We’re pleased to announce that Faire is a finalist at the UK eCommerce Awards, shortlisted in the B2B eCommerce Website of the Year category.
The first and biggest online wholesale marketplace, Faire is relied upon by hundreds of thousands of independent retailers globally, including 45,000 independent retailers in the UK alone – that’s four times more shops than the four largest supermarket chains combined.
As Charlotte Broadbent, UK general manager for Faire, explains, “We want to see aspirational and inspiring British retail entrepreneurs flourish and grow their businesses, because we know that when they do so, everyone benefits – from individual shoppers to local communities to UK plc as a whole.
“We’ve been working tirelessly to reimagine the independent retail supply chain, helping retailers transition away from some of the inefficiencies of traditional wholesaling and embrace digital, data-driven purchasing. We’re using cutting edge technology to improve retailers’ ability to discover unique brands, meet customer demand and stay ahead of market trends, and it’s incredibly gratifying to see our efforts recognised by the UK eCommerce Awards.”
Faire’s online marketplace gives independent retailers access to more 100,000+ brands from all over the world, making it easy and risk-free for them to find the right products for their shops.
The pandemic has shifted consumer mindsets away from frivolous, impulse-driven buying toward more values-based choices: at Faire, spending is now over nine figures in volume on products that align with shoppers’ personal values.
These are products that aren’t necessarily sold on Amazon or in major high street chains. Products that are eco-friendly, hand woven, one-of-a-kind, or that are simply hard to find anywhere else – products that retailers may never have found organically.
“We’re seeing some real success stories where independent retailers are doubling down on offering a unique experience and values-based ranges that make their customers happy to put their hands in their pocket,” says Broadbent. “Of course, the challenge is accessing the right products at the right price, which is why we’re giving independents the tools to make product discovery effortless and fulfilment seamless and straightforward.”
Faire also offers straightforward financial terms that eliminate inventory risk and provide access to capital, making it easier for independents to compete against larger traditional and online retail rivals. It lets retailers test customer interest with small stock purchases and return unsold items, ensuring that they continually optimise their product offerings in line with demand.
As Broadbent puts it, “We want to do everything we can to support independent retailers through these tough economic conditions. Our unique model allows independents to preserve cash flow and lets them access the same credit terms as their larger rivals, putting them in the best possible position to weather the storm and benefit from every new growth opportunity.”
From a brand perspective, Faire’s marketplace streamlines the sales process and makes it easier for brands to engage with a wider range of retailers, as well as bringing greater transparency to the channel, offering insight into how products are performing and changing customer behaviours.
Faire strongly believes that independent retail represents the future of the high street, which is why it has launched its Open With Faire initiative to help newly established independent retailers get their businesses off the ground.
“Since launching Open With Faire, new businesses have doubled as a share of Faire retailers, while during the same period the UK’s high streets lost over 8,700 chain store branches,” adds Broadbent.
In just five years since its launch in the US, Faire has already facilitated seven million new business relationships between independent retailers and brands. In just two years in the UK, the number of cities with retailers using Faire has almost doubled year-on-year. At a time when wholesale retailing is making a comeback due to the diversification of options, Faire’s online marketplace signposts the future for the independent retail market, transforming the way independents operate to ensure their continued prosperity through even the most testing conditions.
“Our goal is to serve as a catalyst for independent retail everywhere, which is why it’s so important to receive industry recognition from the likes of the UK eCommerce Awards,” Broadbent concludes. “The more independents hear about our work, the more we can benefit the entire ecosystem.”