Ronen Lazar, CEO and Co-Founder
Excess inventory- an important aspect of the retail sector, yet untouched by any retail technology. Excess inventory is always a matter of concern for manufacturers as well as retailers owing to the number of issue s accompanied with it. While tying up busine ss funds across warehousing and preservation is a major problem, the maintenance of these surplus goods also add to the woes of enterprises or retailers. Today, off-price inventory is growing in every vertical. Ronen Lazar, INTURN’s CEO and Co-Founder, along with his partner Charlie Ifrah saw an opportunity to innovate in this retail space and brought about new advancements on liquidating excess inventory through INTURN. The company offers a B2B software platform enabling brands and retailers to efficiently and profitably sell and buy excess inventory on a global scale. “Because selling off-price is a by-product of their core business, brands end up selling to buyers who may not be the optimal buyers for their inventory,” states Lazar. “We built INTURN to save brands and buyers time, hassle, and money.”
Brands can use automated workflow tools, a pricing automation engine and business intelligence without any technology integration. The platform enables brands to create a database to sort, search and classify their inventory. Brands can then allocate inventory across various channels and retailers using product tags for visibility. Users can create product offers and manage the sale of their merchandise. The platform allows companies to create profiles to build networks with other sellers and buyers in the market. “Instead of emails and endless Excel grids, our software has a simple, organized what-you-see-is-what-you-get interface,” explains Lazar.
We built INTURN
to save brands
and buyers time,
hassle, and money
Simultaneously, retailers can efficiently buy off-price inventory from brands through the platform. Retailers approved by suppliers can go through opportunities on the platform with consistent product information and images. The INTURN platform enables them to optimize offers and close deals faster at the same time enhance business insights using customized analytics. Both retailers and brands can set up an internal team management system to streamline workflow and optimize inventory. INTURN’s software also has a business intelligence portion to track seller and buyer activity and form predictive analytics and ensures that it doesn’t commingle data between clients, who are often competing brands.
INTURN has assisted numerous clients to address excess inventory challenges through its B2B platform. A testimony to the platform’s stellar capabilities is a global lifestyle brand selling apparel and accessories. The client suffered high losses from offering high discounts on selling excess inventory in a time consuming fashion. Also, its inability to provide complete product information and visuals to buyers left inventory unsold. The brand onboarded to INTURN’s platform that consolidated all the product information from various backend systems. The client could sell its products at a higher value to end consumers. The brand enhanced its margin by 10 percent and reduced the time taken to complete a transaction by 80 percent.
The company will continue to serve clients and fulfill three major goals—improve pre-negotiation efficiency, increase liquidity and track data. INTURN will vest its focus on empowering brands to optimize the value of their excess inventory on a global level by broadening the pool of potential buyers while ensuring there is no channel conflict.