FLOYD launches Full-Cycle program for sustainability initiatives and discovers new customers along the way.
The biggest challenge proved to be that while the furniture they’ve designed and loved was meeting a sustainable mindset, they needed a platform that would be able to assist in meeting their goal to launch The Floyd Resale and Refurbishment program to extend the useful life of their sustainable furniture, as well as reducing gas emissions across their supply chain.
In February 2021, Floyd launched a FloorFound pilot for California residents focused on a branded Full Cycle storefront. Their Logistics and Customer Care teams worked closely alongside FloorFound’s to improve overall efficiency through the picking up of returned, open-box items and merchandising them within the FloorFound platform. Prior to implementing
FloorFound’s solution, most of their returned items took a lengthy trek back to their facility in Detroit and would either be donated or sold at yearly local Shed Sale, with minimal results of recovering lost revenue.
Implementing the FloorFound platform enables Floyd to tap into the FloorFound network. With
over 75 warehouse hubs, and 4 major 3PL agreements in place, FloorFound is able to provide
easy return pickups, where the item travels a shorter distance to be inspected, stored and listed through the FloorFound process. Utilizing our approach, we are able to reduce the carbon emissions for a line haul through utilizing FloorFound’s vast Last Mile Network, thus assisting Floyd in attaining their sustainability goals much earlier than expected.
With FloorFound’s Branded Storefront approach, Floyd has seen over 66% sell through within
the first 30 days of an item being listed on the site. This new revenue vertical has helped see
72% average gross recovery, and an average time to sell of only 8 days for each newly merchandised item. “With our Branded Storefront, it is plain to see that for a minimal discount,
there is an appetite for the eco-conscious consumer. These items are like new and deserving of a good home. It’s great to see companies like Floyd becoming a standard-bearer for the future
of the re-commerce vertical”, Ryan Matthews, Co-Founder of FloorFound said.
What’s even more interesting is their new customer capture. Over 75% of all FloorFound customers on the Branded Storefront are brand new Floyd customers. Taking into account these new customers, 25% of them have already returned and purchased brand new Floyd items as a result. New customers are coming back, and becoming Floyd customers for life after being introduced through FloorFound.
- Average Discount: 28%
- Avg. Time to Sell: 8 days
- % sell-through: 66% in 30 days
- Gross Recovery: 72%