Online auctions provide food companies secure platform to sell surplus stock
StockonDeals.com is a free-to-use online auction site where companies can offer shelf stable food and beverage products to preregistered buyers.
“Dealing with surplus inventory and production capacity is a troublesome issue for many companies, not least within the food industry, where unsold surplus stocks often have to be destroyed,” the company said.
Chairman Thomas Olsen, former CEO of Nordic Sugar, told FoodNavigator: “Today, these products are either thrown away because they expire out of date, or they are sold through local traders.”
He said the auctions provided a cost effective way to sell product surplus, with opportunities to sell outside of local markets, and with payment secured before product delivery. The auctions are due to take place every week, with the first one set for November 1.
For buyers, potential benefits include access to new products and special offers.
Olsen said: “Extensive involvement in the development process by potential users – more than 20 European companies in total – has been a key point in the concept development. Whereas many emerging businesses in Europe today are based on new technological ideas, stockondeals.com is driven by market needs – but with a technological solution as an important tool.”
Only the buyer and seller will know the final price of the deal, and a fixed percentage fee for deals closed using the platform is included in the bid.
