Global retail technology firm Bevite has announced the Beta launch of its transparent commercial blockchain platform, Bevite marketplace.

The platform is designed to eliminate the problem of excess inventory in the retail industry.

Bevite marketplace enables retailers to sell or partner-to-sell products and services from a common pool of shared inventory.

Features of the solution include omni-retail shopping, personalised storefronts, partnered sales, timed sales events, customised catalogues, shared product inventories, real-time purchasing and proprietary customer ownership.

“Our mission is to empower businesses of all sizes operationalise their omni-channel retail strategies.”

Bevite co-founder Jamie Driver said: “Our mission is to empower businesses of all sizes to operationalise their omni-channel retail strategies.

“We’ve been very fortunate to work with some of the most iconic brands in the retail industry. This is the first time that Bevite’s proprietary block technology will be placed in the hands of our user base, and marks a major milestone in the platform’s development.”

Repurposed for commercial use, the Bevite marketplace blockchain platform allows retailers to digitise their offline stores into virtual storefronts by sharing inventories with their sales partners for distributed mass sales.

Merchants can use the new solution to offer more purchasing options through wider assortments and better pricing.

The Bevite marketplace is available online as a privately managed marketplace for enterprise retailers and publicly shared marketplace for small to mid-sized retailers.

Bevite co-founder Jayson Kim said: “Today, most retailers are very complex, multi-channel businesses. They offer customers the same, if not more benefits, as shopping on Amazon, Alibaba or eBay.

“The problem is that their customers tend to overlap in these sales channels, resulting in an overwhelming amount of bad inventory that impacts their bottom line.”

The technology firm plans to launch the full version of Bevite marketplace following the results of the beta version.