MIAMI, March 11, 2021 /PRNewswire-PRWeb/ -- goTRG has been named to Fast Company's prestigious annual list of the World's Most Innovative Companies for 2021.
The list honors the businesses that have not only found a way to be resilient in the past year, but also turned those challenges into impact-making processes. These companies did more than survive, they thrived—making an impact on their industries and culture as a whole. This year's MIC list features 463 businesses from 29 countries.
"Being named one of Fast Company's Most Innovative Companies acknowledges how goTRG's innovation in the reverse logistics space is helping retailers and manufacturers mitigate so much financial and environmental waste," said Sender Shamiss, Co-Founder and CEO, goTRG. "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, and we are poised to ride that wave. It's an honor to be recognized for our commitment to enhancing and innovating returns in a way that will allow businesses to not only produce better financial outcomes for returned or distressed inventory, but to make the most environmentally sound decisions while doing so."
goTRG's innovation efforts include the development of their proprietary RAD (Return Automation Disposition) app, which allows for a single-touch disposition, immediately routing items to their most profitable resale path at the point of (in-store or online) return. This helps retailers recover nearly 60% more profits from costly returns, while adding 2-4% of additional revenue to their bottom line. Additionally, they are helping eliminate unnecessary transportation miles, incremental recycling volume on foam and cardboard, re-use of packaging materials, and preventing low value returns from ending up in landfills. In 2019, over $2 billion in value was recovered for goTRG's retail and manufacturing partners.
goTRG refurbishes 30+ million electronics every year and is a certified refurbisher for Lenovo and LG. The company also resells items across 20+ online marketplaces including Walmart.com, eBay, Direct Liquidation, TheStore.com, VIP Outlet, Amazon and Wish. It is estimated that goTRG receives and processes almost 120 million items each year (roughly 2.3 million items per week) and its goal is to create zero waste by 2024.
goTRG also grew their refurbishment capabilities to give more retailers a viable disposition path for returns that they can't reshelf or return-to-vendor. In the past retailers would throw away items or liquidate them for pennies on the dollar, but refurbishing and reselling items at a premium was their most profitable solution in 2020. These programs are helping keep retailers from costly additional shipping steps – reducing transportation by an astounding 4.3 million miles annually on 2.7 million units fulfilled to end consumers at the returns consolidation points.
Fast Company's editors and writers sought out the most groundbreaking businesses across the globe and industries. They also judged nominations received through their application process.
The World's Most Innovative Companies is Fast Company's signature franchise and one of its most highly anticipated editorial efforts of the year. It provides both a snapshot and a road map for the future of innovation across the most dynamic sectors of the economy.
"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, who oversaw the issue with Senior Editor Amy Farley.
To coincide with the issue launch, Fast Company will host its first-ever Most Innovative Companies Summit on March 9 and 10. This virtual, multiday summit will celebrate the Most Innovative Companies in business, provide an early look at major business trends, and offer the inspiration and practical insights on what it takes to innovate in 2021.
Fast Company's Most Innovative Companies issue (March/April 2021) is now available online here, as well as in app form via iTunes and on newsstands beginning March 16, 2021. The hashtag is #FCMostInnovative.
ABOUT goTRG
goTRG transforms returns into profit driven opportunities for the world's largest retailers and manufacturers. As the only company to offer fully managed returns solutions, goTRG's data-driven approach identifies the most profitable resale path for your returns and distressed inventory, provides in-house refurbishment services by trained technicians, and facilitates the resale of items across 20+ online marketplaces to guarantee maximum exposure and highest recovery for your returns and distressed inventory.
ABOUT FAST COMPANY
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. The editor-in-chief is Stephanie Mehta. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at http://www.fastcompany.com.
Media Contact
Anastasia Ricci, 5WPR, +1 (203) 962-5917, [email protected]
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