Nok Announces General Availability of Full-Service Recommerce Platform for Streamlining Returns Processing, Refurbishment, and Multi-Channel Resale for Brands & Retailers. Companies can recover a 2-3X higher recovery margin than traditional liquidators or resellers while maintaining brand integrity throughout the product life cycle.
AUSTIN, Texas, Oct. 5, 2023 /PRNewswire-PRWeb/ -- Nok, the only turnkey circular operating system for brands and retailers to manage the entire process of recovering and maximizing lost revenue on returned and excess inventory, today announced the general availability of its flagship recommerce platform. The platform is the first of its kind and serves as the center of Nok's modular approach to reverse logistics and multi-channel resale. The product offering includes technology, data, refurbishment facilities, and multi-channel resale services. The engagements can be customized to the specific needs of any individual brand or retailer to seamlessly convert returned and excess inventory into new revenue streams without compromising the company's supply chain or brand integrity.
Prior to announcing the general availability of the platform, Nok partnered with an initial group of 30+ consumer electronics and durable goods companies. These initial engagements proved that companies can potentially recover more than 40%+ of lost revenue from returned and excess inventory by leveraging Nok's solutions. This is due to Nok's proven results for servicing all of a company's returned revenue with a consistent sell-through rate of 80% to 90% of merchandise, and a recovery margin of 2-3x the amount that is typically produced by traditional liquidators and third-party resellers. Companies are able to circulate that lost revenue back to their bottom line and retain control of brand integrity and brand narrative throughout the entire product life cycle.
"We have been thrilled to see the results from these initial engagements and continued momentum," said Bobby Wann, co-founder and CEO of Nok. "Our customers are able to convert returned and excess inventory into revenue instead of storing that merchandise in warehouses, liquidating for pennies on the dollar, or sending it to landfills. The rise in consumer demand for e-commerce brands to offer free returns has led to brands and retailers experiencing increased costs and lost revenue, while more returned merchandise is being sent to landfills. It is extremely rewarding to see our customers experience real revenue returned within just a few weeks of implementing our solutions, while also increasing the number of products that are recycled through refurbishment and resale."
Nok's technology platform offers transparency for users to manage and oversee their entire reverse logistics and recommerce operations. As the only company that offers a proprietary nationwide network of specialized facilities, the platform complements Nok's full product offering, which includes the full management of returns handling, refurbishment, and multi-channel resale of products, effectively powering the entire circular ecosystem for any durable goods brand or retailer. Some of the 30+ retailers and brands that are leveraging the platform are Dyson, Logitech, Wyze, Joovy, and Embr among others.
"Nok proved to be the ideal partner for scaling revenue through returned and excess merchandise," said Aman Jambavat, Sr. Growth Manager at leading smart home retailer, Wyze. "It was fast and straightforward to onboard with Nok since they were able to provide a customized solution for our particular circular strategies. As a result, Nok helped us to scale our sellable returns by 30% and double our revenue on each unit."
About Nok
Nok is the circular operating system for full-service reverse logistics and multi-channel resale. The company offers the only platform that provides a full-service solution for managing the entire reverse logistics and recommerce process through a product offering of technology, data, refurbishment facilities, and resale services that seamlessly convert returned products into new revenue streams without compromising a company's supply chain or brand integrity. Through a proprietary nationwide network of specialized facilities, Nok is the only company that can fully manage the return, refurbishment, and resale of products, effectively powering the entire returns ecosystem of any durable goods brand or retailer. Leading companies that leverage Nok's solutions include Dyson, Logitech, Wyze, Joovy, and Jabra, among others.
Nok provides the technology, data, refurbishment facilities, and resale services to help brands & retailers transform returns into opportunities. Nok's own nationwide network of specialized facilities is committed to powering the recommerce ecosystem across industries and fueling the transition towards a more circular economy.
To learn more about Nok, visit www.nokrecommerce.com.
Media Contact
Elliot Schimel, Mission Control Marketing, 1 5164481472, [email protected], https://nokrecommerce.com/
SOURCE Nok
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