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Returnall Secures Seed Funding for Innovative E-commerce Return Solutions

2023-10-24 2 min read

Returnall Secures Seed Funding for Innovative E-commerce Return Solutions

Reading Time: 2 minutes

Returnall, a company specializing in return solutions, has garnered seed funding from Korea Investment Accelerator. The investment amount is confidential.

Returnall is at the forefront with ‘boomerang return,’ an automated return logistics service. This service streamlines the return management process and cuts logistics costs by employing machine vision and smart factory systems in their quality inspection centers, coupled with the strategy of bundle shipping.

The company noted an industry pinch point: while e-commerce firms are expanding free shipping and returns to boost customer satisfaction, the resulting surge in return logistics costs is eating into profits. Addressing this, Returnall aims to revolutionize return issues within the industry. Their approach includes the strategic use of automated technology for efficient return inspections, logistics cost reduction via bundle shipping, and the crafting of bespoke return solutions for businesses, all designed to optimize the value of returned stock. Founder Daegun Yoon embarked on creating Returnall after acquiring a wealth of experience across various sectors, including machine vision, hardware manufacturing, business development, product planning, and logistics within e-commerce.

Leading the investment, Director Lee Tak-rim of Korea Investment Accelerator expressed optimism about Returnall’s innovative solutions. “We anticipate that Returnall’s inventive strategies in tackling return issues from a reverse logistics standpoint will break through existing constraints found in traditional logistics systems,” he remarked. He underscored the dual benefits of Returnall’s approach: enhancing market efficiency and fitting seamlessly into corporate ESG agendas, highlighting the potential for significant market scalability.

“Return logistics is an emerging field,” CEO Daegun Yoon asserted, acknowledging the nascent stage of this market segment. “With the infusion of this funding, we’re poised to aggressively introduce solutions to return-related challenges in the e-commerce space, and we’re gearing up to fuse AI with return processes for heightened efficiency. Our goal is to drive industry-wide optimization in e-commerce,” he proclaimed.

[Korean Logistics Startup News]

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