FloorFound | Floyd Launches Full-Cycle Program and Discovers New Customers Along the Way

Case Study: FLOYD launches Full-Cycle program for sustainability initiatives

FLOYD launches Full-Cycle program for sustainability initiatives and discovers new customers along the way.

About Floyd

Founded in 2013 in Detroit, Floyd began their business with one product, The Floyd Leg. The Floyd Leg immediately became a hit and immediately drove the founders to develop more pieces. Over the past 8 years, Floyd has developed a design principle focused on staying away from big box furniture brands like IKEA, and to keeping their offerings serviceable, by replacing the part and keeping their items out of the landfill. Each of their products focus on quality and longevity, to be enjoyed for many years to come.

The Challenge

Floyd saw the ever-growing crisis surrounding the United States’ landfills. As of this press release, the EPA estimates that over 9 billion tons of furniture end up in landfills across the nation a year. They pride themselves on their approach to their furniture: to design products that people will keep, that won’t deteriorate when moved, or go out of trend. In 2020, Floyd began to push the needle even further, by announcing a Sustainability Plan that is ambitious and set goals to accomplish by 2025.

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.

The Solution

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.

The Results

As oversized e-commerce companies like Floyd focus on sustainable initiatives to reach new customer segments and do their part to save the planet, the numbers prove there is an appetite to support them:

  • Average Discount: 28%
  • Avg. Time to Sell: 8 days
  • % sell-through: 66% in 30 days
  • Gross Recovery: 72%

Download the full report

FloorFound | Austin Chamber A-List 2022
FloorFound | 100 Best Places to Work 2023 - Austin
FloorFound | Awards | Fast Company World Changing Ideas 2022
FloorFound | Awards | ABJ Best Places to Work 2022
FloorFound Logo
Not yet a user?
Sign In
Not yet a user?