WeMarket introduces an online global distribution chain of physical goods by connecting retailers and suppliers. The Amsterdam-based startup launches globally following 2.5 years of development. Both international brands as well as small businesses can trade with wholesalers, distributors, retailers and joblot traders on the platform.
Gijs van den Broek, chief commercial officer, said: “WeMarket is the first marketplace where brands themselves will be actively trading through new and existing relationships.”. WeMarket will also provide retailers with the ability to sell excess stock back to wholesalers and distributors through the platform. Van den Broek added: “Estimates show that more than $1.75 trillion is lost annually due to retail inventory distortion: overstock, out-of-stock and returns,”
Van den Broek hopes the online marketplace will provide an expedited route to distribute products, where brands can choose to announce special mid-season promotions on slow moving products. Members pay a $500 yearly fee for unlimited trading on WeMarket. The company does not take a cut of deals or charge any additional fees. Current members include T-Mobile and Philips. The business expects WeMarket members to trade over $500 million in the first twelve months.
Current WeMarket service provider partners include Dun & Bradstreet, IDchecker, PayPal, UPS, SGS, Bird & Bird to offer credit and identity check, payment services, clearance, quality inspection and commercial contracts if needed.
To ensure efficiency and a cycle of reliability, WeMarket also provides a reliability score for all users called WeMarket Karma. The algorithm analyses both good and bad behaviour of members hence the irony of the term ‘Karma.’ For instance, “if a stocklot trader doesn’t adhere to a brand’s restrictions its ‘Karma’ will go down” states Van den Broek.
WeMarket is founded by Dutch serial entrepreneur Bas Beerens. It employs currently a team of 20, including a management team of five individuals. among which include Van den Broek. Beerens previously founded Oy Communications and WeTransfer that recently raised $25 million at a valuation between $100 million and $200 million. Interestingly WeMarket doesn’t have a CEO yet. Beerens serves as the founder or ‘coach’ guiding the management team on design, simplicity and being smart, Van den Broek explains. Beerens is currently the sole investor of WeMarket.