple our innovative technology platform with their world-class logistics services to offer the retail industry a best in class solution for this problem.”
The alliance was announced leading into UPS’s National Returns Day and post-holiday returns week. UPS’s busiest day of the year for returns will be Thursday, January 5, when holiday shoppers use UPS to return more than 1.3 million packages to retailers and manufacturers. More than 5.8 million packages will be returned with UPS during the first full week of January 2017. In 2016, shoppers returned more than 1 million packages on UPS’s National Returns Day and more than 5 million packages during the company’s peak returns week.
UPS recently invested in Optoro through the UPS Strategic Enterprise Fund. Terms of the transaction were not disclosed. Investments made through the UPS Strategic Enterprise Fund help the company better understand new technologies and develop new business models in the rapidly changing retail business environment.
One of the core goals of both UPS and Optoro is to minimize the impact that returns has on the environment. UPS is consistently named to the Dow Jones Sustainability Index and one of Corporate Responsibility Magazine’s 100 Best Corporate Citizens. Optoro was a winner of the World Economic Forum’s Circular Economy Award as well as the U.S. Chamber of Commerce’s 2016 Corporate Citizenship Award for Best Environmental Stewardship.
UPS offers technology-driven services that help retailers deliver the experience shoppers desire, including:
- UPS My Choice® provides convenient delivery options that fit busy lifestyles. More than 31 million people worldwide use the service to manage when and where their residential deliveries arrive;
- UPS Access Point™ locations offer secure, convenient delivery and returns through more than 25,000 local retailers, secure lockers, and The UPS Store® locations in North America and Europe;
- UPS Print Return Labels can be included in outbound shipments to simplify the returns process;
- UPS Electronic Return Labels can be emailed to consumers directly from UPS to improve their returns experience;
- UPS Returns Plus allows the merchant to send a driver to deliver a return label and pick up the return package from any address; and
- UPS Returns® Exchange is when a driver simultaneously picks up the return item in exchange for the replacement item delivery.
UPS (NYSE: UPS) is a global leader in logistics, offering a broad range of solutions including transporting packages and freight; facilitating international trade, and deploying advanced technology to more efficiently manage the world of business. Headquartered in Atlanta, UPS serves more than 220 countries and territories worldwide. The company can be found on the web at ups.com® and its corporate blog can be found at longitudes.ups.com. To get UPS news direct, visit pressroom.ups.com/RSS or follow @UPS_News.
About the UPS Strategic Enterprise Fund
The UPS Strategic Enterprise Fund is the private equity strategic investment arm of UPS. Established in 1997, the Fund is a corporate venture capital group that focuses on innovation, developing critical partnerships and gaining knowledge returns from its investments in technology companies and emerging market spaces.
Optoro is a technology company that is transforming the way the nation’s leading retailers process and sell their returned and excess inventory. Through its use of comprehensive, world-class data analytics and multi-channel online marketing, Optoro’s software platform determines the best path for returned and excess goods, maximizing recovery value, enabling consumers to get great deals, and reducing environmental waste. Optoro, BLINQ, and BULQ are trademarks of Optoro, Inc. and may be registered in certain jurisdictions. For more information, please visit www.Optoro.com and follow us on twitter at @optoroinc.
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