RIYADH – AlSulaiman Group (“ASG”) today announced its latest investment in Cartlow, the region’s leading reverse logistics solution.
The $18 million investment will support Cartlow on its journey and enable further expansion into Saudi Arabia and the United Arab Emirates.
Cartlow is a technology-based reverse logistics platform combining re-commerce, returns management, buy-back and exchange, warranty management, refurbishment and recycling to take full advantage of a end-to-end reverse logistics solution.
The Global Reverse Logistics Market was valued at USD 635 Billion in 2020 and is projected to grow to reach USD 958 Billion by 2028. The growth is supported by increasing contribution of e-commerce to sales channels and l accelerating technology product launch times, increasing demands on retailers to effectively manage their returns and take-back programs.
Since reverse logistics is considered one of the biggest operational challenges due to its volume, cost and skill requirements. Cartlow’s technology solution takes the burden off retailers and provides them with the programs needed to enable better recovery rates and healthy inventory.
Alsulaiman Group is active in omnichannel retail, services and retail real estate, represented by 5 companies serving Saudi Arabia and GCC countries: IKEA Saudi Arabia and Bahrain, Flow Progressive Logistics, Ehteraf Real Estate Development , a regional joint venture. with Livspace, in addition to a strategic investment in Salasa e-commerce Fulfillment. The investment in Cartlow will allow ASG to expand its Omni-Channel ecosystem by providing new and innovative solutions to leading retailers, all powered by Cartlow’s technology.
ASG has piloted initiatives such as the IKEA buy-back program to extend the life of used furniture in secondary markets. “Our investment in Cartlow further underlines our commitment to the Kingdom’s Vision 2030 sustainability goals by improving the circular economy and reducing waste in value chains,” commented Saud AlSulaiman – CEO of ASG.
Mohammad Sleiman, Founder and CEO of Cartlow, said, “The investment will help take Cartlow to the next level. Our goal is to continue to develop innovative technologies in the reverse logistics landscape across the region.”
In addition, recent global supply chain shortages, combined with rising shipping costs, have contributed to consumer goods inflation. This further highlights the need to extend the life of electronics through secondary markets. Cartlow’s unique re-commerce platform provides consumers and businesses with used, open box and refurbished products at great prices, while maintaining trust by providing assured quality control and warranty on items sold.
© Copyright 2022 The Saudi Gazette. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).