Press release: Storfund announces partnership with Fyndiq
2 min read
Storfund is now available on marketplaces in 20 countries
Despite the seemingly unstoppable growth of global marketplaces such as Amazon, the last few years have also seen the rise of local marketplaces which cater for the tastes of a particular country or specialist category.
Amazon makes up 37% of online retail in the US in 2020, but only 10% in Europe, where local marketplaces have successfully captured market share by offering an alternative to Amazon’s multi-category, multi-product approach. Europe now has 68 major marketplaces, more than any other region in the world and significantly more than North America’s 55.
Localisation has played a key role
Localisation has played a key role. Marketplaces have carved out a niche by offering products – and an ethos – which are in tune with their shoppers’ needs. Nordic marketplace, Fyndiq, is a prime example. It started out as a place where shoppers could find end-of-season items which would previously have been junked by retailers, and grew into Sweden’s “home for bargains”. Founded in 2010, Fyndiq is now one of Sweden’s most popular shopping sites and has recently expanded to Norway, Denmark and Finland.
At the same time, 70% of consumers will shop internationally in order to obtain a specialist product. For instance in 2019, 25% of UK shoppers and 22% of German shoppers placed an order with a Nordic marketplace like Fyndiq.
A global service is essential for ecommerce
Storfund’s new partnership with Fyndiq will embed its cashflow service within the marketplace. “Fyndiq grew by 60% in 2019-2020,” said Fredrik Norberg, Fyndiq’s CEO, “by providing our sellers with cash to restock immediately, Storfund ensures we keep pace with demand, and our customers can always find new products at a great price.” After the UK, Sweden has the highest per capita spend on online retail of any European country and, at 70%, one of the highest penetration rates.
Storfund started out as an Amazon service provider. However, it quickly realised sellers needed its service to span the global ecosystem. Now it partners with top-tier local marketplaces such as Cdiscount in France and PcComponentes in Spain as well as category specialists such as Back Market, the world’s largest marketplace for refurbished mobile phones.
“A global service is key for eCommerce” said Margaret-Anne Galvin, Storfund’s Head of Partnerships, “both sellers and consumers think globally, so we have to do the same.” Our proprietary technology has been a key factor in our growth, it means we can switch on a new marketplace within a few weeks.