How to Build a B2B Wholesale Marketplace like Faire?

Faire is an online B2B wholesale multi vendor marketplace that adopted a data-driven approach for connecting 1 million independent retailers with the best artisans and brands to stock their shops. In the past year, approximately 13,000 brands from around the globe sold 35 million products to the platform. The products sold came from different categories, including apparel, food, beverage, gift, home décor, stationeries, and specialties.

The platform allows the retailers to try before purchasing their products. Besides, the straightforward financial terms of the multi vendor platform eliminate inventory risk and offer access to capital. The platform provides the brands’ robust sales, analytics, and marketing tools. It helps the sellers to simplify their wholesale business and focus more on making great products.

How to Create an Online B2B Wholesale Marketplace like Faire?

Long-term collaboration

 

During the previous year, the trading marketplace underwent dramatic changes, mainly due to the pandemic. From the concept to the implementation of a marketplace like Faire, you need to focus primarily on the valuable and convenient features, which will help you bring long-term cooperation with the target customers. If you are looking for a long-term goal with your customers, you must opt for specific functionalities.

Read on to learn about some important factors which are necessary to maintain while building your B2B multi vendor marketplace.

Decide the Niche and Prepare Your Business Plan

While talking of business and its success, we all have heard the saying, “The riches lie in the niches.” Of course, it is better to be a shark in a pond instead of becoming a whale in an ocean. In a B2B wholesale multi vendor marketplace, you should focus on a very specific niche and build your business on that. However, you need to remember that your niche must be vast enough to allow you room for your growth, and at the same time, you are specific enough to develop yourself as a brand. Your B2B wholesale marketplace like Faire must be both lucrative and non-commoditized. It helps you in building your brand and offers you higher returns. Lastly, your marketplace must follow a steady growth trend. Therefore, it is essential to choose your business niche that is unique or at least if it is a growing trend in the industry and you know that it will bring in rewards.

Onboard Reliable Vendors

While you start with your wholesale marketplace development project, you will need to do it from scratch. You will have to focus on that specific factor that differentiates your business from the rest and helps you attract a large number of visitors on the site every day. The marketplaces can acquire sellers and their shopping malls into thriving wholesale multi vendor platforms. However, you cannot make a deal with every vendor that crosses you. You need to be sure, trust the vendors, and consider them as assets equal to your business. Therefore, when you come across any vendor, discuss the following:

• Their experience in your niche, sector, and industry.
• If they have any existing and long-term collaboration with B2B partners and with another multi vendor marketplace.
• Their current customer base.

Offer an End-to-End Solution

Have you determined what your multi vendor marketplace would look like? You must decide on the special features you want to add to your multi vendor marketplace site. If you focus on a few things to make your online marketplace unique, it would help you get into making a thriving multi vendor marketplace like Faire and also attract a large number of users for the same.

It would be best, if you begin with a specialized niche to attract customers. Otherwise, if you are offering a general B2B ecommerce marketplace, it will not get much attention in today’s online business scenario. However, if your marketplace has a niche, sellers will see it as a “go-to” source for the niche.

It would be best if you made sure that the market is hungry for your wholesale marketplace. After all, you will want your community to use the platform. However, if your community fails to see any value in your platform, you need to tweak and find a better product or make your marketplace fit for the market.

Choose An Appropriate Marketplace Model for Vendors

Lastly, decide on the suitable vendor marketplace model. If you use the right business model, you can scale up and build a profitable online marketplace like Faire. Else, you might get stuck in attracting customers in the way you want. Focusing on growing your business from the very beginning is important as that will give you the right thurst.

After this, you need to find the right B2B marketplace software and look at its features. You require user profiles, payment methods, listings, and an efficient way for customizing the platform. Lastly, you need proper security measures that offer secure communication and transactions.

Set Up Payment Methods and Logistics

While a B2B wholesale marketplace like https://www.faire.com/ requires the offering a customized way to shop for their preferred products and avail of services, wholesalers also need to offer customized payment options to the users. You need to integrate the platform with payment processors their clients prefer. A multi vendor marketplace like Faire needs to opt for various payment methods to pay for its supplies as it will ease and convenience to all its users and increase the chances of them using the platform for future transactions.

For instance, if you allow processing credit cards within the private wholesale marketplaces it would be a great way to allow users convenience and help them use your platform more. Even though not many people opt for such opinions, we would suggest you add this option in your online multi vendor marketplace.

Explore all the possible forms of payments and add them on your platform to allow the wholesale vendors use all kinds of alternative forms of payments. While your marketplace continues to evolve, you need to become more flexible around purchase processes, payments, order management, logistics, and supplier management, depending on the particulars of the users.

Set up Team to Handle Customer Queries

While you indulge in setting up the marketplace like Faire on WordPress, you will have to deal with several types of customers, right from those who hold a lot of patience to those who require an instant solution and follow-ups to their queries. If you are getting replies, queries, and issues you must make arrangements to offer them a solution on a real-time basis. Keeping your customers updated with all the necessary information will be beneficial for your B2B marketplace.

It is important to bond with your customers and build trust among them. You must implement a customer support system that would immediately send notifications to your support staff when a customer makes any queries and immediately tend to their queries.

Alternatively, you can also opt for ‘email piping,’ where your staff solves the queries and issues of the customers without coming to your B2B ecommerce support portal. Lastly, you need to offer a multi-channel platform to encourage communication and problem solving between your customers and your in-house support team. You may also incorporate the powerful social media channels to connect and bond with your customers. It will help you in getting hold of their issues and resolve or answer them at the earliest. It is a great way to get all the queries, doubts, and complaints raised through different channels.

How B2B Wholesale Marketplace Like Faire Aids Your Business Growth

Service providers and consumers

 

The digitization of retail businesses and the adoption of eCommerce stores have accelerated business growth by manifolds in the past years. And, the present situation of COVID-19 has accelerated the adoption of eCommerce even more among the service providers and consumers.

It was hard for businesses with a brick and mortar facility to manage manual transactions, transportation, and inventory due to the pandemic. And thus, it became mandatory for B2B wholesalers and buyers to switch to the online platforms for purchase of new products. As compared to B2B transactions and different vertical requirements, a vertical marketplace is best to transition B2B eCommerce from offline to online.

How Faire Exudes Power in the Wholesale Multi Vendor Online Platform

Multi directional communication

 

One such multi vendor platform or app which has garnered quite a reputation in the B2B online marketplace scenario is Faire. The prime and good example of B2B aggregators is Faire. Going forward, we will explain all the steps and how to create an online marketplace like Faire? Also, you will get to know about all the major components that enhance the growth of such a platform.

Online b2b wholesale multi vendor marketplace like Faire connects the local, independent retailers or companies to the stores. It was established in 2017. It works like a wholesale marketplace. A B2B Marketplace offers a wide range of products or services and allows multi directional communication between buyers and sellers. A consumer can order a variety of products online and receive it in a few days. Faire has successfully modernized this entire process in the following way:

• Sellers can join Faire without any fee
• Sellers pay commission for business the generate through Faire
• Sellers can list unlimited products on the marketplace
• Allows brands to get new customers
• Faire allows retailers to buy products from thousands of brands
• It Allows Online Purchase of products in bulk
• Buyers can get free returns on new orders
• Finance their working capital
• Reduce non-payment risk after a purchase
• Better Manage their existing customers

The Growth Trajectory Fairy Has Achieved

Marketplaces are compatible

 

Faire has grown rapidly by2021, and that’s why there are many makers on Faire, considering it as the eCommerce world has a revolution with the inclusion of B2B eCommerce marketplace with developers, which is helping people to do all types of business dealing from anywhere in the world. Faire has agreeably become an important segment in the maker community for offering such a wonderful platform.

The online marketplace does the complete work, and that’s why the physical presence of wholesalers, or the presence of a brick and mortar store is no more important in the business community. The apps and online marketplace developed by the developers do the business on one’s behalf. These applications and marketplaces are compatible with Android; iOS also functions well with the other online platforms.

Why B2b Wholesale Multi Vendor Marketplace Gained Prominence

Faire helps both parties to save a lot of time

 

Since more people are making their purchases online, the B2B wholesale multi vendor marketplace has gained prominence. Also, they are used massively. The wholesale marketplace development is used for a direct business between the wholesalers and retailers.

B2B wholesale marketplaces like Faire have made the process of bulk purchase of goods more efficient and helped the buyers and sellers with a convenient approach onwards trade. An online marketplace like Faire helps both parties to save a lot of time while getting all the benefits from trade.

Like the physical marketplace, the multi vendor marketplace like Faire has helped manage the process of bulk purchase online and digitized everything via the eCommerce platform. And thus, it becomes easy for businesses to make regular clients and do all the dealings online.

Many companies are becoming successful by producing products at developers like Twilio, SendGrid, and Confluent. This has led to a new type of marketing strategy called B2D (business to the developer) over the b2b (business to business) business.

Why Hire Developers For Your B2B Wholesale Marketplace Like Faire?

Trade all over the globe

 

The B2B marketplace has become the choice of both wholesalers and buyers. Hence, the demand for such a marketplace justifies the business transactions such platforms offer. Every new one is coming up with the B2b wholesale marketplace. It gains so much profit, and it is a need of the hour for an online eCommerce business marketplace. If you want to develop a marketplace like Faire on WordPress, then you would get following benefits:

Advantages of B2B Marketplace:

• Higher Business Opportunities
• More B2B Sales
• Lower Costs
• High Sales volume
• Receive regular Customer Feedback
• Scope of Reaching New Markets
• Increased Visibility on sales data
• Trade all over the globe
• Improved Brand Awareness
• Better Sales Engagement
• Connect with new customers

As a professional eCommerce web development agency, we are on a mission to empower independent entrepreneurs who want to opt for wholesale marketplace development. Our team of professionally qualified and skilled developers will simplify the entire wholesale buying process. We will help you bring all the independent brands and retailers based in different countries together on the same platform and promote trade. We strive to make a platform where small businesses from all over the globe can connect with each other and meet their business requirements.

If you are considering building a platform like Faire to achieve wholesale growth, then you should start now.

How WebRock Media Can Help You Build A Marketplace Like Faire On WordPress

Highly skilled

 

WebRock Media is a reputed agency offering world-class services in web and app development. We have years of experience in building fully functional websites and eCommerce marketplaces with rich features. Here is what you will get to collaborate with our expert web development team.

Professional Approach

We at WebRock Media follow a professional approach in every project we take. Right from the theme discussion time till its delivery, we keep you informed about the work progress and take your approval for the same.

High-Quality Services

We are a team of highly skilled eCommerce developers with industry experience in building B2B wholesale marketplace like Faire. Hiring developers from our agency will help you get high-quality work.

Affordable Rates

We offer you an affordable rate for top-end marketplace development services. We give you a rate quotation during the initial phase of the project discussion so that you are aware of your investments in the development project of your marketplace like Faire.

Better Customer Support

We are reputed for offering superior quality customer support. If you have any queries about the project or if you want to know about the rates of your next project, come to us. We will always be happy to help you with the right information.

On-Time Work Delivery

We take each project seriously. Hence, we plan out our project development phase and stick by it throughout the web and app development process. We ensure to deliver our work on time so that you can get on with other aspects of your business and start getting conversions at the earliest.

The Final Wrap

Affordable pricing

 

The article focuses on everything you need to focus on while starting a marketplace like Faire. We hope that you now have a better understanding of how to go about a wholesale marketplace development project and generate revenues from the business model. You can connect with us anytime and let us help you launch a marketplace like Faire on WordPress and monetize it in the best possible way. Our expert team of developers will ensure that you get the best services at the most affordable rate. Contact us today to know more about how we can help you in your marketplace development project.