3 Ways Otrium’s B2B Platform Oware™, Helps Fashion Brands Make Sure Every Item They Produce Is Worn
9 SEPTEMBER 2021
Our tech-enabled insights help over 200 brands with their outlet stores on the Otrium app sell their unsold inventory.
Any brand of any size can set up their own store on Otrium in a matter of days. The brand partners can then run and optimise their own outlet store with ease. Otrium’s managed marketplace gives brands full control over pricing, merchandising, visibility and placement.
New features continue to be rolled out to serve brands’ needs. The Otrium team is continually thinking ahead to find ways to add value for brand partners and build the best possible end-of-season outlet for brands. The features go towards fixing, once and for all, the costly economic and environmental challenge of unsold inventory.
The Dashboard features in-depth sales, inventory and invoicing information, all in real-time. It provides one single ecosystem to make it as easy as possible for brands to set up their own outlet store.
The Sales overview can be filtered to an extraordinary level of detail from size, styles, dates of transactions, as well as by geography. Meanwhile, data on net sales and returns percentages is built in.
The Inventory overview enables brands to see stock status, giving them full stock management so they see what's live on the platform, which products are being refurbished, and what stock is currently being processed by the Otrium team.
The Invoicing overview helps brands see what’s in process in real time, providing an at-a-glance view of their Otrium store and their real-time cash balance.
Many of the more manual processes required when setting up an online outlet store have now been fully automated through the Oware™ platform, allowing seamless and automated digital processes for partners.
Brands can seamlessly upload their image folders onto Oware™, which automatically matches and uploads product images to the correct stock in the system. Included in this feature is a machine-learning algorithm that auto crops images to the right dimensions, accommodating all the different size pictures and image types that Otrium's 200+ different brand partners supply.
Historically this process had accounted for up to 80% of delays when adding stock to their Otrium store due to the laborious nature of having to add many thousands of images to the platform. This is now simplified, streamlined and fully automated thanks to the integrated digital management of the Oware™ platform.
Otrium’s data-driven replenishment feature makes stock management incredibly easy for brands. It visualises in real-time which products are performing well, shows sell-through percentages in terms of style and size and allows brands to apply over 20 different reporting configuration options, including time periods and geography.
This feature on the Oware™ platform advises brands on precisely which stock they should replenish and accurately recommends quantities based on sell-through rates. It entirely removes the guesswork and blind decision-making that many replenishment cycles are based on. It enables brands to capitalise on demand, being 100% informed, removing the risk.
The algorithm takes into account seasonality, relevancy, newness as well as macro-economic trends. This is a win-win for brands, solving unsold inventory challenges.
Otrium puts brands in control. For so many brands, Otrium revolutionises their business, helping them to solve the huge challenge of unsold inventory. The data helps them optimise for better performance – and helps Otrium to get closer to the day when every item of clothing produced is worn.
Otrium, the online outlet marketplace for end-of-season fashion is the fastest growing technology company in the Netherlands.The company, founded in 2016 was awarded the honour by Deloitte’s Fast 50. The awards rank the very best of the technology sector and recognise those companies that have demonstrated exceptional growth in turnover over the last four years.The Deloitte Fast 50 ranking features both private and public listed technology companies that have demonstrated innovative strategies, sound management practices and marketplace vision driving them to achieve the status of high-growth leaders. Deloitte calls on companies from across the technology spectrum to apply for the awards.Otrium was founded by Max Daniels and Max Klijnstra in 2016 to offer a digital solution to the enormous amount of unsold stock in the fashion industry.* The company solves this by smartly connecting supply and demand of existing unsold seasonal inventory.In 2019, Otrium was honoured in the Rising Star category, recognising the most promising up-and-coming companies who have been in business less than 4 years.Milan Daniels says: “We are humbled to have been recognised in this way. Even more so because there are so many extraordinary businesses emerging and scaling in the Netherlands. It’s an exciting time and it’s only the beginning – we are on a mission to tech-enable designer brands to make sure every item of clothing is worn. There is much more work to be done.”Ivo Meij, Senior Manager at Deloitte: “We had no doubt last year when we awarded Otrium a Rising Star Award that we would be seeing the company rank very highly this year. We are very happy to see them follow in the footsteps of many other incredible Dutch scale ups and look forward to seeing how the company grows in the future.”
When we started Otrium, we didn’t just want to create a company, we wanted to start a movement. We wanted every item of clothing produced to be worn.Before Otrium we’d never given much thought to unsold inventory in the fashion industry, why would we? Even now, with a drive towards greater sustainability, it’s still an uncomfortable topic in fashion circles because around 1 in 10 items made are never sold. We think that’s such a waste – of all the creative energy, the hard work and the investment that goes into producing great fashion.Max and I started to ask ourselves what happens to unsold inventory. We were already on an entrepreneurial path, building ecomms tools, web apps, with a side hustle - a cool (though we say it ourselves!) sweater brand. Although the brand was doing well, we were stuck with unsold inventory. We realised if we had this problem, we weren’t the only ones. For our little business, this was a cash issue, never mind the waste.We did some research to find out how we could shift our own stock. We learned that every fashion brand struggles with unsold inventory and that all the current solutions were legacy players with flawed models.There are stock buyers who buy in bulk at usually less than the price of production. Then there are flash sales, where customers are pushed into a sub-optimal ecommerce experience, often having to wait for their orders. And finally, there are physical outlet centres, often out of town with a high level of investment required so out of the reach for smaller brands. Max and I realised the market was ripe for disruption.The industry needed a better solution that offered better margins and more control for brands, one that could be solved with technology. Brands can get more value out of their previous collections and customers can have a really good experience. There’s where Otrium comes in.We are a managed marketplace where brands can open an online outlet store. They have full control over pricing, merchandising, visibility and placement. This is especially important in the fashion industry where the relationship brands have with their customers is so important. Fashion is a reflection of who you are and personal style is intrinsically linked to the brands you wear. We respect that dynamic.Otrium tech-enables brands so they get the most value from their unsold inventory by smartly connecting every item of clothing to customers in our community. Meanwhile our dynamic pricing engine optimises conversion while refurbishment stations ensures tired, crumpled or unlabeled items are saleable.As for our customers, they get a fantastic deal. On our app they can discover fashion-gems they might have missed, at really great prices but without compromising on the experience. Otrium is the online equivalent of a physical outlet store which has been superpowered with technical capabilities. We have well over 200 brands on our app, from mid price to luxury, from contemporary to sportswear, from local heroes to global names. In every market we take the global names then we add local hero brands to create an authentic, relevant experience for our customers.We’re on a journey to make fashion smarter, giving fashion-lovers the best possible online retail experience and making sure every item of clothing is worn.Words by Milan Daniels, Co-Founder
We’re on an ongoing journey to make fashion smarter, giving fashion-lovers the best possible online retail experience and making sure every item of clothing is worn. Going forward, we decided to communicate more about our roadmap and responsible choices to be as transparent as possible.Fashion is one of the world’s most polluting industries and, unfortunately, 12% of the garments that are produced stay unsold.Our purpose is: All clothing should be worn.We’re tech-enabling designer brands to find an owner for every item they produce.In this post, we’ve got you covered with 10 easy tips to care for your clothes properly. Why’s this so important?Smarter for your wardrobe
Caring for clothes prolongs the life of your wardrobe keeping you in style for longer. – It will also save you time in the long run!Approximately 25% of a garment’s environmental footprint happens in the wearing and washing.So with our smart tips and tricks, you can maximise your wardrobe and be kinder to the planet.1. Wear it more, wash less
Only wash as needed. Washing after one use is often more out of habit than hygiene. Many garments just need to be aired out and stains can often be spot treated. Be responsible and have fewer laundry days – it’s a win-win.2. A lower temperature still gets the job done
Washing machines and detergents are developed to clean at a lower temperature than back in the day. Heat can break textile fibres down and it uses more energy so choose a cooler setting and enjoy your clothes for longer.3. Fill it up
Unless it is an emergency, a single garment on a full program of multiple cycles is a waste of both water and energy. Wait till you have enough laundry to fill the machine ¾. Don’t overfill your washing machine though as this prevents the water from flushing away the dirt and will result in less clean clothes.4. Skip the dryer
Just like it’s better to let your hair dry naturally, it’s better to let clothes air dry too! It keeps your garments in better nick and can even save you time ironing if you do it correctly. Use hangers for shirts and tailored pieces to ensure they dry crisp.5. Tackle stains the minute you spot them
If you get a stain on your new look, try to spot treat it immediately, it’s easier. Especially for natural materials such as cotton, linen and wool, which absorb a lot, making it harder to treat the stain if it’s too soaked in.6. Freeze your denim
Bagging and putting your denim in the freezer for a day or two keeps jeans in better shape and kills bacteria and odours. Is there room next to the ice cream?7. Sun’s out, shirt’s out
The sun has natural bleaching qualities when it comes to clothing. Hang your white clothes out to dry in the sunshine and take advantage of the natural bleaching.8. Dry wool garments flat
Knits love a flat surface when drying, it helps keep their shape, especially the heavier ones. So dry flat – preferably on a towel to absorb any extra moisture.9. Only iron if you have to
Need another excuse to get out of the ironing? Hang drying instead of tumble drying skips the energy cost of heating and running an iron. If your clothes are already clean and dry, hang them in your bathroom when you shower. The moist air will act a bit like a steamer, helping to reduce the creases.10. Brush up on skills
A missing button or a small defect doesn’t mean you have to throw clothes away. It’s just part of any product's natural life cycle and can easily be repaired to extend the life of your clothes. Pinterest, YouTube or TikTok are your friends offering helpful DIY advice. If you're not feeling crafty, there’s always a more practical loved one or an amazing tailor around the corner.All good things come to an end, including clothes. But with these 10 easy tips, you’ll be able to enjoy your clothes for much longer.If you need something new, undefined.#WearIt