With an estimated $250 billion of off-price apparel sold globally each year, retail technology innovator Inturn aims to streamline the often archaic and manual process of managing discounted inventory with its new B2B software solution.
Inturn announced Monday the launch of its B2B software developed to enable brands and retailers to buy and sell excess inventory in a private and secure marketplace with detailed product information, tailored transaction rules and analytics designed to evaluate inventory.
The company also announced it recently completed a $3.6 million capital raise led by retail technology investor Kirsten Green of Forerunner Ventures, and included Novel TMT Ventures, Lerer Hippeau Ventures, Bobby Lent co-founder of Ariba, T5 Capital and original investor Beanstalk Ventures.
“We built Inturn to save brands and buyers time, hassle, and money,” said Ronen Lazar, Inturn CEO and co-founder. “Brands have been selling their excess inventory to retailers in linear fashion using Excel spreadsheets for too long. It’s archaic and massively inefficient. Most buyers have been handcuffed to buying what they are offered not what they want. And 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. This is costing both sides billions of dollars a year.”