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.
We’re incredibly lucky that the O-team is made up of such a brilliant bunch of enterprising minds. Sure, we knew everyone was awesome at what they did day to day, but we wanted to give the Tech and Product team the chance to really let their imaginations run free on the challenge of actioning our purpose; making sure every item of clothing is worn. So, we hosted a hackathon!
We threw down the gauntlet to the Tech and Product team worldwide, asking them to submit their innovative ideas for improved automation and efficiency; from upgrades to the app and enhancements to the platform, to fine-tuning the systems that we as a team use behind the scenes. And, the results were even more amazing than we expected. We had participants from 15 different countries bringing a whole host of forward-thinking concepts, which we whittled down to 9. Each participant then joined a team behind one of these concepts.
The day started with impassioned pitches of the initial ideas from the team leaders to the entire hackathon. The teams then broke off into groups for the day and let the creativity commence. Everyone brought their own unique strengths to the table, from researching consumer behaviour to dreaming up demonstrations. As the day drew to a close and the clock counted its final minutes, the teams rushed to perfect their presentations.
The moment of truth arrived, each team pitched their idea to a panel of executive team members. They heard an assortment of excellent ideas, from improvements in sharability to the gamification of everyday processes. Co-founder and Co-CEO Max Klijnstra was blown away by “the enthusiasm, creativity, and passion behind every pitch”. The panel then had the unenviable task of choosing their favourite three solutions out of 9 top-shelf pitches.
The top three were:
3. Team Freaky Octopus (Sumit, Kyriakos, and Lucia) with a novel review system.2. Team 🐝2 🐝 (Jayathu, Chamara, Violeta, Alex, and Sameera) with an incredibly handy web app.1. Team O-404 not found it (Akshaya, Hicham, Paul, Danielle, Alex, Lucas, and Francisco) took first place with their innovative share functionality.
Each team won a mixture of Amazon and Otrium credits, as well as the opportunity to develop their unique solutions to be incorporated into the Otrium offering.
Needless to say, the hackathon was a huge success, and we're already looking forward to hosting our next one, rolling it out across the entire company to unearth more ground-breaking thinking from the O-team. A huge thanks to everyone involved, until next time ✌️.
As we wave goodbye to 2021, we wanted to take this opportunity to thank our brilliant members, partners, investors, and of course, the magnificent O-team. Thank you for helping us achieve so many amazing things this year and helping us charge forward in our mission of making sure that all clothing is worn.We’ve enjoyed soaring growth in the past 12 months; adding 155 new faces to the team across the globe, rapidly expanding our team to an assortment of exciting new locations, all whilst remaining a tightly-knit bunch! This growth, propelled by ourundefined, enabled us to massively scale our operations worldwide. We opened in a number of new territories, including the USA, and added a state-of-the-art UK distribution centre, which will allow us to help even more fabulous brands match their end-of-season pieces with fashion lovers, launching us forward into a future without fashion waste.Innovation is at the heart of everything we do, and 2021 showed no exception; our tech, product and engineering teams developed a vast range of cutting-edge technological solutions for both our B2B and B2C marketplaces; such as our smart-pricing functionality, real-time insight dashboard, and expanding our Data-Made testing capabilities, to name a few. We’re excited to launch forward in the new year with further innovations to make the entire Otrium experience ever-more dynamic. In order to help us fully commit to making a more positive impact, we hired a brand new sustainability team! They hit the ground running by carrying out truly informative impact reports that will help us chart our environmental impact on a yearly basis. We teamed up with Good On You and introduced the Conscious filter to help our customers make more informed choices. As the leading sources for fashion brand sustainability ratings, we’ve been able to highlight brands on Otrium that go the extra mile to be more sustainable.Of course, none of this would have been possible without our fabulous brand partners, to which we've added many new exciting names this year. Nor would it have been possible without our fantastic, fashion-loving members, all 3.5 million of them.Otrium’s made some monumental steps forward in 2021, but we now look on to 2022 with even bigger plans to help achieve our purpose of making sure every piece of clothing produced is worn. Thank you for being a part of our growth journey, we’re looking forward to sharing with you more exciting news in the new year!
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.”