B2B retail trading platform WeMarket launches internationally

A B2B marketplace has launched aiming to make trading between retailers and suppliers simpler by taking their conversations online.

Claiming to be the first B2B marketplace of its kind, WeMarket offers international distributors, whoelsalers, retailers and stocklot traders an online environment to buy and sell products.

Gijs van den Broek, chief commercial officer, said WeMarket will offer retailers a single marketplace to source from a wide variety of suppliers, negating the timely traditional trading practices involving individual sales calls between buyers and sellers.

He 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.

"Estimates show that more than $1.75 trillion is lost annually due to retail inventory distortion: overstock, out-of-stock and returns," added van den Broek.

Van den Broek hopes the online marketplace will provide a quicker way to distribute products, where brands can choose to announce special mid-season promotions on slow moving products, which can be quickly snapped up by retailers if they choose to receive alerts from brands they are interested in.

Members pay a $500 yearly fee for unlimited trading on WeMarket, and the company does not take a cut of deals or charge any additional fees. Current members include T-Mobile and Philips.

WeMarket also provides a reliability score for all users called WeMarket Karma. The credibility of the businesses on the platform will be scored based on the user's profile, reviews, trade analytics and company information such as number of employees or credit scores.

The business expects WeMarket members to trade over $500 million by mid-2016.