Shopify buys stake in B2B retail marketplace

Shopify has bought a stake in B2B wholesale retail marketplace Faire.

Shopify said will become a shareholder in Faire but did not disclose the terms of the deal or confirm the size of its stake in the company.

The online retail platform said the partnership would make it easy for Shopify merchants to find wholesale buyers as well as enable retailers to source from Faire's network of brands.

As a result of the partnership, Shopify’s point of sale (POS) will become the preferred provider for Faire’s retailers.

The companies added that merchants on Shopify will be able to choose from around 10 million brands via the Faire buyer app.

“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,” said Aneeqa Khan, director of product at Shopify. “We’re thrilled to join forces to make commerce better for independent businesses.”

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