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Shopify (NYSE:SHOP) will become a shareholder in B2B retail marketplace Faire as part of a deeper partnership between the two companies. As part of the deal announced on Wednesday, Shopify (SHOP) will recommend Shopify merchants use Faire’s platform to find new wholesale customers.
Financial terms of the deal were not disclosed, including how big of a stake in Faire that Shopify (SHOP) will hold.
The partnership establishes Shopify’s (SHOP) Point of Sale as the preferred provider for Faire’s independent retail community, which is said to enable unified commerce across in-person and online selling. Currently, thousands of Faire retailers use Shopify, but now many more merchants on can now benefit from deeper access to Faire, which is tipped to empower retail entrepreneurs to run their businesses more effectively at a pivotal time economically worldwide.
“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,” noted Shopify Director of Product Aneeqa Khan on the development.
As part of the partnership, Faire and Shopify (SHOP) will introduce new ways for businesses to grow and manage their B2B offerings across the two platforms. Merchants on Shopify will be able to reorder best-sellers from nearly 10M products available on Faire via a fully-integrated Faire buyer app. Additionally, products and inventory from Faire will be seamlessly synced to their Shopify POS system for in-person selling. In addition, new merchants who join Shopify (SHOP) may also benefit from discovering Faire through easy access during onboarding and help them immediately source and secure the inventory they might need from over 100K brands on Faire. Meanwhile, brands already on Shopify (SHOP) will be able to simplify their wholesale distribution to hundreds of thousands of independent retailers in one place via a fully-integrated Faire seller channel.