Retail giant Shopify makes an investment in wholesale platform Faire
Let's Talk Shop: Faire and Shopify Join Forces
Skip the Bureaucracy:
- Get ready to boost your wholesale game, as B2B retail marketplace Faire teams up with Shopify, the favored commerce platform recommended for wholesale activities.
- Shopify's Point of Sale (POS) is now the go-to provider for Faire's retail community, and the e-commerce giant will be a shareholder in Faire, we hear from the latest press release.
Retail Revelry:
Retailers on Shopify will have the opportunity to reorder top-sellers from nearly 10 million products, thanks to Faire's seller app. In return, brands on Shopify can effortlessly amplify their wholesale distribution to thousands of retailers through Faire's channel.
Small Business Savior:
You might wonder why this union is taking place. Well, it's all about assisting small businesses in stealing the spotlight from larger brands and big-box retailers. Faire, founded in 2017, managed to reach over $1 billion in retail volume by 2021. Both Faire and Shopify share a common mission to empower small biz owners in their retail endeavors.
Max Rhodes, co-founder and CEO of Faire, expresses, "We've long admired Shopify's like-minded approach to aiding retail entrepreneurs to manage their businesses as efficiently as possible."
Aneeqa Khan, director of product at Shopify, feels that the collaboration will strengthen their B2B capabilities. "This partnership with Faire will let Shopify merchants discover new wholesale buyers via Faire's online marketplace and enable retailers to effortlessly source products from Faire's extensive network of brands," she explains.
In late 2021, Faire raised $400 million in a Series G funding round. They planned to use this fresh blob of cash to fuel growth by adding talent and developing tools for their customers.
As of November 2022, Shopify flaunts more than 5.6 million online stores spread across 175 countries, with about 70% operating under the Shopify USA umbrella [1][3].
- In 2022, AI-powered business platform Shopify added a partnership with Faire to its portfolio, a move that strengthens their B2B capabilities.
- This collaboration will allow retailers on Shopify to reorder top-sellers from nearly 10 million products through Faire's seller app, while brands on Shopify can effortlessly amplify their wholesale distribution to thousands of retailers.
- The partnership between Shopify and Faire is a large step towards their shared mission of empowering small businesses in their retail endeavors, as both platforms prioritize business efficiency.
- Faire, founded in 2017, has already made significant strides in the business world, reaching over $1 billion in retail volume by 2021.
- The latest financial move for Faire includes a Series G funding round of $400 million raised in late 2021, intended to fuel growth by adding talent and developing tools for their customers.
