Secondhand stuff is the next ecommerce gold rush
Perspectives Secondhand stuff is the next ecommerce gold rush
Jochen Schmidt | Feb 8, 2022 Brands realize they must be more inclusive and embrace the customer who can pay first-hand, alongside the customer who shops via the secondhand market.
Manager, solution strategy, EMEA region What is one of the hottest trends in retail and selling? Secondhand stuff.
Fast fashion is one of the most polluting industries on the planet. The Ellen MacArthur Foundation estimates that 10% of CO2 emissions and 20% of water wastage worldwide come from the fashion industry. Using a secondhand handbag can help reduce fashion’s carbons emissions by up to 90%, says Max Bittner , CEO of luxury marketplace Vestiaire Collective.
What does the secondhand business mean to consumers and the environment? Also, learn about the economics of retail and the luxury industry now and into the future. The gold rush of re-commerce and what it means today
Beyond the sustainability angle, a massive draw with secondhand is price accessibility. Secondhand allows consumers to have unique pieces from loved brands that add an asset worth some value range to their collection.
Because of this movement, brands are more engaged in forging alliances with marketplaces to manage their resale. Some also manage these prices directly or with B2B providers such as Trove. Andy Ruben, Trove’s Founder and CEO, predicts that every brand will have resale as part of their distribution channels within the next 10 years. According to Global Insight, it’s a $32 billion market that will reach $64 billion.
There is a market need for this already. For example, Patagonia has a “buy used” button next to its first-hand buy button directly on its ecommerce site.Brands are realizing in today’s climate that they must be more inclusive and embrace the customer who can pay first-hand, alongside the customer who […]
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