How Top Retailers Leverage Brand Equity on the Secondary Market
B-Stock is led by veterans in the secondary market and reverse logistics space with decades worth of experience on how to run successful online auctions. Our marketplace network is constantly analyzed by account managers and data scientists who have developed Auction Strategies currently being used by the world’s top retailers. Success metrics include:
- Increased registrations to bid in a marketplace
- Increased number of first time auction bidders
- Increased total number of bids per auction
- Increased number of bidders per auction
When an auction has an increase in registrations, bidders, and actual bids, this promotes a competitive environment where buyers become emotionally engaged in the bidding process and will naturally want to continually keep bidding “just $20 more” to win that coveted lot.
A very successful auction strategy includes using a retailer’s brand to help promote auctions and bring in buyers. The B-Stock Network data shows that buyers tend to buy more from name brands they trust, as compared to a name they’ve never seen before. By branding a seller’s private storefront with their instantly recognizable brand name and style, it provides buyers valuable knowledge of who they are buying from. A well-branded site provides additional validation of the quality of the lots being offered.
We have seen increases in bid activity and recovery rates when retailers move from a generic site to a fully branded storefront. For one large ecommerce retailer, they met their recovery rate goals when they leveraged their brand equity. Within a month of branding their marketplace, including using their company name in their storefront’s URL, the ecommerce site experienced a 60% jump in bids after 15 new buyers immediately began participating in auctions. The recovery rate itself increased by 51% after two months of branding the site.
Check out some of our other client success stories:
- A Fortune 500 home improvement retailer was experiencing an increase in customer-returned appliances—name-brand washers, dryers, ranges and refrigerators and more. Find out how the the retailer increased recovery rates by 42% in a single quarter.
- A family-owned wholesale company specializing in wireless and consumer electronics accessories was looking for an online auction sales channel specifically designed for business-to-business transactions. Find out how it achieved its goals to increase recovery rates; expand geographic demand for the inventory; and have access to an easy-to-use, cost-effective platform.
- After eliminating its dependence on a single liquidator, a global ecommerce company doubled its prices on returned and overstock inventory in three months.
- One of the world’s largest online destinations for home furnishings and décor was experiencing a higher volume of customer returns and other excess inventory due to explosive growth in sales. B-Stock’s customized data-driven methods have generated a 31% increase in gross merchandise value (GMV) over their previous solution and target recovery goal. Read the details here.
- After separating out its mixed lots into smaller categories, including food and sundries, a Fortune 500 retailer tripled its pricing on the inventory.
Ready to optimize your liquidation strategy? Email us at firstname.lastname@example.org.