LiquiDonate, a climate-tech startup, earns recognition from Fast
Company for its Magic Matches software that transforms the
$816B returns that are landfilled
each year into charitable donations. With over 9 million items
matched and an 83% reduction in returns shipping distance,
LiquiDonate is poised to reshape industry norms.
SAN
FRANCISCO, May 14, 2024 /PRNewswire-PRWeb/ --
LiquiDonate, the first climate-tech startup to transform unsellable
inventory into charitable donations, proudly announces its
inclusion as a Finalist in Fast Company's prestigious 2024 World
Changing Ideas Awards. The startup is also recognized in The
Leading 100 List for the second consecutive year. LiquiDonate's
innovative software, Magic Matches, is acknowledged by both
organizations for its exceptional contribution to sustainability
and social impact in the retail industry.
"Returns cost $816
billion annually, presenting a substantial financial burden
to retailers. LiquiDonate's solution directly confronts this by
redirecting unsellable inventory, like returns, from brands to
nonprofit organizations in need, fostering a circular economy and
mitigating waste."
Magic Matches, LiquiDonate's flagship software, marks a
significant step in addressing the returns crisis plaguing
retailers worldwide. With an annual cost exceeding $816 billion, returns present a substantial
financial burden to retailers, while contributing to environmental
degradation through landfill waste and shipping emissions.
LiquiDonate's solution directly confronts these challenges by
redirecting unsellable inventory, like returns, from retailers to
nonprofit organizations in need, fostering a circular economy and
mitigating waste.
The platform has achieved significant milestones since its
launch in late 2021, facilitating the matching of over 9 million
items valued at $33 million from over
80 participating retailers to nonprofit recipients. Notably,
retailers utilizing Magic Matches for returns have experienced an
83% reduction in returns shipping distance on average, effectively
addressing scope 3 emissions.
"Our mission at LiquiDonate is to revolutionize the retail
industry by harnessing the power of technology to drive positive
change," said Disney Petit, CEO and Founder of LiquiDonate. "Being
honored by Fast Company and The Lead underscores the impact of our
efforts to empower retailers to make a meaningful difference in
their communities while reducing their environmental
footprint."
The impact on retailers' bottom line is equally noteworthy.
Traditionally, the average return costs a retailer $15 in lost revenue and logistics expenses. In
contrast, returns processed through LiquiDonate cost only
$0.06 on average. This drastic cost
reduction is primarily attributed to minimized logistics expenses
and potential tax deductions, clearly demonstrating the platform's
efficiency and financial benefits for retailers.
LiquiDonate's Magic Matches software not only reduces retailers'
operational costs and carbon emissions but is also designed to
provide needed support to nonprofits and schools in all 50 states.
Nonprofit organizations in the US allocate nearly $1 billion annually for essential supplies and
services while facing mounting pressure to trim overhead costs,
despite the escalating demand for human services. LiquiDonate's
nonprofit membership has surged from 132 registered 501(c)3
organizations in 2022 to over 3,700 in 2024.
Looking ahead, LiquiDonate remains steadfast in its commitment
to welcoming excess inventory from any brand and extending
invitations to all nonprofits and schools in need of supplies to
join the platform. With a clear focus on making the inventory
donation process seamless and accessible for retailers, LiquiDonate
is poised to revolutionize the retail industry, ensuring returns
are never destined for landfills again.
ABOUT LIQUIDONATE
LiquiDonate is a San
Francisco-based tech startup working to advance the circular
economy through innovative technology solutions. LiquiDonate's
flagship software, Magic Matches, empowers retailers to convert
unsellable inventory into charitable donations, fostering a
circular economy and driving positive social and environmental
impact. The company was founded in 2021 by Disney Petit and
Chai Nadig. The pair met while
working at Postmates where they partnered to create award-winning
food rescue programs Bento and Food Fight. Petit and Nadig left
Postmates following the Uber acquisition in 2021 to start
LiquiDonate.
ABOUT THE WORLD CHANGING IDEAS AWARDS
World Changing Ideas is one of Fast Company's major annual
awards programs and is focused on social good, seeking to elevate
finished products and bold concepts that make the world better.
Judges choose winners, finalists, and honorable mentions based on
feasibility and the potential for impact. With the goals of
awarding ingenuity and fostering innovation, Fast Company draws
attention to ideas with great potential and helps them expand their
reach to inspire more people to work on solving the problems that
affect us all.
ABOUT FAST COMPANY
Fast Company is the only media brand fully dedicated to the
vital intersection of business, innovation, and design, engaging
the most influential leaders, companies, and thinkers on the future
of business. Headquartered in New York
City, Fast Company is published by Mansueto Ventures LLC,
along with our sister publication Inc., and can be found online at
www.fastcompany.com.
ABOUT THE LEAD
The Lead helps brands compete in an increasingly digital and
direct selling environment by introducing future business trends,
presenting winning strategies, and connecting them with the right
technologies. Unlike conferences and information outlets that focus
either on big retail or just a single stakeholder, The Lead
showcases actionable insights across marketing, ecommerce, stores,
customer experience, and last mile for brands selling direct.
For media inquiries, please contact:
Nicole Brose
Director of Communications
press@liquidonate.com
510-585-9221
Website: www.liquidonate.com
Social Media: @LiquiDonate
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SOURCE LiquiDonate