The world of e-commerce is quite interesting right now because on one hand, we know that the future of commerce industry is most definitely e-commerce and this is the reason why legacy brands have also started to enter the space by launching their online stores while still running their offline stores which means that they have a presence on the internet and they don’t lose out on consumers who are looking to shop via the e-commerce route. However, it is worth noting that there are troubles with e-commerce space right now as a lot of them seem to be closing and even the giants like Amazon have been struggling to achieve growth due to the current market situation after the pandemic.
Having said that, we now have a new report from Foundation which is a wholesale e-commerce startup and the interesting part is that it was founded by the former executives at Staples. Based out of Seattle, this startup has just announced a funding round of $3M to fuel its wholesale e-commerce platform’s growth. As described by the company itself, Foundation “helps sales teams order products, submit status inquiries, and assist with onboarding new wholesale customers”. The company also aims to streamline the entire B2B sales process by replacing PDF product catalogs and Excel order forms with its own systems and mechanisms.
“The platform also consolidates orders from multiple channels in a single platform, connecting with third-party logistics platforms and accounting systems to reduce the time it takes to fulfill orders. Potential customers include distributors of pet supplies or beauty brands selling to small boutique stores” as per a description from GeekWire.
Shiv Agarwal, the founder of Foundation, said “For these D2C platforms, wholesale B2B is an afterthought” “For us, it is our core driving purpose”. He also added that marketplaces do provide a new venue for new consumers to shop. Still, they should “significantly reduce profit margins and increase competition for the brand.” He said that “The pandemic pushed many B2B businesses to adopt digital sales channels, helping them realize that digital interactions are more cost-effective and efficient in the long run”
