Early payments offered to Dick’s Sporting Goods vendors to increase inventory diversity
As part of the company’s progress toward diversifying suppliers for its retail stores, Dick’s Sporting Goods announced that they have partnered with capital platform C2FO. The platform’s purpose is to assist companies to accelerate payments to vendors on previously selected purchases. The payments will be funded by dick’s Sporting Goods, but the vendors will then supply them with a very small discount in exchange for that early payment.
Dick’s has highlighted goals to diversify its network with more minority-owned suppliers. A 2019 Federal Reserve report showed that white-owner firms are 7% more likely to be approved for prior financing than black-owned businesses. Ramon Catania, director of supplier initiatives for Dick’s Sporting Goods, says the partnership with C2FO opportunity Marketplace will enhance the day-to-day operations of the sporting goods retailer’s suppliers - therefore improving the customer experience as a whole.
During the holiday season, online spending hit a record high, increasing by 4.9% year over year, totaling $222.1 billion, according to Adobe Analytics.