Recapping Trends from Faire Fashion Week 2022 and Introducing Currency Conversion and Product-Level Promotions

April 5, 2022  |  By Faire

At Faire, we focused the last two months on innovating our platform to cater to our growing global customer base. We expanded key products to European customers, launched important new features, and released new data and insights around seasonal trends in the apparel space ahead of our sixth virtual tradeshow event. Read on for a snapshot of the products, features, and data we unveiled in February and March 2022, to level the playing field for independent brands and retailers around the world. 

Insights and Trends from Faire Fashion Week:

We recently concluded our second apparel and footwear preorder event, Faire Fashion Week, where attendees saved nearly $2 million through Faire-funded discounts. The event increased weekly preorder volume on Faire by nearly 9x, with nearly 340,000 products purchased from the preorder marketplace.

See more takeaways and insights from Faire Fashion Week here

Faire & WGSN’s Guide To Key Apparel Trends in Womenswear: 

As part of Faire Fashion Week, we partnered with global forecasting agency WGSN to release a comprehensive, data-driven whitepaper that provided customers an exclusive preview into what will be trending in womenswear for the Autumn/Winter ’22 season.  

  • The “Big Ideas in Womenswear” report showcased the latest in consumer apparel and lifestyle trends, serving as a guide for independent retailers as they looked to stock up-and-coming styles during one of the more crucial buying periods for the apparel industry.

Check out all the findings of our whitepaper with WGSN here

Introducing Currency Conversion:

To better serve our European community, we launched the functionality for brands to manage their product catalog in EUR or GBP, instead of having to set their prices in USD. This change saves time for brands when uploading their catalogs and enables them to show clear pricing for their customers—set from the start in their local currencies.

New Product-level Promotions: 

In response to brand feedback, Faire recently launched the ability for brands to run promotions on specific products within their shop, in addition to running shop-wide specials. With this new flexibility, brands can showcase seasonal products or make room for new products with promotions on excess inventory that will help them sell through faster. They can also attract new wholesale customers by creating product-specific promotions just for them.

Introducing new products to our European Customers:

Investing in our European customers is a top priority at Faire and we are committed to making it easier for entrepreneurs around the world to chase their dreams and thrive. Over the past two months, we focused on bringing essentials tools to our European customers that help brands and retailers run their businesses successfully, including:

  • Open with Faire: This March, we introduced Open with Faire to our retailer community in Europe – an exclusive program for up-and-coming retailers, created to help them get all the inventory they need for opening day. By applying to this program, European retailers will have the opportunity to receive anywhere between {$5,000} up to {$20,000} in inventory financing, with no added costs, interest, or application fees. It can be challenging to secure the essential capital needed to finance a shop’s inventory, which is why Faire is committed to making it easier for entrepreneurs across the globe to successfully open new retail stores. More information on the program is here
  • Insider U.K.: We recently introduced Insider, our exclusive monthly membership program to U.K. retailers. With an Insider membership, U.K. retailers get free shipping and free duties on every order, plus 10% off all U.K. brands—helping them get the best possible savings, whether they’re shopping internationally or with local brands. Find more information on this exciting new program here.
  • Operating in Portugal: Faire recently launched in Portugal, now servicing 16 markets across Europe with plans to service additional markets to further expand small business reach.

Finally, to round out the last 60 days, Faire was named Fast Company’s Most Innovative Retail Company for 2022, also earning the No. 26 spot for the World’s 50 Most Innovative Companies. This year’s list honors businesses that are making the biggest impact on their industries and culture as a whole—ultimately thriving in today’s ever-changing world. 

Check back each month for a list of our most recent product launches and updates.

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