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As we kick off 2024, I want to take a moment to share how much this brand community means to me – and to all of us at Faire. After another strange and difficult year in our industry, the start of 2024 presents an opportunity to reflect on what we accomplished and our priorities for the year ahead.
Our top focus continues to be growing our retailer community and helping them discover and buy from you on Faire. We also want to make running a wholesale business easier so you can focus on the parts of your job that you love most.
Here are a few things I’m most excited about from 2023:
- Inspiring retailers to shop – we revamped search functionality and relevance, leading to a 13% increase in searches and a 20% higher search-to-conversion rate. We optimized images, added new browsing paths, and improved recommendations to help retailers discover new brands like yours.
- Site speed – a slow site can be a killer for sales. Site speed has improved by 30% – retailers can find and buy your products faster without frustration or delays.
- Faire Markets – our 2023 market events created more than 150,000 new retailer-brand relationships. This year, we’re continuing these bi-annual events where we co-invest in bringing retailers to you; the next Faire Market is coming soon, January 22-25. Set a market promotion now to join.
- Faire App for Brands – we launched a mobile app that lets you manage your business on the go. Since launch, we’ve continued adding functionality beyond order management and messaging – including order writing, lead capture, inventory management, and printing packing slips.
- Faire Direct – we updated the Faire Direct policy so it’s clearer how you can extend the benefits of Faire to your customers and leads at 0% commission to you.
- Exclusivity – we launched a new program to help you build customer loyalty. When you opt-in, retailers commit to a required annual spend and get exclusivity on your catalog in their immediate area.
In 2024, we’ll continue to invest in making you more successful on Faire. We have teams making daily improvements to the relevance, speed, and delight of shopping on Faire. We are also building tools to boost your visibility and order conversion, promote your listings, set predictable shipping rates, and keep your listings current and compelling. In addition, we’ll spend over $50 million on marketing – digital ads, press, events, promotions, and email marketing – to grow the number of retailers that shop on Faire. And that’s just the beginning of what we will do to help you grow your sales this year.
Thank you again for your partnership and commitment to selling on Faire. Your success is at the center of everything we do – Faire is set up to succeed only when you succeed. Your shops are the heart and soul of our communities and I can’t wait to help your businesses grow and thrive in 2024.
With gratitude,
Max Rhodes, CEO
