Meet the marketplace: Fyndiq
Sweden is a relatively close country and as easy to ship to as any other European territory and with the added bonus that most Swedes speak English as a second language it’s a prime territory to target.
I spoke to Daniel Hirst, Fyndiq Partner Manager to find out more:
Who are Fyndiq?
Fyndiq is the number one marketplace for bargain hunters in Sweden. Founded in 2010, Fyndiq was created to give sellers a platform to easily sell overstock online. Fast forward to 2017 and Fyndiq generated an impressive £32 million in annual revenue last year. As a bargain superstore we offer customers all types of non-food retail products curated with Fyndiq-love and an eye for great products at a great price. Everyone deserves low prices and good quality.
Opening Fyndiq to International Sellers
Today nearly all our 1,700 active sellers are based in Sweden. By opening up for new sellers from the UK and Europe we’re looking to broaden our bargain offering and at the same time we’re giving sellers the opportunity to access one of the most interesting markets in Europe.
What’s the opportunity in Sweden?
There has never been a better time to start selling online in Sweden than today. Sweden is the largest ecommerce market in the Nordics with 7.3 million adult population and an estimated £7.9 billion online retail turnover in 2016. With 95% internet penetration the Swedes have quickly taken to also buying products online and 67% do so on a monthly basis, spending on average £1,668 per year.
With nearly 90% of adult Swedes literate in English, online shopping behaviour has not been limited locally. A fifth of online revenue is already generated abroad, as Swedes look to find the most popular products such as fashion, footwear, accessories, health & beauty, children’s items & toys as well as sport & leisure articles.
How many buyers do you have?
Fyndiq has 1.6 million customers and every month 2 million people visit fyndiq.se. Our brand awareness in Sweden is high particularly with young adults (18-25 years) and families reaching more than 85%. Fyndiq has built up a core customer group within the female millennial segment with an brand awareness of 95% in Sweden. There is an increasing traction from families, but there is also a big opportunity to reach male target groups, both millennials and older.
What type of sellers are you looking for?
Fyndiq is open to professional sellers of any size which have marketplace experience and can ship cross border to Sweden. With the right types of products and bargain-mentality mixed in, sellers have the opportunity to open up another successful sales channel.
What type of products work well on Fyndiq?
Fyndiq is operating within the bargain niche which means low prices and general non-food retail products. With a clear bargain-focus our customers expect to find great products at a great price. The Fyndiq customers appreciate low price points and the volumes can by large be found for products sold below £20. Our main categories typically resonate with young people and families. Fast moving retail goods such as fast fashion and accessories of any sort, health and beauty products, children’s item, toys, home & living, gifts, refurbished as well as gadgets are proven verticals.
What can a seller expect from selling on Fyndiq
Fyndiq’s aim is to make it easy for sellers to start on our platform. Communication with Fyndiq is in English, be it with our support, in our backend or for the product description.
Fyndiq’s own customer service will take care of communication with Swedish customers and Fyndiq will process all payments. For product upload and order management, we offer an open API, CSV feed or manual listing over our backend, as well as multi-channel integrations with providers such as Linnworks, Plentymarkets, ChannelPilot or Lengow.
There are no listing, monthly or setup fees. Fyndiq works on a fair commission fee basis. Sales fees start at net 10% plus a fixed product fee. Sellers are supported through Fyndiq’s Merchant Wiki with a collection of information for selling on our platform. Furthermore the Fyndiq backend provides an analytics dashboard to keep on top of seller’s performance and identify trending products.
How do I sign up
Getting started is easy – especially as there are no listing, monthly or setup fees. Go to fyndiq.ly/meetthecompany, fill in your details and you’ll immediately get access to your account. We’ll be in touch soon afterwards to get you on-boarded and ready to sell on Fyndiq.se.
Looks good, are they saying they will translate the products for us or will we have to supply it translated?
Many marketplaces in the nordics accept English language listings but cannot say for sure if this one does.
I have been chatting with them , registered to sell eventually etc , BUT there are some issues … which are not what it says here… I am trying to clarify them .
…….. registering was fraught … took hours to solve ( via a ticket system ) ( FB help – did not help )
USE +44 etc tel number,
USE – VAT to 00000000000000 ( 14 0’s )
– How does shipment work?
Products sold on Fyndiq must be stocked in Sweden and dispatched to customers within 24 hours on normal working days. The merchant is responsible for the product reaching the customer.
Please be aware that all your shipping cost must be included in your product price. The shipping fee raised by Fyndiq once for every order by a customer, is applied regardless of the number of products per order/ basket. This fee is not connected to the merchant’s shipping cost per product and is not paid out to merchants.
The delivery must include Fyndiq’s pick list and instructions for use in Swedish if the product requires them. The shipment must clearly show the merchant’s return address. Any stock balance errors or inability to ship a product to a consumer must be reported without delay to Fyndiq’s customer service through the merchant account or at firstname.lastname@example.org.
What should I consider before I start selling on Fyndiq?
To sell products via Fyndiq, you need a Swedish-registered company with an F-tax card and a VAT registration number (for exceptions contact Fyndiq at email@example.com). Fyndiq complies with existing consumer legislation and distance contract rules and demands the same level of compliance from the merchants that sell products via Fyndiq. All products sold via Fyndiq must be checked and approved under prevailing Swedish legislation. Fyndiq may request documentation or certificates for products, for example for their origin (authenticity), in particular for electrical products, branded products and where a direct or indirect claim is made that the product is an original product, and also concerning products’ compliance with safety, environmental and health requirements.
Fyndiq works on a so-called Flash-Sale-Model. When an order is placed by a customer on Fyndiq’s marketplace, Fyndiq buys the product from the merchant (in a “flash”) and sells the product to the customer. This means Fyndiq is always the merchant of contract for the customer. Furthermore Fyndiq will be the party invoicing the customer, will handle payments from the customer and settlement to the merchant, will function as the first line of contact with the customer and also owns the relationship to the customer.
For more information on the applicable terms please see the Fyndiq merchant agreement
Fyndiq is a Swedish ecommerce marketplace, which connects great merchants with bargain hunters. The Bargain Superstore aims to spread #smallmomentsofjoy to anyone selling or buying through Fyndiq.se Back in August 2010, Fyndiq opened its virtual doors and entered the Swedish ecommerce market. From the get go the plan was for the start-up tech company to take over the bargain world and provide bargain hunters across the country with small moments of joy. Joy? Yes, joy! The joy takes place when great merchants are connected with bargain hungry shoppers who are seeking great products to even greater prices through a platform, what some refer to as a marketplace. But the story behind Fyndiq stretches, as you might have figured out, a bit further back than that.
In 2009, the idea initially arose when Fredrik Norberg (CMO) made the beautiful mistake of purchasing a bunch of bamboo vases, thinking that these could be sold with a nice profit. Even thought they were nice and all, no one wanted to buy them from him. With a pile of vases collecting dust (read miscalculation-of-future-interior-trend) he figured he couldn’t be the only merchant in the country who was suffering from the syndrome ”overstock without effective sales channel”. With that simple fact on his mind he got in contact and gathered the other four founders; Dinesh Nayar (CEO), Micael Widell (former CTO), David Brudö (founder of Destly) and Dan Nilsson (founder of ehandel.se, roligarprylar.se). Together the five of them met up and began mapping out Fyndiq’s route forward – to be the one stop bargain shop, connecting great merchants with bargain hungry shoppers.
Let’s fast forward 7 years from launch date till today where Fyndiq has established a well-known presence in Sweden; 71% of all swedes know Fyndiq as the online bargain superstore, over two million unique visitors pop by Fyndiq.se every single month and over 6 million products (or small moments of joy) have been delivered via Fyndiq since August 2010.