The world’s largest wholesale marketplace Faire has facilitated 400,000 product orders from 50,000 retailers across the UK since its launch in the market just three years ago.
Since 2021, Faire has helped establish 200,000 new relationships between British brands and retailers, and more than 20 of its UK-based brands have turned over £1 million in revenues. The platform – which connects independent retailers with unique and exciting independent brands – now has a retail customer base that totals four times the number of stores across the UK’s four largest supermarket chains combined.
Jeff Kolovson, co-founder and COO of Faire, said: “It has been a phenomenal three years for Faire in the UK. Despite a challenging economic climate, the independent retail community is resilient and we are so proud to be part of the journey for so many inspirational British businesses.”
Setting itself apart from other wholesale offerings, Faire uses a data-driven approach to level the playing field for smaller, independent retailers by offering net 60 payment terms and free returns on opening orders, eliminating inventory risk and providing access to capital – benefits that were previously only available to the largest retail chains.
For brands looking to sell their products and grow their reach, the platform provides powerful sales, marketing, and analytics tools, so sellers can simplify their wholesale business and focus on making great products.
Proving the strength of consumer appetite for independent retail in the UK, Faire recently conducted a piece of research that revealed nearly 80% of UK adults believe communities across the country would benefit from more independent businesses. A further two thirds (58%) said independent shops are an important contributor to local economies, and more than 35% said they think shoppers are more likely to spend in independent stores over bigger brands.
Kolovson added: “We’re firm believers that the future of retail is independent, and it is clear that a significant proportion of British consumers feel the same way. In recent years, we have seen a huge surge in demand for unique and bespoke products. In fact, our ‘Not on Amazon’ filter is one of the most popular functions on the website, because both retailers and consumers are increasingly seeking out new and differentiated merchandise. We believe there is even more opportunity for both brands and retailers to capitalise on this growing consumer appetite – and we are here to help them on that journey.”
To ensure momentum continues throughout 2024, Faire will be progressing a number of initiatives designed to support the independent retail community, including Open With Faire – a unique offer for new retailers that allows them to borrow up to £20,000 in credit to spend on stock to help build up their inventories.
One customer who has already reaped the benefits of Open With Faire is Wilfred Emmanuel-Jones MBE, owner of The Black Farmer – an independent and artisan farm brand based in Devon that is stocked and sold across the UK and online. Wilfred used the Open With Faire program to launch his first physical store in Brixton, London at the end of last year.
“I have worked with Faire since 2020 and the support I’ve received during that time has been invaluable. Making the jump from an online-only presence, to a bricks-and-mortar offering is incredibly daunting, and whilst I knew there would definitely be a strong target audience for my products, there is always a significant element of risk involved. Open With Faire eased the pressure immensely. I was able to ensure my product inventory was full, without having to worry about paying for it all immediately. This meant I could focus on other areas of the shop opening and ensure it was a great success.”
