Housewares Business-to-business magazine for housewares retailers and their suppliers
Dominic Speelman, founder and managing director of housewares manufacturer MAKE International, has launched a new venture.
He is ceo and co-founder of BuyFair.Global, billed as ‘the first B2B multi-lot auction-based marketplace for overstock, sample and end-of line product’.
Dominic said: “Difficult trading conditions in recent years have placed some manufacturers in significant difficulty. When you have an influx of stock, a fall in demand and growing uncertainty, it’s almost the perfect storm.
“For years, overstock has been a taboo subject which premium brands especially have been loath to discuss. But it feels as if a tipping point has been reached and people are searching for a solution to the problem of overstock. We believe BuyFair.Global is the solution, allowing brands to sell excess stock to businesses across the world. Through a sophisticated multi-lot auction-based system, brands can sell in bulk at better prices to a more targeted audience.”
The auction system and complex algorithms developed for www.buyfair.global are designed to give buyers a fast, immediate and simple way to purchase product. Oliver Pluckrose, CTO (Chief Technology Officer) of BuyFair.Global, explained: “The multi-lot auction platform can display to buyers, in real-time, their allocation of stock based on their current bid price and required number of units, when an auction has multiple buyers competing to win a finite amount of units from a seller.
“It guarantees to the seller that in any of their auctions, BuyFair.Global will find the best solution to selling all their stock for the highest achievable price, based on those buyers bidding in the auction and the unit quantities they require.”
Deborah Spencer, founder of contemporary interior design show designjunction and now a partner of BuyFair.Global, added: “BuyFair brings the first and only multi-lot real-time auction to the industry at a time where it has been incredibly difficult for homeware brands to manage inventory, as we lose key retailers from our high streets.”
www.buyfair.global lists products from more than 200 brands including LSA International, Dexam, ASA Selection, Jersey Pottery, Bodlon, Serax, Case, Harcourt, Innermost and MAKE International.
Dominic Speelman, founder and managing director of MAKE International, is also ceo and co-founder of BuyFair.Global
