Buyfair.global is the go to B2B online marketplace for overstock.
As one of the biggest issues in retail today, overstock is a £5 billion issue in the UK alone, driving up costs and consuming cash flow, through increased warehousing costs.
Further exacerbated by several industry issues including ever-increasing manufacturing lead times and volumes and immense retailer pressure to drive efficiencies; buyfair.global seeks to help and buyers and sellers of premium brands create value in today's tough retail conditions.
Buyfair.global addresses real business needs and has been born out of the reality of running a successful, premium, manufacturing homeware company in today's tough market conditions.
To create buyfair, the buyfair founders have drawn on deep experience in manufacturing, retail, sales and technology to create the first multi-lot online retail B2B marketplace.
This new marketplace offers a brand-safe alternative to overstock while connecting buyers and sellers and levelling the retail playing field and creating much-needed value for all sides.
In the last 20 years, companies have moved mass production to the far-east in search of lower cost per unit prices. However, low unit prices mean huge order quantities, sometimes 10 times the usual amount a company would previously have ordered. This means stock levels are soaring, swallowing up cash, increasing warehousing prices and creating a global overstock crisis.
Overstock from UK manufacturing alone is worth an estimated £5Billion. That’s £5 billion worth of perfectly good products, sitting in warehouses around the country, costing money to store.
Many brands feel they have no other choice but to destroy their overstock in a bid to protect their brand. For example, Burberry burned $90 million worth of stock in the past 5 years due to the sheer amount of product they had left from previous seasons.
This is not only unsustainable, completely wasteful of all resources put into creating the product but incredibly detrimental to profitability and the planet.
buyfair is helping to solve this global overstock and waste problem by re-thinking, reducing and re-purposing stock on a global scale.
Every item uploaded onto buyfair is tagged by location, already produced and ready to ship. Therefore, instead of having to tie cash up by paying a deposit for new product being ordered from the other side of the world, in the knowledge that it is likely that trees may need to be cut down to produce the goods or raw materials dug up, and then the final product being shipped thousands of miles, buyers can sleep in the knowledge that no more carbon footprint has been created. For the seller, it is reducing their stock mountains and clearing stock in a far more sustainable way than simply sending it to landfill retaining well-earned value in their product and contributing to a circular economy. For the whole team at buyfair, these are our biggest motivators.
Not only is buyfair offering the physical solution to a very physical problem contributing to a more sustainable future, but the company is also centred around core sustainability beliefs that are followed by the whole team.
We’re not talking just switching off our lights and computers at the end of the day but making real changes that we believe will pay off in years to come, here are just a few:
The idea of buyfair grew from a simple, necessary business solution, to a great, sustainable idea. The world has changed, we are now acutely aware of the climate crisis. If we can help by re-purposing existing stock out there, then we are making a positive contribution.