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Shopify announces investment in Faire, advancing global e-commerce. This strategic partnership aids independent retailers, leveraging technology and expanding access to both platforms’ extensive networks for enriched B2B commerce experiences.
As per Reuters, Shopify and Faire refused to disclose the financial terms of their deal. They did not mention the size of the stake that the former is buying as an investment.
The Success of the Faire Company
Faire is a successful startup firm already operating in various parts of the world. Its biggest market today is the United States, but its European business has been labeled the fastest-growing unit. It was launched in 2021 and has since expanded to 15 European countries.
The Advantage of Shopify and Faire’s Collaboration
With the establishment of the partnership between the companies, Shopify Point of Sale (POS) has become the preferred provider for the online wholesale marketplace’s independent retail community. This also unified the trading in both online selling and in-person. Furthermore, Shopify merchants will now benefit from extensive access to Faire, which is possible via the collaboration.
“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,” Faire’s co-founder and chief executive officer, Max Rhodes, said in a press release. “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.”
Shopify’s director of product, Aneeqa Khan, also commented, “Through our strategic partnership with Faire, we are doubling down on our strategy to enhance B2B commerce 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.”
She added that the Shopify team is thrilled to work with Faire “to make commerce better for independent businesses.”
Photo by: Roberto Cortese/Unsplash
