How Otrium’s tech-enable insights set it apart and are helping over 200 fashion brands which have their outlet stores on the Otrium app sell their unsold inventory.
Thanks to Otrium, any brand of any size can set up their own store on Otrium in a matter of days. For these brand partners with Otrium they can set up, run and optimise their own outlet store with ease. Otrium’s managed marketplace gives brands full control over pricing, merchandising, visibility and placement.
Otrium is rolling out an array of amazing new features to serve brands’ needs. The Otrium team is constantly thinking ahead to find ways to add value for brand partners and to build the best possible end-of-season outlet for their brands. These features go a long way towards helping to fix, 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 them to see what’s in process in real time to give brands 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 our partners.
Brands can seamlessly upload their image folders onto Oware™ platform 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 plus different brandpartners supply.
Historically this process had accounted for up to 80% of delays when adding stock into 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 guess-work 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. The Oware™ platform gives them full management of their outlet store and the team continues to roll out new features and enhancements. For so many brands this 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.