Guide to Faire Wholesale: Tips and Insights
Let's talk Faire – the buzzworthy wholesale marketplace that has stirred up the industry. Whether you're a Faire fanatic or skeptic, there's no denying its impact on independent brands navigating the wholesale landscape. As someone who's worn multiple hats – from stockist to product maker – I've delved into the depths of Faire and unearthed valuable lessons on how to thrive in this digital marketplace without losing your footing.
Faire, also known as Faire Wholesale or Faire Wholesale Marketplace, serves as a bridge connecting independent brands, particularly handmade lines, with boutique retailers. Through firsthand experience and collaboration with product makers, I've gained insights into Faire's inner workings, unraveling its potential pitfalls and opportunities for growth. While there are valid concerns surrounding Faire, it remains an indispensable tool for expanding your wholesale reach – and I'm here to guide you through navigating its complexities with finesse.
FIRSTLY WHAT IS FAIRE ?
Faire is an online wholesale marketplace that connects product companies with stores.
It works like any wholesale marketplace. Makers apply to be a part of Faire, create a storefront with their products, and stores are able to search and shop all of those products.
HOW DO YOU START ?
You must first apply and be approved to become a product owner on the platform.
Once you’ve been approved you’ll create your shop page, but Faire may offer to set that up for you if you give them access to your product information and images.
It doesn’t cost anything for the maker to join, but Faire takes a percentage from orders placed on the site.
Makers are paid in 30 days or can choose to pay an additional 3% fee to be paid the day after the order ships.
HOW TO AVOID PAYING COMMISION ?
You can avoid paying commission on orders that are directly through your shop page with a personal link. This is called the Faire Direct and is used for current stockists that have not placed an order with the maker through Faire.
Stores that you have been in contact with regarding a sale (even if they did not order at that time) are also eligible for a 0% commission if you request it and provide evidence.
Navigating Faire's PROS & CONS : The Good, the Bad, and the Ugly:
PROS OF USING FAIRE:
User-friendly interface and streamlined setup process.
Expanded reach, offering exposure to a diverse network of potential stockists.
Access to untapped markets and retailers beyond your conventional outreach efforts.
Robust platform functionality and features conducive to efficient transactions.
Established reputation and widespread adoption among retailers, enhancing brand visibility.
CONS OF USING FAIRE:
Commission rates and payment processing fees levied on every wholesale transaction.
Algorithmic challenges may impact product visibility and hinder long-term partnerships.
Lack of portability for store accounts in the event of platform changes or closures.
Limited scope for fostering personal connections with retailers, hindering relationship building.
Potential misalignment between Faire's growth objectives and maker-centric needs, raising concerns about prioritization.
Navigating the Crossroads: Making Informed Decisions with Faire:
When contemplating Faire's role in your wholesale strategy, it's essential to conduct a thorough assessment aligned with your business objectives and financial considerations. Scrutinise commission structures, evaluate pricing dynamics, and juxtapose Faire's offerings with alternative marketplace options to arrive at an informed decision. While Faire presents lucrative opportunities for expansion, it's imperative to view it as one facet of a multifaceted wholesale strategy, complemented by direct outreach and diversified marketplace presence.
Unlocking Faire's Full Potential: Strategies for Success:
While Faire serves as a potent catalyst for wholesale growth, its efficacy hinges on strategic integration and proactive engagement. Embrace a balanced approach that combines marketplace visibility with personalised outreach, leveraging Faire's reach while mitigating its limitations.
My advice is to create wholesale strategy that utalizes both Faire and traditional wholesale outreach for the best outcomes and higher conversions in your wholesale growth journey.