Bevite tackles bad inventory with blockchain tech

Bevite has announced the Beta launch of its blockchain marketplace that helps retailers eliminate excess inventory.

This allows them to turn their physical stores into virtual storefronts to share inventories with their sales partners for distributed mass sales. Merchants can offer wider assortments, better pricing, and more purchasing options, Bevite says. This in turn increases consumer trust through product transparency in the shopping process, eliminating the need to stockpile products or charge consumers convenience fees.

In the Beta release, Bevite, whose leadership team includes Kent Anderson, former President of Macys.com and Scott McNealy, Founder of Sun Microsystems, will open its marketplace to a select number of small, medium and large retail businesses. It will use these trials to gain feedback ahead of a commercial roll-out in 2018. 

“Our mission is to empower businesses of all sizes operationalise their omnichannel retail strategies,” says Jamie Driver, Co-founder of Bevite. “We’ve been very fortunate to work with some of the most iconic brands in the retail industry. This is the first time that Bevite’s proprietary block technology will be placed in the hands of our user base, and marks a major milestone in the platform’s development.”

“Conventional wisdom holds that online shopping is to blame for the retail apocalypse but nothing could be further from the truth,” says fellow Co-founder, Jayson Kim. “Today, most retailers are very complex, multi-channel businesses. They offer customers the same, if not more benefits, as shopping on Amazon, Alibaba or eBay. The problem is that their customers tend to overlap in these sales channels, resulting in an overwhelming amount of bad inventory that impacts their bottomline.”

Further details here.