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Hanesbrands needed a way to sell their excess inventory in a fast, flexible and scaleable way. The way the company had been offloading this merchandise was slow and inefficient. Enter: B-Stock.
Hanesbrands Quick Stats at a Glance:
● 550% increase in sales between November 2019 and June 2020
● Results above 10% of retail, consistently
● 15-day turnaround between auction launch to cash in hand
In the world of apparel retail, seasonality typically leaves behind inventory that doesn’t immediately sell. Such was the case with Hanesbrands. As the iconic company worked to sell still viable excess inventory, they found that their process of dealing with several large liquidators through multiple emails each month was less than ideal. That’s when they reached out to B-Stock.
To help Hanesbrands sell their excess basic apparel, B-Stock focused on creating a flexible and scalable solution that would best suit their needs. A private, branded B2B online auction marketplace would allow the brand to showcase and sell the excess inventory to a large group of vetted business buyers of their choosing—thereby protecting their brand—while an auction dynamic would breed competition and increase pricing. Once B-Stock built and launched the Hanesbrands marketplace, the predicted results began to materialize.
Once the Hanesbrands private marketplace was up and running, the apparel brand was able to not only sell their excess inventory, but do so in stellar fashion, performing above and beyond what they’d expected. Between their launch in November 2019 and June 2020, they grew their network to 201 buyers and 765 bidders. What’s more, they held 604 auctions, which increased their performance by 550%. In only seven months, the B2B auction marketplace solution allowed Hanesbrands to consistently achieve results of above 10% of retail in every category; further proof of the B-Stock solution.Download Full Case Study