Q&A, Olivier Buffon, Head of International, Faire

THE INTERVIEW

Olivier Buffon is Head of International at Faire, the largest online wholesale marketplace connecting over half a million independent retailers and brands worldwide.

Can you tell us a little about your background and role at Faire?

I joined Faire in 2021 as Head of International, based out of the London office, to lead the international scaling and expansion strategy of the business. My current focus is on growing the number of brands and retailers on the platform across Europe and beyond. Prior to Faire, I worked at Airbnb where I was Head of Airbnb Experiences in EMEA and the Americas. I was responsible for scaling operations from a small pilot project to a growing market, helping over 50,000 hosts worldwide connect with millions of travelers in new and unique ways. I previously launched and ran a social payments startup, Tilt, in Europe, which was later acquired by Airbnb. I have also held roles as an operational leader at HgCapital and as a consultant at McKinsey.

What is Faire?

Faire is an online wholesale marketplace connecting 600,000 independent retailers in North America and Europe with 85,000 emerging and established brands from over 150 countries. Our data-driven approach to wholesale enables retailers to overcome decades-old obstacles by helping them easily find the right products for their store and even try before they buy. We also offer direct financing terms that eliminate inventory risk and provide access to capital for independent retailers – leveling the playing field in two key areas that previously prevented many small businesses from competing successfully with large retailers and giants in e-commerce. For brands, the platform provides powerful sales, marketing and analytics tools. Through Faire, would-be entrepreneurs can streamline their wholesale business and focus on creating great products that are rarely found in the mainstream brands at the big chains.

Can you share any customer success stories?

We at Faire have facilitated nearly two million new business relationships between independent retailers and brands in the marketplace – creating many customer success stories from the retail small business community who are using Faire to help navigate a pivotal moment in the history of retail.

Tabitha Eve, for example, is an eco-friendly brand that produces ethically made, beautiful reusable items based in Oxfordshire. When Brexit hit in 2020, the business lost most of its mainland European customers, reducing turnover by 20% almost overnight. Immediately after joining the Faire, the business was able to re-engage mainland retailers with the Faire dealing with red tape. Tabitha Eve was also able to successfully expand into new markets such as the US and Canada ahead of schedule. This was made possible in large part by Faire’s seamless multi-currency payment processing capabilities and integrated marketing solutions, which launched the brand to new audiences outside of the UK.

Another example is Paper Mirchi, a brand born out of a love for beautiful packaging and a passion for tradition. The company focuses on creating luxury craft papers that are handmade, recyclable and sustainable. The independent business joined Faire in a bid to expand its UK luxury retailer base and saw an immediate increase in customer orders, with more than 50% coming organically through the Faire marketplace. The Faire’s delivery incentives, for example, lowered barriers to procurement, which also allowed businesses to introduce their products to new frontier markets around the world.

How would you describe today’s consumer expectations of UK retail?

Consumers increasingly expect retailers to provide a seamless journey and customer experience. When making a purchase, consumers often go through online and offline shopping channels, sometimes multiple times, before making a decision. Before the pandemic, less than 20% of Faire vendors had an online presence. By 2021, more than 70% have found ways to take their business online through their websites, social media, live shopping, and more. Independent retailers have an impact on their community and drive a lot of social engagement. They will continue to do what they do best – curate amazing products and tell stories about those products online and offline. That personal touch to the online shopping experience that I don’t think we knew was possible before, but they are proving that it is. This is another way independent retailers can effectively compete with the retail giants.

Conscious consumerism also continues to grow as a force in the retail market and represents a major opportunity for retailers to demonstrate a true understanding of the issues and preferences that matter to their customers. Moving forward, retailers that stock and support brands that accurately reflect the values ​​of today’s consumer are likely to be the big winners in the future. For example, the number one search filter found on Faire is “Not sold on Amazon: At Faire, we use big data to help retailers inspire, discover and stock products that match what customers want they want, and what we’re seeing is a higher priority on relationships: who you buy from, how you sell. Technology is making shopping more personal and flexible as customer needs continue to evolve rapidly.

What challenges do UK retailers face in meeting these expectations?

As global economies work to recover from the pandemic and face geopolitical events with far-reaching consequences, including Brexit and the ongoing war in Ukraine, the UK retail sector is under enormous pressure. From supply chain issues to rapid inflation and skyrocketing energy prices, retailers have to deal with a host of existential issues that take away the necessary resources, be it time or money, needed to meet changing consumer expectations.

How does Faire uniquely help companies take advantage of these opportunities?

Faire is uniquely positioned to help independent retailers not only build financial sustainability, but even thrive by tapping into consumer trends and aligning with their business strategies. We remove the risks traditionally associated with trying out new products and sales strategies through our platform that uses the power of data to make recommendations based on the retailer’s profile, or through favorable financing terms that don’t burden the retailer , if the product does not work for their customers. Our infrastructure also helps break down international barriers by simplifying the shipping and marketing process to connect brands and retailers wherever they are, all with minimal red tape.

What’s on the horizon for you as a company?

At the moment, one of our main priorities is to continue to build our European business and ensure that we serve our community of global retailers and brands in the best possible way. Part of that mission is driving the adoption of digital tools that can modernize and support the retail industry through tough times.

With this in mind, we are always looking for opportunities to introduce the Faire to new markets around the world to build on our incredibly powerful network effect and create a truly globalized marketplace where retailers and brands around the world can seamlessly connect and meaningfully compete with the retail giants.