B2B Payments

Target Signs On To Buyer-Supplier Matchmaking Service

Shutterstock

For entrepreneurs in the B2C space, setting up shop can be a fairly straightforward process: build a storefront, reach customers. But for others, new sellers can be tasked with acting as a supplier to other major retailers to reach buyers. And without business connections, new or unfamiliar suppliers may find it difficult to convince major retailers, like, say, Target, to carry their product.

One Australian startup wants to make that process easier. RangeMe began when its founder, Nicky Jackson, encountered challenges in finding buyers to carry her skin care line.

RangeMe operates as an online matchmaking marketplace; already, major names like Coles and Sigma Pharmaceuticals have signed up to use the platform to find packaged goods suppliers.

But according to reports on Thursday (Jan. 7), RangeMe has its sights set abroad. The platform just inked its first deal with U.S. retailer Target, and according to Jackson, the first quarter of 2016 will see other big names sign onto the service, as well as new venture capital, reports said.

“At the touch of a button, retailers can come in and see everything about the supplier and all the information that’s specific to that category,” Jackson explained to The Sydney Morning Herald. Suppliers upload their product information, pricing and other resources, like videos and photos.

[bctt tweet=”‘At the touch of a button, retailers can come in and see everything about the supplier.'”]

Buyers, meanwhile, can customize their preferences on the platform, which helps RangeMe provide recommendations about other suppliers in which they may be interested — a move, reports said, that is part of the company’s efforts in “streamlining the product discovery process.”

According to Jackson, the service also helps retailers meet demand for international products. Retail buyers today are interested in stocking products that are up-and-coming and new to their customer base. RangeMe also meets this need by linking corporate buyers with overseas products suppliers, fueling cross-border trade.

“U.S. retailers are hungry for innovation,” she told the publication. “They know they need innovation and unique, differentiated products to set themselves apart from competitors.”

——————————–

Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.

TRENDING RIGHT NOW