The European e-commerce market amounts to ~80 million purchases per day. About 15% of purchased products do not live up to consumers’ expectations and are returned to the vendor. Whether in perfect condition or not, their status as returned product makes items suddenly worth a lot less. What a waste! Not only to e-tailers, who typically lose +80% of the value of returned products, but also to the environment, which is impacted by 4 billion pounds of disposed products and 11 million metric tons of carbon emissions. The problem is expected to grow as ecommerce is gaining market share fast (13.3% growth in 2016).
BuyBay helps to solve the problem. The tech-company is developing a data-driven solution that revolutionises the management, processing and resale of returned items. It uses highly innovative pricing software and is unique in its ability to connect inventory management and re-product grading to multiple third party sales channels.
The prototype of the Buybay platform is complete and qualified and has recently been tested in in real world settings in the Netherlands and Belgium. Demonstrations have shown that Buybay’s prototype platform has potential for unmatched value recovery (~56% instead of 19.6% of the original retail price currently). Installation of BuyBay’s platform increases re-product revenues for e-tailers, reduces the need to dispose of returned goods and has the potential to reduce re-product selling related carbon emissions of up to 31%.
To ensure complete commercial scalability and enable international acceptance by e-tailers of different sizes and in different sectors across Europe, Buybay’s platform requires additional infrastructure development, optimisation through businesses intelligence analysis and scale up testing in operational environments. With the support of leading international etail companies Buybay aims to develop the new standard for returned goods.
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