Covid-19 exposed Australian businesses’ dependence on overseas wholesalers and manufacturers with disruptions to international supply chains forcing them to diversify where they source their products from and find other solutions to stock fulfilment.
When lockdowns were enforced, many businesses were forced to make purchases online. This resulted in surging B2B marketplace activity, with 22% of purchasing managers globally spending significantly more on marketplaces.
The Australian wholesale industry generates $495 billion per year, and the B2B global marketplace industry is forecasted to reach $3.6 trillion by 2024, according to ABS data.
New Australian B2B marketplace, TradeSquare has launched to provide SMEs with a digital platform to source a range of products from Australian distributors at wholesale prices.
TradeSquare founder Einat Sukenik (pictured above) said, “Australian businesses told us they want to transact instantly, which is not viable when liaising with overseas sellers. Our sellers are Australian; therefore, the buyer receives stock with GST and its available here and now, which is a significant advantage for retailers with supply chain issues needing a top up in time for the Christmas period.”
She added: “We’re playing a key role in supporting Australia’s economic recovery and it’s a unique opportunity to create a fair economy. Our solution connects wholesalers and business and reduces friction in the purchasing process.
“Besides helping SMEs, the platform opens up new opportunities to wholesalers and manufacturers who previously had a limited capacity to support small accounts from a customer service standpoint with manual orders, payments and shipping. With the cancellation of international tradeshows where many businesses source potential products and suppliers, TradeSquare provides an Australian digital solution.”
TradeSquare is used by Australian small businesses such as childcare providers, art schools, educators, retailers, event stylists and hospitality operators sourcing everyday business supplies.