Renowned Entrepreneur John Paul DeJoria & Renew Logic Unveil new AI company, Vendidit, Pioneering Sustainable Solutions in Retail
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LAS VEGAS, Feb. 7, 2024 ~ Business mogul John Paul DeJoria and reverse logistics expert Gary Stephens have announced their latest venture, Vendidit, a revolutionary software platform that aims to transform the $800 billion secondary market for retail returns. This first-of-its-kind platform connects retail sellers with secondary market buyers in a fraction of the time it used to take, thanks to its proprietary artificial intelligence technology.

According to Stephens, Vendidit addresses a pressing issue that has been exacerbated by the global pandemic. With the surge in returns since the onset of COVID-19, one in every six items purchased is being returned. This has resulted in millions of perfectly good items sitting on shelves or ending up in landfills due to the lack of an efficient system for connecting buyers and sellers in the aftermarket.

This environmental focus is what drew billionaire businessman John Paul DeJoria to invest in Vendidit. The company is a spinoff from another successful venture co-founded by DeJoria in 2016 – Renew Logic. "It is not only an enormous business opportunity, it is truly doing good for the planet," said DeJoria.

Stephens further explains that Vendidit has unlocked the missing piece of efficiency in the booming business of aftermarket returns. The platform simplifies and streamlines the time-consuming and outdated manual selling process by transitioning it to an instant online platform. This benefits both buyers and sellers by making it easier and faster to connect with each other.

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Vendidit's AI technology matches retailers looking to move returns with secondary buyers desperate for inventory – all within seconds. This eliminates the need for large companies to spend a week working on Excel spreadsheets to get bids from secondary buyers who sell directly to end consumers.

The platform also seamlessly connects major enterprises with wholesalers, facilitating the absorption of millions of dollars' worth of returned products quickly and efficiently. It houses all aspects of the process, including bidding, inventory databases, billing, and more.

The result is not only increased revenue for retailers and secondary sellers, but also a significant reduction in environmental damage. Vendidit's streamlined process means thousands of warehouse trucks are taken off the road, returned goods are sold at the highest possible value, and waste is dramatically reduced.

Vendidit will make its debut at the Reverse Logistics Association Conference on February 7th. Attendees can visit booths 107 and 207 to learn more about the platform and its potential impact across industries. For additional information, media can reach out to Narwhal Media Group or i-Media Strategies using the provided contacts. With Vendidit, DeJoria and Stephens are poised to revolutionize the retail returns industry and make a positive impact on both businesses and the environment.

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