Hong Kong-based startup targets third party sellers of leading online marketplaces
HONG KONG and NEW YORK, April 25, 2022 /PRNewswire/ -- Hong Kong-based B2B tech-enabled global sourcing platform BuyHive today announced the launch of its local operations in the US and UK markets. The company said it is looking to support a rapidly growing base of third-party sellers with their sourcing and procurement needs. BuyHive recently launched its global Expert Sourcing Network, under which sellers based in the US or European regions can hire a local expert in all major Asian countries for their sourcing.
The US and Europe are home to hundreds of thousands of third-party sellers active on leading online marketplaces like Amazon or eBay, or running their own digital, Direct-to-Consumer (D2C) stores via Shopify. BuyHive offers them the ability to source high-quality goods from top manufacturing destinations like China, Bangladesh, Vietnam, Thailand or India through a local expert. BuyHive's experts come with an average of over 10 years of industry experience and are based throughout Asia.
"For the first-time ever, small or mid-sized online retailers and D2C brands serving the US or European markets can execute a global sourcing strategy to match the world's largest retail chains via the BuyHive platform," said Minesh Pore, Co-founder and CEO of BuyHive. "We are enabling access to highly reliable and locally-based sourcing experts spread throughout Asia. Every single one of them has been carefully vetted by us and comes with a minimum of 5 years of industry experience, having worked for some of the world's biggest brands."
On Amazon, third-party sellers are estimated to generate over 60% of gross merchandise value (GMV), and more than half of Amazon's gross sales. Amazon is further estimated to have over 6 million third party sellers worldwide, of which over 3 million are based in North America. Similarly, nearly 70% of the 3.8 million live Shopify-powered stores were based in the US. UK and Germany are home to 4% and 2% of live Shopify stores respectively, as of January 2022.
BuyHive said it is working with US and Europe-based sellers operating in categories like Home & Garden, Clothing, Fashion & Accessories, Health and Beauty, Jewellery and Watches, among others. "Over the next few months, we will be focusing on the fastest growing online retail categories, including clothing and apparel, home and garden, and car and trucks," Minesh said.
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