North America Returns Management Software Market Forecast to 2031 - Regional Analysis - by Component (Software and Services), Deployment (Cloud and On Premises), and Enterprise Size (Large Enterprises and SMEs)
The North America returns management software market was valued at US$ 465.23 million in 2023 and is projected to reach US$ 948.30 million by 2031; it is estimated to register a CAGR of 9.3% from 2... もっと見る
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SummaryThe North America returns management software market was valued at US$ 465.23 million in 2023 and is projected to reach US$ 948.30 million by 2031; it is estimated to register a CAGR of 9.3% from 2023 to 2031.Increase in Return Rates Fuels North America Returns Management Software Market In recent years, businesses have witnessed a steady increase in return rates across various sectors. This can be attributed to changing consumer behavior, ease of online shopping, and rising customer expectations. Consumers now expect hassle-free return processes and seamless customer service. As a result, businesses are facing mounting pressure to streamline their returns management operations. As per industry reports from NRF and HubSpot in 2021, the average rate of product returns in the e-commerce sector was 18.1%. According to a blog by Mailmodo Technologies Inc., in 2022, category-wise return rates were as follows: Apparel (10.01%), Beauty (4.99%), Electronics (8.28%), Health and Wellness (4.20%), Jewelry (8.31%), and Sports & Outdoor (6.10%). According to a report released by the National Retail Federation and Appriss Retail, in 2022 consumers are expected to return over US$ 816 billion worth of retail merchandise purchased. Managing product returns efficiently is crucial for maintaining customer satisfaction, reducing costs, and optimizing operations. Returns management software plays a pivotal role in addressing the challenges posed by increasing return rates. This specialized software helps businesses effectively manage the entire returns process, from initiating a return to final disposition. Automating and centralizing the returns process enables businesses to handle returns efficiently, reduce errors, and improve customer satisfaction. The implementation of returns management software provides real-time visibility into the returns process, enabling companies to track and monitor returns at every stage. It also helps optimize inventory management by providing insights into product quality, return reasons, and customer feedback. This information enables businesses to identify trends, make informed decisions, and improve product quality. Various companies are adopting returns management software to reduce return rates. For instance, in April 2021, Aviator Nation made the strategic decision to streamline its returns process by partnering with Loop, a leading returns management solution provider. Loop's Instant Exchange feature allows customers to exchange their purchased items quickly and easily for a different size, color, or style without the hassle of a traditional return process. Through this partnership, Aviator Nation was able to retain 64.6% of the revenue. Additionally, as per Loop Returns, employing their return management software enables businesses and firms to reduce refunds by up to 30% and retain revenue of up to 50%. This enhances operational efficiency and allows for initiative-taking decision-making. Thus, increasing return rates drive the demand for returns management software, which, in turn, propels the markets. North America Returns Management Software Market Overview North America includes major economies such as the US, Canada, and Mexico. The North America returns management software market has been experiencing significant growth in recent years. This can be attributed to several key factors that are driving the adoption of these software solutions across various industries. The rapid expansion of the e-commerce industry in North America has created a pressing need for effective return management solutions. For instance, per the North American Industry Classification System, from January to July 2022, retail trade accounted for 93.8%. With online purchases on the rise, retailers and e-commerce platforms are facing the challenge of managing returns efficiently. Per the 2022 Consumer Returns in the Retail Industry report, which was conducted by the National Retail Federation and sponsored by Appriss Retail, returns accounted for US$ 816 billion in lost sales across the US retail marketplace. The report further states that consumers are expected to return more than US$ 816 billion worth of retail merchandise purchased in 2022, with the average rate of returns remaining flat at 16.5% compared to 16.6% in 2021. Returns management software offers streamlined processes, enabling companies to handle returns, track inventory, process refunds, and enhance customer satisfaction. Businesses in North America operate in a complex regulatory environment, particularly in industries such as healthcare, electronics, and automotive. Returns management software assists organizations in adhering to industry-specific regulations and standards governing the handling, disposal, and documentation of returned products. By ensuring compliance, companies can mitigate legal risks and maintain a positive brand image. North America Returns Management Software Market Revenue and Forecast to 2031 (US$ Million) North America Returns Management Software Market Segmentation The North America returns management software market is categorized into component, deployment, enterprise, and country. Based on component, the North America returns management software market is bifurcated into software and services. The software segment held a larger market share in 2023. In terms of deployment, the North America returns management software market is divided into cloud and on premises. The cloud segment held a larger market share in 2023. Based on enterprise, the North America returns management software market is bifurcated into large enterprises and SMEs. The large enterprise segment held a larger market share in 2023. By country, the North America returns management software market is segmented into the US, Canada, and Mexico. The US dominated the North America returns management software market share in 2023. ParcelLab; ReturnLogic; ReverseLogix; United Parcel Service of America, Inc; Loop Returns; Return Rabbit; SAP SE; and AfterShip are some of the leading companies operating in the North America returns management software market. Table of ContentsTABLE OF CONTENTS1. Introduction 1.1 The Insight Partners Research Report Guidance 1.2 Market Segmentation 2. Executive Summary 2.1 Key Insights 2.2 Market Attractiveness 3. Research Methodology 3.1 Scope 3.2 Coverage 3.3 Secondary Research 3.4 Primary Research 3.4.1 Hypothesis Formulation: 3.4.2 Developing Base Number: 3.4.3 Data Triangulation: 3.4.4 Country Level Data: 3.5 Key Sources and Factors Considered During the Market Analysis 3.5.1 Key Secondary Sources: 3.5.2 Key Factors Considered: 3.6 Key Companies Considered During Market Analysis 4. North America Returns Management Software Market Landscape 4.1 Overview 4.2 PEST Analysis 4.3 Ecosystem Analysis 4.3.1 Solution Providers: 4.3.2 End-Users: 4.3.3 List of Vendors in the Value Chain 4.4 Premium Insights 4.4.1 Comparison of Frontend Vs Backend 4.4.1.1 User Requirement Analysis - Frontend Features Present Vs Frontend Features Required 4.4.1.1.1 Frontend Features Present 4.4.1.1.2 Frontend Features Required 4.4.1.2 User Requirement Analysis - Backend Features Present Vs Backend Features Required 4.4.1.2.1 Backend Features Present 4.4.1.2.2 Backend Features Required 5. North America Returns Management Software Market - Key Market Dynamics 5.1 Market Drivers 5.1.1 Increase in Return Rates 5.1.2 Growth of E-commerce Sector 5.1.3 Rising Need for Customer Satisfaction 5.2 Market Restraints 5.2.1 High Implementation Costs 5.2.2 Data Security Concerns 5.3 Market Opportunities 5.3.1 Rising Sustainability Initiatives 5.3.2 Technological Advancements 5.4 Future Trends 5.4.1 Integration of Blockchain Technology 5.5 Impact of Drivers and Restraints: 6. Returns Management Software Market - North America Analysis 6.1 Returns Management Software Market Revenue (US$ Million), 2021-2031 6.2 Returns Management Software Market Forecast Analysis 7. North America Returns Management Software Market Analysis - by Component 7.1 Software 7.1.1 Overview 7.1.2 Software: Returns Management Software Market - Revenue and Forecast to 2031 (US$ Million) 7.2 Services 7.2.1 Overview 7.2.2 Services: Returns Management Software Market - Revenue and Forecast to 2031 (US$ Million) 8. North America Returns Management Software Market Analysis - by Deployment 8.1 Cloud 8.1.1 Overview 8.1.2 Cloud: Returns Management Software Market - Revenue and Forecast to 2031 (US$ Million) 8.2 On Premises 8.2.1 Overview 8.2.2 On Premises: Returns Management Software Market - Revenue and Forecast to 2031 (US$ Million) 9. North America Returns Management Software Market Analysis - by Enterprise Size 9.1 Large Enterprises 9.1.1 Overview 9.1.2 Large Enterprises: Returns Management Software Market - Revenue and Forecast to 2031 (US$ Million) 9.2 SMEs 9.2.1 Overview 9.2.2 SMEs: Returns Management Software Market - Revenue and Forecast to 2031 (US$ Million) 10. North America Returns Management Software Market - Country Analysis 10.1 North America Market Overview 10.1.1 North America: Returns Management Software Market - Revenue and Forecast Analysis - by Country 10.1.1.1 North America: Returns Management Software Market - Revenue and Forecast Analysis - by Country 10.1.1.2 United States: Returns Management Software Market - Revenue and Forecast to 2031 (US$ Million) 10.1.1.2.1 United States: Returns Management Software Market Breakdown, by Component 10.1.1.2.2 United States: Returns Management Software Market Breakdown, by Deployment 10.1.1.2.3 United States: Returns Management Software Market Breakdown, by Enterprise Size 10.1.1.3 Canada: Returns Management Software Market - Revenue and Forecast to 2031 (US$ Million) 10.1.1.3.1 Canada: Returns Management Software Market Breakdown, by Component 10.1.1.3.2 Canada: Returns Management Software Market Breakdown, by Deployment 10.1.1.3.3 Canada: Returns Management Software Market Breakdown, by Enterprise Size 10.1.1.4 Mexico: Returns Management Software Market - Revenue and Forecast to 2031 (US$ Million) 10.1.1.4.1 Mexico: Returns Management Software Market Breakdown, by Component 10.1.1.4.2 Mexico: Returns Management Software Market Breakdown, by Deployment 10.1.1.4.3 Mexico: Returns Management Software Market Breakdown, by Enterprise Size 11. Competitive Landscape 11.1 Company Positioning & Concentration 11.2 Heat Map Analysis by Key Players 11.3 Company Market Global Share Analysis 11.4 Product Benchmarking 12. Industry Landscape 12.1 Overview 12.2 Market Initiative 12.3 New Product Development 12.4 Merger and Acquisition 13. Company Profiles 13.1 parcelLab 13.1.1 Key Facts 13.1.2 Business Description 13.1.3 Products and Services 13.1.4 Financial Overview 13.1.5 SWOT Analysis 13.1.6 Key Developments 13.2 ReturnLogic 13.2.1 Key Facts 13.2.2 Business Description 13.2.3 Products and Services 13.2.4 Financial Overview 13.2.5 SWOT Analysis 13.2.6 Key Developments 13.3 ReverseLogix 13.3.1 Key Facts 13.3.2 Business Description 13.3.3 Products and Services 13.3.4 Financial Overview 13.3.5 SWOT Analysis 13.3.6 Key Developments 13.4 United Parcel Service of America, Inc. 13.4.1 Key Facts 13.4.2 Business Description 13.4.3 Products and Services 13.4.4 Financial Overview 13.4.5 SWOT Analysis 13.4.6 Key Developments 13.5 Loop Returns 13.5.1 Key Facts 13.5.2 Business Description 13.5.3 Products and Services 13.5.4 Financial Overview 13.5.5 SWOT Analysis 13.5.6 Key Developments 13.6 Return Rabbit 13.6.1 Key Facts 13.6.2 Business Description 13.6.3 Products and Services 13.6.4 Financial Overview 13.6.5 SWOT Analysis 13.6.6 Key Developments 13.7 SAP SE 13.7.1 Key Facts 13.7.2 Business Description 13.7.3 Products and Services 13.7.4 Financial Overview 13.7.5 SWOT Analysis 13.7.6 Key Developments 13.8 AfterShip 13.8.1 Key Facts 13.8.2 Business Description 13.8.3 Products and Services 13.8.4 Financial Overview 13.8.5 SWOT Analysis 13.8.6 Key Developments 14. Appendix 14.1 Word Index 14.2 About The Insight Partners
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