Retail technology start-up InTurn is expanding its service overseas.
The B2B e-commerce platform—which emerged from beta in April to easily offload end-of-season and excess stock to retailers in private online showrooms—is now empowering brands to optimize the value of their inventory on the global stage by growing their pool of potential buyers and identifying optimal markets and opportunities.
“It’s no secret that the single greatest inventory challenge for fashion and apparel brands occurs in international markets,” said co-founder and CEO Ronen Lazar, adding, “We believe U.S. off-price retailers will also benefit from our global solution as it allows them to source product directly from international brands far more efficiently.”
As previously reported, InTurn replaces the archaic spreadsheet system with the precise information buyers need to negotiate deals. But in some instances, pricing can vary more than 25 percent in adjacent countries, as value, perception and currencies change from one market to the next. So, to facilitate the extension, the platform has added a number of features, including multi-market pricing systems and margin analysis.
Luis Chou, a partner at Novel TMT Ventures, an investor that was part of the start-up’s $3.6 million round of seed funding, said, “I believe that InTurn’s trading platform will ultimately streamline the industry and add significant value and liquidity to what is today an incredibly convoluted network of buyers and sellers.”