Machine Compare, the leading B2B marketplace for industrial equipment, can now add e-commerce to its mix, following the successful soft launch of its spare parts platform, Marketplace.
DS Smith, Stora Enso, Nestle, JBS, Ülker and UCIC are among the growing list of industrial manufactures showcasing unused, obsolete and surplus stock via the e-commerce platform. This model is a unique proposition for the manufacturing industry, set to disrupt the spare parts space for good.
To date, Machine Compare has identified £5B worth of unused, surplus and obsolete spare parts across manufacturing plantations worldwide – a figure estimated to be far greater. However, discussions on this topic remain sparse within manufacturing.
Over 15 multi-national manufacturers have partnered with the Marketplace to sell surplus inventory, taking the number of individual brands, including spare manufacturers and sector specific OEMs shoppable on the website, to over 260.
Offering over £7 million worth of product lines across electrical and mechanical spare part categories like semiconductors, capacitors, circuit protection, bearings, bolts and gears, Marketplace provides a dedicated channel that enables brand equity to be maintained when clearing stock, whilst also identifying new revenue streams by turning surplus spare parts into capital.
By owning product selection, pricing, images and copy, manufacturers can digitally connect supply chain and inventory systems to trade more efficiently, without the need to physically move stock to a third-party seller or distribution centres. Products are displayed in a clean and dynamic environment, with further details made available by tapping into an internal database of over 50 million existing spare parts. This further populates inventory with datasheets and product specifications through the MPN number and manufacturer.
Finding such a staggering volume of surplus spare parts inventory came with further revelations regarding waste and disposal.
Machine Compare’s CMO Emily said: “During the development of this Marketplace, something that became glaringly apparent was the sheer volume of spare parts being sent to scrap, with no transparency or audit trail of where these parts were ending up. Most importantly, of what was ending up in landfills.
There is a real culture and mindset in the industrial sector that to buy new is to buy better. This isn’t always true. Marketplace proves that better exists. You just need to know about it”.
One organisation reshaping sustainable manufacturing and circular innovation is DS Smith.
Alex Jennings, Group Chief Procurement Officer at DS Smith commented: “The circular economy is an intrinsic part of our business model and as a result, the refurbishment of equipment and reuse of materials is a critical consideration for our global operations. We want to see products and materials kept in use for as long as possible and support the wider manufacturing industry to reduce its need for landfill. By partnering with new, circular platforms like the Machine Compare Marketplace to support this process, we have been able to release capital and create significant improvements in operational efficiencies, proving this concept to be both sustainable and profitable.”
When it comes to price, Machine Compare is committed to offering best in market pricing by listing the stock 25% cheaper than like for like products online. As well as that, Machine Compare has now added a price match guarantee against any electrical and mechanical spare parts listed on the Marketplace website displaying the ‘Lowest Price Guarantee’ badge. Furthermore, for a limited time online, Machine Compare is also providing customers with 5% off their first purchase.
To give both buyers and seller’s peace of mind that parts are being purchased and sold to verified organisations, every listing on Machine Compare’s new Marketplace will now also contain the detected icon. Clicking this internationally recognised mark of trust immediately brings up a seller’s real-time business credentials; live information that detected gathers automatically, standardised and presented in an easy-to-understand interactive format.
Machine Compare hope that by giving organisations the chance to revaluate how and when stock is bought, sold and marketed, end-to-end users will gain full transparency of the supply chain and most of all, the assurance needed to trade securely. detected forms an important part of this governance process, increasing transparency, protecting customers and strengthening the customer experience”
Commenting on the Marketplace launch, Machine Compare CEO Ben Findlay says: “Our relentless pursuit to change how industry trades may only be in its infancy, but we have already seen a huge, positive response from multinational players the world over. Like us, they believe in a future where green technologies can thrive, and ethical profits can be made. And with the e-commerce platform designed around the real-life challenges and needs of industrial sellers and buyers, these users are bound to have an enjoyable and seamless experience while putting valuable resources back into circularity.
Marketplace helps businesses close the circle by extending the lifecycles of spare parts, stopping them from prematurely being considered end-of-life.”
With the Marketplace in its BETA infancy, Machine Compare is welcoming feedback to streamline the online experience, expand it, as well as add new features and functionalities prior to the global launch this autumn.