“Bargain Superstore” marketplace Fyndiq entering the German market

Starting today, Fyndiq has launched its successful online marketplace in Germany. German merchants can enjoy a brand new marketplace to sell their products at and bargain hunters can find thousands of products at www.fyndiq.de.

Fyndiq is a Swedish startup company founded in 2010 with the vision of creating an online marketplace for bargains. Five years later, the marketplace has outgrown Ebay in Sweden and has brand recognition of 82% within the target group 18-27 year olds in the market. The company now wants to achieve the same success in one of Europe’s largest e-commerce markets, Germany.

“It’s a huge milestone for us today to launch in Germany. We have always known that Sweden only was the beginning and I’m proud that we now have taken the first step to be the best global marketplace for bargain hunters”, said Dinesh Nayar, CEO & Co-founder of Fyndiq.

Through the explosive increase of online shops, the German market has long since turned into a site of cut-throat competition. A growing number of merchants are opting for online marketplaces, since the establishment of a shop of one’s own is proving increasingly difficult. According to calculations by the business portal iBusiness, 17.6 billion Euro of the total revenue of 41.9 billion Euro that e-commerce generates today, already stem from online marketplaces alone. This is the equivalent of 42 per cent. The fact that one in three German online merchants is represented on at least one marketplace only highlights the significance of these sales platforms.

“We had a lot of opportunities in to which market to enter first but we decided to go for the biggest fish in the European market, Germany. Germany is also the bargain hunter’s stronghold with a strong desire for our offering. That’s why we believe that our concept of a bargain superstore has excellent chances of succeeding.”, said Dinesh Nayar, CEO & Co-founder of Fyndiq.

Fyndiq offers advantageous conditions that are bound to introduce a breath of fresh air to the German market. For some time, leading online marketplaces have been attracting criticism: Increasingly, merchants have come to lament the unfavourable conditions. Another point of critique is that many marketplaces act as merchants themselves and employ aggressive business practices in order to gain advantages over merchants who use sales platforms.

“We will not be executing any direct sales and have no plans to do so, which means that we won’t be competing against our merchants. Our vision is to provide a stress-free marketplace for online merchants, as well as a shopping paradise for bargain hunters. We want to offer a real alternative to current market leaders. In doing this, online merchants is our key partners.“, said Dinesh Nayar, CEO & Co-founder of Fyndiq.

In addition to a 105 people strong team based in Stockholm and Berlin, Fyndiq is supported by investors as Northzone, Industrifonden among others. According to The Guardian, sales platforms and marketplaces are currently the most successful trends on the internet (link to the article).

For more information, please contact:

Dinesh Nayar, CEO & Co-founder
+46 766 23 84 94
dinesh.nayar@fyndiq.com

Media contact in Germany:
Miriam Piecuch

+49 (0)174 321 75 51

mp@publicperformance.de