English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

UPS circulates with Optoro

ATLANTA: December 22, 2016. UPS has invested in Optoro, a technology company that helps retailers and manufacturers manage, process and sell returned and excess inventory.

UPS, which hasn't revealed the size of its stake, has joined Kleiner Perkins Caufield & Byers, Revolution Growth, Generation Investment Management LLP, Tenfore Holdings, Swan & Legend Venture Partners and the Maryland Venture Fund in a new US$30 million funding round.

The investment combines UPS's operational and logistics expertise with Optoro's software platform that aims to maximize recovery value while reducing environmental waste, according to the company.

OptoroUsing data analytics and multi-channel online marketing, Optoro determines the best path for each item while leveraging marketplaces across major digital platforms that include Amazon, eBay and Optoro's own BLINQ.com and BULQ.com retail websites.

"Retailers are facing a growing number of challenges, with the rise of customer returns being one of the most prominent, totaling over US$260 billion in value annually in the U.S.," said to Optoro co-founder and CEO Tobin Moore.

Optoro's returns expertise was recognized this year with the World Economic Forum's Circular Economy Award: "We are bringing innovation to a decades-old industry and disrupting the outdated retail returns process," declared company president Adam Vitarello. "Our current form of consumerism, buying and discarding items, is not sustainable. Our mission is to find a good home for every item, helping divert them from landfills and create a more circular and productive economy."

Traditionally, returned and excess items are shipped multiple times over the course of several months before reaching an end consumer, losing value and creating unnecessary pollution. During this process goods are often discarded through damage and end up in landfills. According to Optoro, In the U.S. alone this process creates four billion pounds of waste, uses 1.2 billion gallons of diesel fuel, and produces 12 million tonnes of CO2 from transportation.

UPS's busiest day of the year for returns will be January 5, 2017 when shoppers are expected to return 1.3 million packages, while over 5.8 million will be returned during the first full week of January.

News

Written on 10/12/2017, 22:44
rolls-royce-to-test-remote-controlled-shippingPARIS: December 06, 2017. The European Space Agency (ESA) and Rolls-Royce have signed an MoU to investigate how space technology can be used to develop...
Written on 08/12/2017, 20:10
beijing-continues-to-cut-carbonNAIROBI: December 06, 2017. According to an Assessment Report on Beijing Capital Airport, released during the third UN Environment Assembly in Nairobi...
Written on 07/12/2017, 20:53
bollore-begins-rail-renovation-between-cote-d-ivoire-and-burkina-fasoABIDJAN, Côte d'Ivoire: December 04, 2017. SITARAIL, a Bolloré Transport & Logistics subsidiary, has begun upgrading the rail link between Abidjan and...
Written on 07/12/2017, 19:53
innovative-dry-bulk-handling-at-port-of-rigaRIGA, Latvia: December 06, 2017. The Baltic port of Riga says it has become the first in Europe to use containerized dry bulk handling technology. Rīgas...
Written on 06/12/2017, 21:57
azerbaijan-railways-gets-us-400-million-upgradeMANILA: December 06, 2017. The Asian Development Bank (ADB) is providing loans to Azerbaijan Railways totaling US$400 million to improve governance and...
Written on 03/12/2017, 22:36
amsterdam-to-get-china-rail-link-in-2018AMSTERDAM: November 29, 2017. Together with TMA Logistics, Austria's Rail Cargo Group and the Port of Amsterdam, Netherlands-based Nunner Logistics plans...
Written on 01/12/2017, 18:27
alibaba-launches-china-anti-poverty-campaignHANGZHOU: December 01, 2017. Alibaba Group executive chairman Jack Ma has established a US$1.5 billion 'Alibaba Poverty Relief Fund' by leveraging the...
Written on 29/11/2017, 19:46
dhl-adds-tesla-trucks-to-its-electric-fleetBONN: November 29, 2017. DHL Supply Chain has announced an order for 10 Tesla Electric Class 8 Semi tractors for delivery in 2019. The company said it...
Written on 28/11/2017, 21:50
netherlands-rail-operators-threatened-by-high-costsUTRECHT, Netherlands: November 28, 2017. RailGood, a Dutch alliance of 50 rail operators, logistics companies, inland terminals plus the German port of...
Written on 28/11/2017, 19:54
electric-powered-airbus-by-rolls-royce-and-siemensLONDON: November 28, 2017. Airbus, Rolls-Royce and Siemens are to develop and fly an hybrid-electric powered BAe-146 test aircraft by 2020 to determine...
Written on 27/11/2017, 21:04
rail-operators-want-compensation-for-rhine-valley-closureBRUSSELS: November 27, 2017. Three European rail freight associations want DB Netz, a subsidiary of Deutsche Bahn, to pay customers full compensation...
Written on 24/11/2017, 22:56
argentina-gdp-needs-aviation-investment-says-iataBUENOS AIRES: November 20, 2017. A report from Oxford Economics says Argentina could be a "regional powerhouse" if the government invested in the...
Written on 24/11/2017, 21:41
europe-top-in-attracting-business-talentLAUSANNE, Switzerland: November 20, 2017. A new study by the IMD business school says Switzerland, Denmark and Belgium are the best at attracting,...
Written on 21/11/2017, 21:21
singapore-signs-smart-logistics-mou-with-south-koreaSINGAPORE: November 21, 2017. Government enterprise agency IE Singapore has signed an MoU with South Korea's Gyeonggi province to collaborate in...
Written on 17/11/2017, 21:43
decathlon-takes-to-the-railsDOURGES, France: November 16, 2017. Maersk Line and Damco, subsidiaries of A.P. Møller – Mærsk, have completed their first block train from Wuhan, China...
Written on 16/11/2017, 18:06
mia-director-resignsMIAMI: November 14, 2017. Miami-Dade County Aviation Department director and CEO Emilio González, the driving force behind much of Miami International...
Written on 14/11/2017, 20:26
truck-manufacturers-face-class-action-lawsuitLONDON: November 14, 2017. UK law firm Collyer Bristow has established a £100 million class action for truck operators that may have been overcharged by...
Written on 14/11/2017, 17:03
finland-opens-new-rail-route-to-chinaKOUVOLA, Finland. November 12, 2017. A new weekly rail service between Northern Europe and China launched on November 10 as the first train with 41...
Written on 10/11/2017, 20:10
imd-acknowledges-family-business-excellenceGRAN CANARIA, Canary Islands: November 10, 2017. Swiss business school IMD has recognized global brand management company Pentland Group with its 22nd...
Written on 08/11/2017, 22:02
how-much-carbon-risk-in-us-355-billionLONDON: November 08, 2017. The Carbon War Room (CWR), founded in 2009 by Richard Branson and others to advance the low carbon economy, is calling for the...

- powered by Quickchilli.com -