Dive Brief:
- B2B retail marketplace Faire has announced a partnership with Shopify, establishing Faire as the commerce company’s recommended wholesale provider.
- The partnership makes Shopify Point of Sale the preferred provider for Faire’s retail community. Shopify will also become a Faire shareholder, per a press release.
- Retailers on Shopify will be able to reorder bestsellers from nearly 10 million products through Faire’s buyer app. At the same time, brands on Shopify will be able to simplify their wholesale distribution to thousands of retailers through Faire’s seller channel.
Dive Insight:
The partnership between Shopify and Faire comes as more digitally native and DTC brands seek ways to increase wholesale relationships and reach a wider audience of customers.
With over 100,000 brands on Faire, new merchants who join Shopify will be able to immediately source and secure inventory. Faire sells products from thousands of independent brands, including Rifle Paper Co., Boy Smells and Kitsch.
Founded in 2017, Faire reached over $1 billion in retail volume by 2021, per the company. Faire and Shopify share a common approach to assisting small businesses trying to compete with more established brands and big-box retailers.
“At Faire we have long admired Shopify’s like-minded approach to building tools that empower retail entrepreneurs to run their businesses as efficiently as possible,” Max Rhodes, co-founder and chief executive officer of Faire, said in a statement. “By decreasing barriers to B2B selling and building deeper connections between our customer communities, we can unlock opportunities for small business growth on a much larger scale.”
Aneeqa Khan, director of product at Shopify, added to that sentiment saying that the partnership with Faire will allow Shopify to further enhance its B2B cababilities “by making it easy for Shopify merchants to find new wholesale buyers via Faire’s wholesale marketplace, and enable retailers to source products seamlessly from Faire’s extensive network of brands.”
Faire in late 2021 raised $400 million in a Series G funding round co-led by Durable Capital Partners LP, D1 Capital Partners and Dragoneer Investment Group.
Faire at the time said the fresh capital would be used to help the company hire talent and build industry-leading tools for its customers.
Shopify, on the other hand, had 5.6 million online stores in 175 countries as of November 2022. About 70% of those stores are under the Shopify USA banner.
