Australian B2B wholesaling trading platform, TradeSquare, launched this month, by female techpreneur, Einat Sukenik (pictured) and her team, providing a digital platform for SMEs to source products from Australian distributors at wholesale prices.
In two weeks, $2.5 million capital was raised and within four months the team has launched the platform with over 1,000 Australian business registrations.
Sukenik noticed a gap in the wholesale market for a simplified trading platform for Australian SMEs to gain access to wholesale products without high volume minimum order quantities.
With the cancellation of international tradeshows where many businesses source potential products and suppliers due to COVID-19, TradeSquare provides businesses with an alternative digital solution.
“The goal is to be the Australian version of Alibaba, only with the elimination of challenging communication, overseas taxes, hidden customs fees and products not arriving on time,” Sukenik said.
“Our sellers are Australian, so you receive stock with GST and its available here and now, which is a massive advantage for retailers with supply chain issues needing a top up.”
The platform helps both parties source and provide thousands of products which are uploaded and searched through product categories including home, garden, health, beauty, furniture, accessories, electronics, toys, books, stationary, gifts and homeware.
Unlike other global trading websites, TradeSquare facilitates a onetime only streamlined-credit application process for SME’s, eliminating the need for multiple applications with varying wholesalers. It also includes 60 days interest-free credit on purchases for approved businesses through a partnership with Zip Biz.
Zip CEO, Larry Dimaond said he believes in supporting Australian SMEs to grow their businesses, especially in these challenging times.
“By providing interest-free finance for up to 60 days we are taking away major pain points for business leaders, who can now potentially source, stock and sell products before they have to pay for them, and by removing the hugely time-consuming process of completing credit applications for multiple suppliers. TradeSquare with Zip is a business solution for our unprecedented times.”
Sukenik added: “We’ve considered the pain points of suppliers too, which involves vetting buyers who all too often discourage new small business clients because of the timely paperwork and credit check process.
“TradeSquare provides a solution to this through vetting buyers and guaranteeing payments so sellers can avoid risk defaulters and tracking payments. This is what enables buyers to purchase goods in smaller amounts.”
“When buyers deal with overseas wholesaling platforms, they are limited by slow order fulfilment and a lack of product inspiration options. Australian buyers told us they are wanting to transact instantly, which is not viable when liaising with overseas sellers.”