Australian online wholesale marketplace startup TradeSquare has ceased taking new orders as the company shifts its focus to a new business model in North America.

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Co-founders Einat Sukenik and Nati Harpaz launched TradeSquare in 2020 as a trading place for wholesalers and SMEs to source and sell wholesale goods, with a strong focus on gifts and homewares. The platform had grown quickly and secured $28 million investment from Tiger Global early last year.

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However, Harpaz told Inside Retail that market conditions had changed “dramatically” since 2020. “Since that time, … the economy has slowed, and the supply chain from wholesalers to retailers that was rocked through the pandemic has not truly recovered,” the pair said.

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A broad-based business review concluded that it was “increasingly clear that the turbulence will continue”. Sukenik, who is also CEO, added that they had identified where the best opportunities would be in the future and had developed an evolved business model in a new category, targeted at North America.

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Harpaz reassured customers that all existing orders will be looked after, as well as all suppliers. “We are in business for the long-term, and we want to ensure that as we pivot to the new venture, we look after our current partners,” said Harpaz.

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During the past few months, Sukenik and her team have been setting up a beta test of a new concept under a new brand and website, with technical experts and a support team including e-commerce and sales staff on the ground in the US.

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The new concept is “all about reinventing the supply chain,” Harpaz added. “We could see global potential in flipping the whole thing on its head, focusing on the bottom of the funnel, and using technology to create a new and efficient supply chain that more directly connects the end customer with the product source. We are calling it a ‘demand chain’ because it precisely and productively satisfies demand.”

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Sources: https://internetretailing.com.au/tradesquare-stops-trading-in-australia-as-it-plots-us-foray/