Perhaps the items have been phased out or failed to sell due to a lack of customer interest since the original sales launch. Many businesses engaging in recommerce invest in items that are no longer readily available through the manufacturer. Recommerce sales allow people to easily search for goods at a lower price. The recommerce business model, also known as reverse commerce or the reverse marketplace, is the increasingly common sales practice of buying and selling previously owned goods via an ecommerce website, platform or app. We’re taking a quick look into the trend, why it’s successful (especially with younger shoppers) and what lessons retail leaders can learn from recommerce platforms - even if you’re not targeting a move to the secondhand selling option.Ī longstanding tradition made new through technology Retailers that specialize in key recommerce verticals, like fashion and physical media (think books, video games and DVDs) can benefit from taking their sales to omnichannel and reach more customers who are looking for a deal on pre-owned goods. recommerce market, estimating it will top out at $51 billion by 2023. Offering more than 35,000 brands at 90% off retail prices, thredUP is the world’s largest resale marketplace, with many others like Signifyd customer Throwback Vault following in its digital footsteps. They’ve also published research on the projected growth of the U.S. thredUP is leading the charge in online resales and defining fashion as the leading recommerce vertical. Online retailers recognize the popular trend of offering used clothes and are getting into the popular digital secondhand market - also known as recommerce. The re-use retail market has thrived over the last few decades thanks to secondhand stores, consignment shops, flea markets and thrift stores. In 2020, Trove processed nearly 1m unique items and managed over 10m catalogue records, triple the number in 2019.Shoppers are big on the idea of recycling and repurposing goods, now more than ever. As resale sees skyrocketing growth, Trove is providing the technology platform and logistics brands need to control their own recommerce channels, allowing them to own their customer relationships and data, generate additional revenue, attract new and younger consumers to their brand, deepen customer loyalty, and drive sustainability by increasing the lifespan of their products. Recommerce will account for 14% of the apparel, footwear and accessories market by 2024, or roughly $60bn, up from about 7% in 2020, according to research from Cowen. “We’re thrilled to join forces with this group of prestigious investors to accelerate our expansion efforts and enable more brands and retailers to build successful resale channels that help them deepen their relationships with customers and reduce their environmental impact.” “Consumer demand for resale is soaring and premium brands know it’s now a strategic imperative to control their brand and stay close to their customers by owning their trade-in and resale channels instead of handing them over to third-party marketplaces,” says Andy Ruben, CEO of Trove.
Trove, which powers circular shopping for Lululemon, Patagonia, Nordstrom, and Levi’s, will use the new funding to significantly expand its roster of brand partners, strengthen its technology and logistics infrastructure, enter the luxury vertical, and service a new customer audience in Europe.
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