Returned products are a big problem for ecommerce globally – Renow resales engine solves the problem for Verkkokauppa.com
Renow, a Finnish startup founded 2022 by seasoned technology entrepreneurs and ecommerce veterans, introduces a new return and resell service to solve the global problem of ecommerce returns. Renow's unique, automated way to inspect, route and resell the returning inventory disrupts the costly traditional warehouse inspections. Service is launched in co-operation with Verkkokauppa.com Oyj in their e-ville.com online store and offered as a Software as a Service model.
According to Statista on average 10% or 75 billion euros of all ecommerce purchases in Europe are returned by consumers. These almost billion returning parcels are estimated to cause 25% of ecommerce supply chain emissions. Retailers and brands struggle with the costs and stock that handling and reselling the customer returns create.
Renow solves the problem with a turnkey solution that pre-grades the returned products immediately upon customer returning them using the input that customers provide through Renow operated user interface. Hence the returned products can be listed, resold and routed to new customers locally, cutting down transportation, costs and emission that moving goods causes.
“Our mission is cut down CO2 emissions and waste in ecommerce returns and make re-commerce accessible and convenient for all. We provide retailers a modern and cost-efficient end to end solution to handle the afterlife of a customer return.” explains Kalle Koutajoki, CEO and co-founder of Renow Ltd.
“Our challenge with e-ville.com returns is that it’s expensive to handle and grade products as everything happens manually at our warehouse. Shipments may need to travel long distances to get there. With Renow, we can route the products to the correct location when a customer is returning them. This saves us costs and speeds up handling, servicing, and reselling the products.” explains Mikko Oikari, Director of New Markets and Channels at Verkkokauppa.com Oyj.
As a result of Renow’s inspection, products get an Inspected by Renow stamp of approval. After the return is verified and graded, Renow offers ecommerce retailers also the option to resell the graded products on retailer's behalf locally.
e-ville.com’s new return service is available in Finland at https://www.e-ville.com/. Renow’s SaaS solution is currently available for consumer electronics, footwear and sporting goods. For more information, visit https://renow.ai/.
Media contacts:
Renow
Kalle Koutajoki, CEO and co-founder
kalle@renow.ai
+358 40 701 2397
Verkkokauppa.com Oyj
Mikko Oikari, Director New Markets & Channels
mikko.oikari@verkkokauppa.com
+358 40 573 9040
Renow is a Finnish startup founded 2022 by seasoned technology entrepreneurs and ecommerce veterans, Kalle Koutajoki, Antti Ijäs and Hannes Junnila. Our mission is to cut down CO2 emissions and waste in ecommerce returns and make re-commerce accessible and convenient for all. We are privately owned and backed by Superhero Capital and a set of respected angel investors. https://renow.ai/
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