A European-based retailer leveraged INTURN to purchase higher volumes of product and reduce transaction time. This retailer sells apparel, fashion accessories, home goods, electronic products, wine, toys, sporting goods, and more. The company operates in 10 countries, employs more than 3,000 people, and generates over €2 Billion in revenue annually.
Prior to partnering with INTURN, this large retailer had a very manual, time consuming and often error prone process when it came to buying off-price inventory. Below are the biggest challenges the retailer faced:
- Limited Visibility into Inventory Offers
Suppliers often provided disorganized offers with incomplete data, which led to poor purchasing decisions.
- No Centralized System of Record
The negotiation process was often tedious and manual, requiring buyers to sift through Excel sheets and communicate via email.
- Suppliers Overselling
Incorrect quantities were fulfilled due to a slow and drawn-out selling process
- Lack of Actionable Insights
Minimal transaction data was captured from offers, resulting in no business intelligence.
With INTURN, the retailer optimized and streamlined its buying process, enabling its buying teams to spend more time in market building their business. The following solutions were put in place to help the retailer achieve this outcome:
- Automated, Content-Rich Offer Overview
Buyers were given full visibility into all product attributes, resulting in more relevant purchase decisions.
- Accelerated Sales Process
Real-time data and offer updates reduced the time to transact and eliminated the risk of overselling by the brand.
- Empowered Negotiations
Centralized information enabled multiple buyers to efficiently track negotiation history, reducing the potential for errors.
- Post-Transaction Data
Buyers easily accessed and evaluated post-transaction data to improve future purchasing decisions.
These four solutions led to two powerful results that significantly improved the retailer’s off-price business model:
- Increased Volume: More relevant products purchased
The retailer buying team purchased 25% more volume of relevant product due to complete, centralized, and digestible product information.
- Transaction duration greatly reduced
During past sales, buyers spent countless hours searching for product images, manually manipulating spreadsheets, and collaborating in a disjointed manner via email. INTURN enabled the retailer to reduce their transaction time by 63%!
Now that you know how this retailer improved their off-price business, what can you do to enhance yours? Get in touch here.