Inventive Retail Group (IRG) has announced the closure of the global shopping project Brandly. The platform operated for just over a year.
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As can be seen from the message on Brandly’s website, the service has ceased to operate. IRG’s Vice President for Development and Innovation Projects Evgeny Usenko confirmed the closure of Shopper’s.
He said the project was a way for the company to test a business model for cross-border trade. However, it was decided to allocate resources to developing offline networks, internet projects and private labels.
“The service was faced with the task of testing hypotheses on how to maintain the loyalty of Russian buyers to various brands, testing the elasticity of demand in terms of price/delivery time, as well as the demand for unique products/brands,” Usenko said.
According to him, Russians have quickly switched to local brands, and the market is also saturated with parallel imports. Usenko admitted that there is some shortage of assortment, but in general “the market is not experiencing any difficulties.”
He also highlighted the growing problems of Russian companies with cross-border payments in July: both the time frame and the cost of transfers have increased.
IRG launched the Brandly online platform in May 2023. Brandly’s head office is located in the United Arab Emirates.
Author:
Natalia Gormaleva
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
