September 28, 2023: Meet ReUpp and take in this latest e-commerce partnership we're excited about
The strategic partnership transforming e-commerce, how to approach a case study, advice for when its time to sell your company, and more
Profile: A better way to re-sell with ReUpp
What is ReUpp?
ReUpp creates circular opportunities from the point of sale by allowing customers to opt-in to a resale price upfront.
What was the insight/inspiration that led you to launch it?
My first company was a resale marketplace and the amount of times I heard "What can I sell this for" showed me that to increase circular participation we need to move the resale journey to the point of first purchase. This coupled with brands needing to find a seamless wasy to participate and benefit from the circular economy is why I started ReUpp.
How has ReUpp been received by the market?
ReUpp has been well received because it is hitting strategic priorities for brands of retention and sustainability while consumers benefit from a frictionless resale process.
How did you know you were ready to found a company?
My experience and domain expertise in resale combined with my insatiable appetite to solve big problems is why I knew I was the right person for this role.
How did you meet your co-founders and know they were the right people to take this step with?
I met our founding team through networking and connecting with bright, like-minded people who were passionate about sustainability.
What has been the most pleasant surprise so far?
How excited people are about ReUpp - time and time again I hear "I love this initiative, I would shop more from a brand knowing you they have ReUpp".
The positive feedback around ReUpp is what keeps us going when things are tough.
What is the advice you wish you were given when you were first starting out?
Test for resiliency - your team can be extremely talented or experienced but if they do not have the tenacity to see an early-stage company through the dark days they will not be successful.
Lastly, who are the Canadian startups you admire in your market?
Samplr - the ultimate product experience platform
MINDD bras - better-designed and engineered bras
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Quick Take: The strategic partnership that’s transforming e-commerce
In the ever-evolving world of e-commerce, strategic partnerships can be game-changers.
A recent example of such a partnership is the collaboration between Shopify and Faire, two of Canada's leading e-commerce platforms.
This blog post will delve into the rationale behind this partnership and the lessons it offers for the tech community.
The Deal: Shopify Invests in Faire
Shopify, based in Ottawa, recently announced its investment in Waterloo/San Francisco-based Faire. While the terms of the deal were not disclosed, the partnership's core objective was clear: to integrate each other's offerings into their respective products.
Faire will offer Shopify's storefront technology to its clients, and Shopify will recommend Faire as the go-to wholesale marketplace for Shopify merchants.
This strategic move aims to provide a best-in-class solution for an omnichannel presence and operations, or to find new products, thereby accelerating growth for both parties.
The Rationale: A Strategic No-Brainer
The partnership between Shopify and Faire seems like a strategic no-brainer.
Both platforms serve independent retailers, albeit from different starting points. Faire traditionally serves retailers with a physical space, providing a trusted technology and sourcing solution for inventory. Shopify, on the other hand, powers the digital presence of its customers.
As these retailers grow, they often become omnichannel or need more products. This partnership will help both Faire and Shopify grow with their customers by providing a comprehensive solution for their evolving needs.
The Investment: Sharing in Economic Benefit
Shopify's investment in Faire is a strategic move to benefit from the growth it is fueling. Shopify's size and influence can tip the scale in favor of Faire over other marketplaces in the Shopify app ecosystem. By investing in Faire, Shopify can share in the economic benefit of this growth.
This approach is not new for Shopify. It has successfully implemented similar strategies with other companies like Affirm and Klayvio, making it a win-win situation for both parties.
Shopify's Unique Strategy: Partnering Over Acquiring
Shopify's approach to partnerships is unique for a large tech company. While most large tech companies would acquire a company like Faire, Shopify prefers to invest and partner. This approach allows Shopify to focus on its core business without needing to build new skill sets. It also avoids the potential value destruction of customers churning from the acquired company.
Takeaways for the Tech Community
The partnership between Shopify and Faire offers valuable insights for the tech community. It underscores the potential of strategic partnerships that benefit both parties and their customers. It also highlights the importance of focusing on core business strengths and leveraging partnerships to explore new opportunities.
Moreover, it serves as a reminder that the e-commerce industry is still growing and transforming. As a founder, it's never too late to make your mark in this dynamic industry.
In conclusion, the Shopify-Faire partnership is a testament to the power of strategic collaborations in the tech world. It offers valuable lessons on growth, strategic partnerships, and the importance of focusing on core business strengths.
Reply to this email and let us know your takes, and what you’d like to hear about on a future episode
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