Report : Asia Pacific 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)
At 11.2% CAGR, Asia Pacific Returns Management Software Market is Projected to be Worth US$ 1,464.09 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific returns management software market was valued at US$ 625.77 million in 2023 and is projected to reach US$ 1,464.09 million by 2031, recording a CAGR of 11.2% from 2023 to 2031. Growth of e-commerce sector and technological advancements are among the critical factors attributed to drive the Asia Pacific returns management software market growth.
The surge in global e-commerce during the COVID-19 pandemic initially emerged as a response to the necessity of the situation. With the closure of physical retail stores, online shopping became a practical alternative as people were forced to stay indoors. According to Morgan Stanley, the share of global retail sales attributed to e-commerce increased from 15% in 2019 to 21% in 2021. Presently, it is estimated that e-commerce accounts for approximately 22% of total sales as per Morgan Stanley. The rise in e-commerce sales has surged the demand for industry services as consumers return upto 30% of the products in certain categories. This highlights the importance of effective return management processes and the need for businesses to address customer returns efficiently.
Returns management software plays a crucial role in supporting the expanding e-commerce sector. The increasing online sales volumes eventually increase the number of product returns. Efficiently managing these returns is crucial for businesses to reduce costs, enhance operational efficiency, and maintain customer satisfaction.
Implementation of returns management software enables real-time tracking and monitoring of returns, allowing businesses to have complete visibility into the process. Additionally, returns management software optimizes inventory management by providing insights into product quality, return patterns, and customer feedback. This information aids businesses to make informed decisions regarding product improvements, supplier relationships, and customer service enhancements. Thus, the growing e-commerce sector drives the returns management software market.
On the contrary, high implementation costs hampers the growth of Asia Pacific returns management software market.
Based on component, the Asia Pacific returns management software market is bifurcated into software and services. The software segment held 67.8% market share in 2023, amassing US$ 423.97 million. It is projected to garner US$ 1,016.49 million by 2031 to register 11.6% CAGR during 2023-2031.
In terms of deployment, the Asia Pacific returns management software market is divided into cloud and on premises. The cloud segment held 75.3% share of Asia Pacific returns management software market in 2023, amassing US$ 471.13 million. It is projected to garner US$ 1,156.58 million by 2031 to expand at 11.9% CAGR from 2023 to 2031.
By enterprise, the Asia Pacific returns management software market is categorized into large enterprises and SMEs. The large enterprises segment held 63.2% share of Asia Pacific returns management software market in 2023, amassing US$ 395.34 million. It is predicted to garner US$ 960.78 million by 2031 to expand at 11.7% CAGR between 2023 and 2031.
Based on country, the Asia Pacific returns management software market is categorized into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 40.9% share of Asia Pacific returns management software market in 2023. It was assessed at US$ 256.06 million in 2023 and is likely to hit US$ 669.93 million by 2031, registering a CAGR of 12.8% during 2023-2031.
Key players operating in the Asia Pacific returns management software market are ReverseLogix, United Parcel Service of America Inc, SAP SE, and AfterShip., among others.
- In October 2023, AfterShip, one of the leading post-purchase and tracking platforms for eCommerce businesses, announced that it is helping to advance returns management for its popular Salesforce Commerce Cloud (SFCC) integration with the introduction of 'Exchange for Other Items.'.
- In October 2023, UPS Inc. announced that it acquired Happy Returns, a returns management software company, from PayPal Holdings Inc. for an undisclosed sum.
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