Dominic Speelman, ceo & co-founder of www.buyfair.global , said: “More than 14 years ago, I set up a global homeware brand called MAKE International. Since our inception, we have sold thousands of products worldwide, to some of the largest retailers from John Lewis in the UK to Barnes & Noble in the US.
“On June 24 2016 the UK voted to leave the EU. Within a matter of days, many retailers started cancelling orders with MAKE. They were concerned about the economic conditions post-Brexit. Suddenly there wasn’t an outlet for some of our best-selling items.
“Over the last 20 years, many brands have taken the decision to move manufacturing to the Far East because of cheaper mass production. Companies demanding huge growth end up buying product in enormous batches that becomes incredibly difficult to shift. As a result, it takes up valuable storage space and increases warehouse costs.
“When you have an influx of stock, a fall in demand and uncertainty, it creates the perfect storm. I soon realised we weren’t the only company experiencing these problems. A solution was needed – and so www.buyfair.global was born.
“It all started with the issue of overstock. The stock left mounting up in warehouses across the world creates a massive financial burden on companies and impacts the environment on a global scale.
“I knew it was time to make a change. I started speaking to industry friends to understand how they tackled this problem. I found there were limited options available other than selling to the stock clearance companies. As was widely reported recently, many brands ended up dumping and burning their overstock as they felt they had no other option whilst retaining brand integrity. Overstock is extremely costly to both companies and the environment.
“The solution is simple: www.buyfair.global, a platform for overstock. Buyfair connects buyers and sellers on a level playing field, creating better value on all sides. The idea 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 repurposing existing stock out there, then we are making a positive contribution.
“Put simply, buyfair aims to be a premium version of eBay, for business. buyfair has many unique features including a multi-lot algorithm allowing large quantities to be sold in smaller lots and a brand safe environment protecting premium brands and giving them the ability to vet customers. Buyers get fair prices and can buy goods which are in stock locally rather than ordering from scratch.
“Most auction sites are geared towards a business-to-consumer model. Buyfair provides a business-to-business marketplace. Our multi-lot auction marketplace allows brands to sell in volume to buyers across different industries. Buyers range from large hotel chains to small independent shops and Buyfair offers them a limitless array of products, varying in quantity from 100 chairs to 1,000 glasses.
“Buyfair is a fair marketplace that maintains brand integrity. Each brand can set reserve prices controlling the minimum amount they are selling items for, and giving them the best possible return on stock. We are the first multi-lot auction platform which allows large quantities to be sold in multiple smaller lots.
“There is an estimated £5 billion tied up in overstock in the UK manufacturing sector alone. We are looking to unlock this capital as we tackle the global overstock crisis. Buyfair will change how product is purchased and sold on a global scale. By rethinking, reducing and re-purposing stock, we will create a successful company and a more sustainable future.”
Since launch in May, over 150 premium brands in 18 different countries have signed up as sellers including Tom Dixon, Modus, LSA, and Black + Blum. There is now an average of almost 600 live auctions.
Buyfair has already raised over £250,000 which has been invested in the development of the website to deliver a user-friendly, real-time auction platform. It is now looking to raise a further £250,000 for buyer acquisition, marketing and tech development.
More information can be found at https://www.crowdcube.com/companies/buyfair-holdings-ltd/pitches/Z5nyob