Manufacturing and Inventory Management Software
Have you ever wondered how to take your manufacturing business to the next level with wholesale? If so, it's time you got acquainted with Faire. If you're still in the dark about this groundbreaking online wholesale platform, stick around! We're about to delve deep into the inner workings of Faire.
Meet Faire, also known as "Faire Wholesale" or "Faire Wholesale Marketplace". This dynamic platform bridges the gap between independent brands and unique boutiques, creating a vibrant wholesale marketplace.
Faire Wholesale is a relatively new company, founded in 2017 by Max Rhodes, Marcelo Cortes, and Daniele Perito. The trio had previously worked together at Square, a payment processing company, before deciding to start their own venture. Faire envisioned a world where small businesses could band together and compete with retail giants like Walmart and Amazon. Today, the platform boasts over 500,000 retailers and 70,000 brands. It's part of a growing trend of wholesale marketplaces that have emerged recently, alongside names like Tundra, Bulletin, and Abound.
Ever overlooked Faire, thinking it's not for you because you don't consider yourself a "brand"? It's time to rethink! Faire labels every independent shop as a "brand", including those producing their own goods. Yes, we're talking about you, the amazing handmade seller!
First things first, let's talk about the dollars and cents of selling on Faire. It's a question on every potential Faire vendor's mind, right? What's it going to cost me? Fear not, we're here to break it all down for you.
Let's start with the good news: there's absolutely no cost to join Faire as a vendor. Yes, you heard that right! It's completely free to set up your shop and start displaying your products. This makes Faire a risk-free platform for emerging businesses who are dipping their toes into the wholesale market.
While joining Faire is free, they do charge a commission fee on the orders you receive. The standard rate is 25% for the first order from a new retailer and 15% for any subsequent orders from the same retailer. This commission helps Faire to provide the services and support that it offers to its vendors.
Beyond the commission fee, Faire also has promotional opportunities that vendors can tap into for an additional cost. These promotions can help your products to get in front of more retailers, increasing your chances of making sales.
Another cost to keep in mind is shipping. While Faire does offer some shipping assistance, the cost of shipping is often borne by the vendor. It's important to factor this into your pricing strategy to ensure you're still making a profit.
Note: All these costs and fees are subject to change, so it's best to check Faire's official website for the most updated information.
Picture Faire as a bustling digital marketplace, where independent 'brands' (that's you, the sellers) meet 'buyers' (the boutique owners looking for unique items to stock). Just like a physical market, Faire is brimming with opportunity and potential customers.
In a bid to draw in wholesale retailers, Faire has pulled out all the stops. They've crafted a tempting offer of 60-day payment terms and free returns on initial orders, minimizing the risk for retailers. It's a setup that mirrors Etsy, creating an eager audience ready to snap up your products.
As a brand, you can join the Faire universe for free and only pay a commission on orders placed by fresh customers who found you through the marketplace. Sweetening the deal, the commission drops for repeat orders from the same customer. Plus, Faire arms you with free tools to manage orders from your existing client base and potential prospects. Once you're on board with Faire, your brand is live and ready for retailers to discover and place orders.
Imagine attending a bustling trade show from the comfort of your couch. That's exactly what Faire offers with its popular online wholesale fairs. It's a virtual experience, minus the travel time and expenses.
Wondering how the process works? Here's a simple breakdown: when your product catches a customer's eye and they decide to purchase, Faire takes care of the payment first. Then, they promptly transfer the funds to you. Worried about payment security? Faire has got you covered. They guarantee payment protection for every order. Even if a customer isn't satisfied or doesn't receive their order, Faire will handle the refund and you'll still get your payment.
The best part? All payments are made directly into your bank account, in your local currency. Choose between next-day payments (with a small 3% fee) or the regular 30-day terms. You can select your preferred payment method when you join Faire. Just keep in mind that you'll need to provide details for a U.S.-based bank (or an Adyen account) to ensure smooth fund transfers according to your chosen payout terms.
Faire is currently available in the following countries:
Imagine this: you've got a hot product that's flying off the shelves faster than you can stock it. Don't sweat it! Faire has a nifty feature known as the backorder process. If an order comes in that's too large to fulfill with your current stock, you can easily place a portion of the order on Backorder status using the user-friendly Faire interface. It's a stress-free solution for those peak sales times!
This will divide the order into two; the first with the quantity to be fulfilled now, and the second with the remaining quantity for later fulfillment.
Now that you've got the lowdown on Faire, including its workings and fee structure, you're probably pondering the golden question: how should you price your products?
Competitive pricing is the name of the game when targeting wholesale customers. That's why it's critical to have full knowledge of your margins.
This involves diving deep into your base production cost and the time required to create each product — commonly known as your COGS. This should factor in all materials needed and an estimated internal labor cost for production.
Let's face it, not all products are cut out for the wholesale world. Some may already have slim margins or be too time-consuming to produce in bulk. So, it's vital to choose products for Faire that will deliver the margins you need.
Next, use your base cost to set a wholesale price point. This should allow retailers to sell your product to customers at a profitable margin.
Retailers typically aim for a 50% margin, or double the wholesale price. We suggest a 50% markup on Faire, aligning with industry norms. This creates a healthy balance between profitability and competitiveness.
Feel free to experiment with different markups. If you're getting a flurry of orders through Faire, consider raising your prices for increased profit per order. High order volume, especially repeat orders, signal a high demand for your products. In such cases, retailers may be open to lower margins if they're making high-volume sales.
In a nutshell, Faire is an excellent platform to connect with new customers and increase product visibility. The cherry on top? It's free to sign up! So if you're an independent seller keen on broadening your horizons, Faire is definitely worth a shot.
If you've been knee-deep in the retail industry, you've probably come across a multitude of wholesale marketplaces. However, Faire Wholesale stands out like a bright beacon in a foggy sea. But how, you ask? Let's dive in and explore this below.
When it comes to Faire Wholesale, it's not just about selling and buying products. It goes beyond that, offering a unique experience for both retailers and wholesalers. It's like stepping into a community that's bubbling with creativity and growth.
Now that we've seen what makes Faire Wholesale tick, let's put it in perspective by comparing it with other wholesale marketplaces.
Note: This comparison is not exhaustive and variations may exist based on individual marketplace policies.
Are you ready to dive into the colorful universe of Faire as a brand? Let's take a look at what is required to getting started:
"Success in Faire Wholesale is not just about fulfilling the requirements. It's about offering something special, something that stands out in a crowded market."
So, there you have it - the requirements for becoming sellers on Faire Wholesale. Remember, the key to success is not just ticking off the requirements, but truly understanding and serving your customers. Now, go forth and conquer the world of Faire Wholesale!
Ever wondered what magic occurs when two powerful platforms join forces? Well, buckle up because we're about to dive into the exciting world of synchronized software solutions. Specifically, we're focusing on the integration of Brahmin Solutions with Faire, a wholesale marketplace.
Imagine having a tool that brings together the vast marketplace of Faire with the comprehensive inventory management of Brahmin Solutions. Sounds like a dream, right? Well, this integration makes that dream a reality, giving your business a competitive edge.
With this integration, your order information automatically syncs between the two platforms. This means no more manual data entry or agonizing over inconsistencies. Just smooth, seamless operations.
The benefits of this integration are numerous. First off, it streamlines your operations and saves valuable time. No more juggling between platforms or manually updating data. Everything syncs automatically, freeing you up to focus on what really matters - growing your business.
Plus, with accurate, real-time inventory across all sales channels, you can make smarter, data-informed decisions. You'll also enjoy improved visibility and increased sales opportunities thanks to Faire's expansive marketplace.
Ready to take the leap and integrate Brahmin Solutions with Faire? The good news is, it's a straightforward process! Simply connect your Brahmin and Faire accounts, map your products, and voila — you’re all set for seamless syncing.
So, prepare to bid farewell to inefficient processes and say hello to synchronized software solutions. Elevate your business operations and tap into new markets with this dynamic integration.
Check out Brahmin Solutions and talk to our inventory rep to see how we can help your go green.
I hope you found this article helpful. If you have any questions, please get in touch with us. We'll be happy to help.
