Categories: Retail

Faire Bets Wary Buyers Will Support Online Trade Show

What will it take to bring consumers and product buyers out of their homes and onto the road as the economy reopens? The wholesale website Faire is betting they’ll “leave” their homes via its trade show platform.

The launch comes against a backdrop of the cancellation of trade shows and large-scale gatherings across the United States due to the COVID-19 pandemic. Faire said: “This has raised a common question for brands and retailers: How can we safely connect and continue doing business under this new set of risks?”

Today, the company announced that it is offering “new digital trade-show tools” beginning in July. According to the statement, Faire brands and retailers will receive year-round access to the following:

  • Virtual showrooms that will allow retailers to view entire catalogs. “Brands will be able to customize their pages to showcase new products, best-sellers and merchandising tips for retailers,” per the announcement.
  • Live-streaming video that will allow brands to “debut new products and launch new collections. Retailers can ask questions through live chat.”
  • One-on-one video appointments so that “brands can invite retailers … to walk through products and merchandising options. During the appointment, brands and buyers can easily create orders together.”

“Notes can be provided beforehand to set up each call for success,” Faire added. The company called its setup a “path forward to a new normal. These tools and online events will introduce a responsible alternative to in-person trade shows, tailored to the present needs of our industry.”

The company said it believes that “wholesale and independent retail will come back stronger than before if we work together and support one another.”

Founded in 2017, Faire said it has focused on helping independent entrepreneurs, small business owners and independent makers to buy and sell wholesale online: “We have built a curated online wholesale platform supporting more than 10,000 brands and 80,000 retailers.”

Now, Faire is aiming to stoke interest in its new high-tech offerings.

PYMNTS’ national survey of 10,000 consumers indicates that fear of the coronavirus is, indeed, on the rise: “The only thing that will give the customer real confidence about getting back to their daily routines is the availability of a vaccine that will alleviate their fear of dying.”

There’s no certainty when a reliable vaccine will be made widely available.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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