BuyHive was set up in 2019 by Minesh Pore, Michael Hung and Brent Barnes to address the growing demand of global buyers who want to source quality products without huge overheads
The company offers an ecommerce platform (theBuyHive.com) and a network of freelance procurement consultants
The startup aims to go for its first round of funding in a few months to expand its platform for sourcing professionals
Be it ready-to-wear collections, home décor/household items or even medical equipment (in some cases), Indian retailers often source a large chunk of these products from neighbouring countries and regions as well as other global markets due to superior product quality and cost-effectiveness. “There are domestic versions of Alibaba-like platforms in all markets. However, these do not necessarily help overseas buyers manage quality control or post-sales issues. But given the current scenario where everyone is working remotely, having that quality assurance from experienced procurement specialists can make the job a lot easier,” Pore told Inc42.“In a trading marketplace, buyers usually search for sellers producing the goods they need. Then they contact those sellers, get quotes and manage the entire evaluation and quality control on their own. Here we offer a matchmaking service and recommend the best suppliers based on budget, product requirements and other metrics,” said Pore.
Traditionally, both manufacturers and retailers depended on a vast network of experienced sourcing professionals. But when the Covid-19 pandemic struck in 2020, the businesses and the professionals they depended on suffered heavily as the latter could not physically travel to global manufacturing hubs for inspection and sourcing.