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Learn how BARK used NYSHEX to meet their allocation in-full in 2021 and get ahead of challenges at both destination and origin.

The global pandemic has exposed the fragility of retail supply chains that rely on ocean shipping. That’s not news. But what is news is how innovative companies like BARK are earning market share at a time when competitors are struggling to keep products on the shelf.

How is BARK doing this?

BARK recognized that their ocean carriers were as anxious for reliable cargo as BARK was for reliable space, and they were willing to put their money where their mouth was. That’s not surprising from a dog-obsessed startup that values relationship deeply between both humans and dogs, and shippers and carriers. What BARK needed was a way to engage their carrier-partners in support of this mutual commitment.

Enter NYSHEX.

NYSHEX is an independent provider of technology and financial services that enables effective two-way committed shipping contracts. The NYSHEX “secret-sauce” is a combination of advanced digital contracting technology, which allows cargo owners and vessel operators to digitally manage their service contracts, and terms which can be customized as needed but are always clear and enforceable by both parties.

NYSHEX helps parties enforce their mutual commitments with simple-to-use performance monitoring to independently track bookings and shipment milestones to ensure both the cargo owner and vessel operator see where contracts go off-track and then enable corrective action. Underpinning that is a security deposit holding managed by NYSHEX, and their financing partner, Goldman Sachs. NYSHEX holds security deposits for both parties and provides exception resolution per mutually-agreed NYSHEX rules, saving cargo owners and vessel operators time, as well as avoiding damage to relationships. The resulting trust reinforces and incentivizes mutual performance and compliance.

The holistic approach from NYSHEX has allowed BARK to enjoy a 99% fulfillment rate on their ocean contracts, which is unheard of in good times, let alone during COVID. Compare this to an industry average of just 40% contract fulfillment for typical, non-NYSHEX contracts. The price BARK agreed upon in their contracts is the price they pay, regardless of how high the spot market has moved. The BARK service levels agreed to in the contracts are also guaranteed. The superior NYSHEX contract performance also translates to 33% fewer days of dwell-at-origin, which reduces buffers sock and saves tens of thousands of dollars in inventory carrying costs.

“The NYSHEX guaranteed space is not just protecting our business with steadfast service and costs, it’s allowing our supply chain to thrive in difficult times. We don’t have an origin problem, which is a remarkable thing to say given the current state.”

Jenny Bartolf, Director of Logistics & Purchasing at BARK

Takeaway

It’s not surprising that a brand that strives to understand their customers (and pets) with data-driven approaches would embrace the NYSHEX solution and appreciate the order-of-magnitude performance difference between their NYSHEX and non-NYSHEX contracts. The results are supporting BARK’s mission of “making all dogs happy,” and are what makes BARK different.

Say Goodbye to Unreliable Shipping

Start using NYSHEX today to add reliability to your supply chain.