Narvar Named To Fast Company’s Annual List of the World’s Most Innovative Companies for the Third Time
SAN FRANCISCO, March 8, 2022 /PRNewswire/ — Narvar has been named to Fast Company‘s prestigious annual list of the World’s Most Innovative Companies for 2022, at #10 in the Social Good category for making retail returns more eco-friendly at scale. This is Narvar’s third time being named to the list, after being recognized in 2021 at #3 in Logistics and in 2019 at #7 in Enterprise. The list provides both a snapshot and a roadmap for the future of innovation across the most dynamic sectors of the economy.
“It’s humbling to be recognized yet again as one of Fast Company‘s World’s Most Innovative Companies,” said Amit Sharma, CEO and founder of Narvar. “I’m proud of everyone at Narvar — our people are essential to forging a culture that encourages taking the smart leaps which yield these innovations. By staying maniacally focused on simplifying the everyday lives of consumers, we’ve been able to create efficiencies for retailers that benefit both our planet and the bottom line.”
Fast Company‘s Most Innovative Companies list honors organizations that move the world forward by transforming industries and shaping society. It is one of the most highly anticipated editorial rankings every year among future-focused companies and is highly competitive. This year’s list honors businesses including Canva, Microsoft, and SpaceX that are thriving in today’s ever-changing world with some of the most inspiring accomplishments of the 21st century.
“The world’s most innovative companies play an essential role in addressing the most pressing issues facing society, whether they’re fighting climate change by spurring decarbonization efforts, ameliorating the strain on supply chains, or helping us reconnect with one another over shared passions,” said Fast Company Deputy Editor David Lidsky.
According to a recent MIT study, transportation and packaging are the largest contributors to carbon emissions in retail. Returns is an area ripe for optimization to make the greatest impact on sustainability — the study found that restricting or mitigating returns can save about 13% of emissions. Narvar has long sought to make returns more efficient and cost-effective for retailers while also providing convenience and choice for consumers.
For example, Narvar directs return packages for one of its retail clients to the closest of six facilities across the country instead of to one central facility. Given this retailer’s return package volume for 2021, Narvar saved 545 million miles of package travel for the year, which is equivalent to 22,000 trips around the earth.
As consumers seek to make more environmentally conscious choices when choosing which companies to do business with, it’s become imperative that retailers evaluate their entire ecosystem to find ways to reduce their impact on the earth. Narvar touches over two billion packages per year, giving the company the unique opportunity to radically improve retailers’ logistics and operations efficiencies at scale.
Besides employing its robust rules engine to automate smart routing of returns based on geography, product type or condition, Narvar’s other sustainability efforts in 2021 include:
- Offering boxless returns with FedEx and UPS, which reduces packaging and shipment weight by leveraging recyclable polybags rather than larger, heavier boxes. About 10% of consumers elect to use this service when available.
- Increased availability of printerless returns across all major carriers in the US, Canada & Europe. Consumers can show a QR code at drop-off rather than printing a label and packing slip at home, saving effort and paper waste. About 15% of consumers take advantage of this option.
- Providing visibility into what’s coming back, why, and from where via data gathered when a consumer initiates a return online rather than having to wait until the item is received back at the warehouse, empowering retailers to make better choices about the speed, method, and destination for its return shipment.
For more information on Narvar’s initiatives, visit Narvar.com/Sustainability.
Fast Company‘s Most Innovative Companies issue (March/April 2022) is available online here, as well as in-app via iTunes, and on newsstands beginning March 15. The hashtag is #FCMostInnovative.
Narvar pioneered how brands engage with consumers beyond the “buy” button through branded order tracking, delivery notifications, returns and exchanges. Today, Narvar’s comprehensive Post-Purchase Platform empowers 1,200+ of the world’s most admired brands including Sephora, Patagonia, Levi’s, Warby Parker, Home Depot, LVMH, and L’Oréal to deliver transparency, build trust, and grow customer lifetime value. Recognized multiple times by Fast Company as one of the most innovative companies, Narvar simplifies the everyday lives of consumers. For more information visit narvar.com.
About Fast Company
Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. The editor-in-chief is Stephanie Mehta. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.
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