Faire, a B2B retail marketplace, unveiled its new international alliance with Shopify Inc SHOP, marking Faire as Shopify's recommended wholesale marketplace.
In cementing their collaboration, Shopify will also join Faire's list of shareholders. The financial terms were not disclosed.
Max Rhodes, co-founder and CEO of Faire, said, "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."
This alliance positions Shopify Point of Sale (POS) as the preferred provider for Faire's independent retail community, enabling unified commerce across in-person and online selling.
This builds upon an existing inventory, product, and order integration on Faire that has increased efficiency and volume for Faire customers since 2021.
Both companies are poised to launch features aimed at bolstering and streamlining B2B operations on their platforms in the near future. Merchants on Shopify, for instance, will be able to reorder popular items from almost 10 million Faire products through a fully integrated app. Additionally, products and inventory from Faire will be synced to their Shopify POS system for in-person selling.
Furthermore, brands using Shopify can simplify their wholesale distribution process, reaching out to a wider range of independent retailers through Faire's platform.
Price Action: SHOP shares are trading higher by 0.68% at $51.86 in premarket on the last check Wednesday.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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