The retail industry – where excess inventory is just a way of life. As someone who’s been in the game for over a decade, I’ve seen firsthand the struggle that manufacturers face when it comes to managing unsold or extra stock. It’s a real challenge, folks.
You see, we’ve got the tech, but we don’t have the seamless solutions. Products end up getting dumped into outlets like Nordstrom Rack, but often, manufacturers lose money in the process. It’s like they’re playing a game of inventory roulette, where they’re just trying to get rid of the stuff before it goes bad.
The problem lies in managing unsold stock. It’s a tedious process to get those products from the warehouse to the store, and without real-time data, retailers are left in the dark. They’re working with a stopwatch, trying to determine the best time to sell an item at all, and it’s just not possible.
That’s why Corina Marshall, a veteran of the retail marketing space, decided to create a solution to this problem. Enter One other, a software system designed to help manufacturers manage unsold or extra inventory. The idea is simple: give retailers the tools they need to move merchandise to the right places at the right time, and provide them with real-time data to make better decisions.
One other connects to a business’s current software programs, such as those that handle customer returns, to centralize a company’s data and workflows. This way, teams across the company can access the same information, making decision-making a heck of a lot easier.
The company just raised $2.5 million in seed funding from Anthemis FIL and Westbound, and I’m stoked to see where this goes. Corina met her lead investors at a trade event last year, and she’s using the funds to speed up product development and hiring. She’s not looking at this as a competition to other marketplaces like Ghost, but rather as a way to help manufacturers tackle extra stock before it ends up in the hands of bulk resellers. Those resellers often sell items at deeply discounted prices, which isn’t exactly what manufacturers want.
One other’s technology provides real-time data and insights that give teams the confidence to make smarter decisions, maximizing value rather than defaulting to liquidation. Ultimately, she hopes to move the industry towards solutions that balance profitability and sustainability, because too much stock is wasted if it’s not moved quickly enough.
So, what does this mean for consumers? They’ll get better prices and more options, while manufacturers and retailers increase profitability and reduce waste. Everyone wins!
