ShopWorn is offering to solve one of the great challenges for watch brands and retailers around the world — how to maximize the value of unsold stock.
The New Jersey-based ecommerce specialist has a BuyBack Partnership Program that offers retailers the opportunity to sell excess inventory with the approval of watch brands.
Graham Watches has become the first brand to officially work with ShopWorn on the program, which means any of its watches that do not sell at full retail prices do not get dumped on the gray market.
“ShopWorn is a key contributor to the economic development of luxury watchmaking in the USA,” said Eric Loth, founder of Graham Watches.
“Building a trustworthy digital platform and collaborating with them to create a win-win-win situation helps the brand and retailers to keep the market clean and supply at optimal cost. Effectively keeping the market à jour and offering the brand added value for their clients, Shopworn points out the need to transform the business of luxury goods,” he adds.
Because retailers will no longer be left with overstock of Graham watches, there is less risk investing in the newest collections.
The deal with ShopWorn means it is now the only platform in the United States officially sanctioned by an important brand with exclusive rights to sell their aged inventory.
The challenges caused by covid this year mean it has been harder than ever for retailers to accurately forecast demand, so the ShopWorn BuyBack Partnership Program arrives at an important moment.
“The covid-19 pandemic has created challenges for a lot of our retail accounts. But thanks to this partnership, we have been able to work together with our retailers and re-seller to reduce our excess inventory from three years down to one. As we continue working with ShopWorn, we hope to see that number decline further to under six months,” says Patric Zingg, managing director of Graham.
The BuyBack Partnership illustrates ShopWorn’s growing position as the natural evolution of the luxury retail cycle. In the traditional model, retailers bought products from luxury brands for resale to their customers, with any unsold inventory creating a financial loss. Brands willing to buy back the unsold merchandise were still left in the untenable position of having excess inventory that could neither be destroyed nor deeply discounted. Through ShopWorn, brands and retailers now have a resource to offload aged inventory, recapture some of their investment and keep the market clear of unauthorized distribution channels.
“We’re honored to have such an esteemed brand as Graham entrust us with the proper distribution of their past seasons’ inventory. We welcome luxury brands seeking sustainable, cost-saving measures to reduce their unsold stock while partnering with a company that prioritizes transparency, long relationships and above-board dealings. The ShopWorn BuyBack Partnership is open to all who wish to join us as the retail business evolves,” says ShopWorn CEO Larry Birnbaum.