What is Optoro? Optoro Review

introduce

Optoro currently operates in 20 cities across the United States, and its corporate clients include Groupon, Sennheiser, Jet.com, Staples, etc.

Serve

One is to use a software called OptiTurn, which allows retailers to optimize the management of returns and excess inventory. Through this software, you can track and allocate commodity inventory, sell it directly to consumers, sell it to wholesalers, send it to suppliers for repair, donation or recycling, etc. Warehouse staff can also use this software to mark the condition of returned goods, such as "new", "opened", "refurbished" or in good condition. OptiTurn will analyze it together with other product information, and then allocate the goods to specific sales channels to help retailers minimize losses.

Second, Optoro also has its own e-commerce platform, BLINQ.COM, which will automatically sell these products at a higher resale value.

(1) A variety of intuitive and easy-to-use information tools. After the warehouse receives the returned goods, Optiturn automatically reads the product information through the barcode and assigns a unique ID to each item to accurately track its whereabouts; non-new products will enter the quality inspection and rating step, and the Optiturn system will directly enter the product evaluation results to improve transparency throughout the product life cycle.

(2) Patented AI algorithm based on price estimation and supply and demand analysis. Through the algorithm, Optiturn can select the disposal channel that can maximize the value of each product, including entering inventory, re-listing, discount clearance sale, selling as second-hand products, recycling and donation. Similarly, it can also guide other links in the reverse supply chain, such as how returned goods should be returned to the warehouse.

(3) Automated online secondary sales. If a product is distributed to a channel that needs to be resold, Optiturn will automatically list the product on multiple 2B or 2C e-commerce platforms selected by the enterprise. Product pricing is also automatically selected by the system based on multiple parameters to maximize the net profit of the product.

(4) Visual data based on precise tracking. Through data, companies can monitor the subsequent status of returned goods, obtain information such as secondary sales efficiency and inventory fluctuations, and thus provide feedback and adjustments to existing disposal channel algorithms.

Advantages

1. Improve customer experience: Turn rewarding moments into positive experiences, increasing satisfaction and brand loyalty.

2. Improve profitability: The prediction machine will promote inventory to the most profitable platform by analyzing inventory activity.

3. Reduce operating costs: Optimize the platform to minimize touch and simplify operations across the supply chain.

4. Better control and visibility: Combined tools provide teams with real-time visibility and control to optimize decision making.

Financing

In February 2011, Optoro received US$1.9 million in Series A funding.

In January 2013, it received US$7.5 million in Series A funding.

In December 2014, Optoro received a $50 million Series C investment. This round of financing was led by Kleiner Perkins Caufield & Byers’ Green Growth Fund, with participation from Revolution Growth, Grotech Ventures, and SWaN & Legend Venture Partners.

In July 2015, it received US$23.5 million in Series B funding.

In July 2015, Optoro received $40 million in debt financing

In December 2016, Optoro received US$30 million in Series D financing from investors including United Parcel Service (UPS), Revolution Growth, Kleiner Perkins Caufield & Byers, Generation Investment Management, Tenfore Holdings, SWaN, Legend Venture Partners and Maryland Venture Fund.

In July 2018, Optoro received US$75 million in Series E financing. The latest round of financing was led by Franklin Templeton Investments. The company has raised at least US$200 million in total to date. Investors include Revolution Growth, Generation Investment Management, Grotech Ventures and UPS Strategic Enterprise Fund.