The recommerce revolution is here: 65% of all shoppers use resale and recommerce services, according to data from the Wharton Baker Retailing Center. While the concept is not new, it’s become hotter than ever as demand for sustainability and affordability become top-of-mind for consumers.
While products like clothing and furniture are recommerce naturals, there’s space for retailers across the industry to get involved in resale. Approximately 30% of major retail brands are involved with a resale service, whether in-house or through a third party, and there’s still room for others to join. Some considerations that should be kept in mind include:
- Understanding recommerce shoppers: Everyone from Gen Z to Boomers has an interest in resale, but different demographics have different needs, so retailers need to match their brand to the right audience;
- Combine affordability and sustainability: Giving products a second life is an important part of resale’s appeal, and combining that with the ability to save a few dollars is the key to driving recommerce sales;
- Put the right technology in place: Challenges from verifying authenticity to detecting counterfeiting are a big part of resale, but the right tools can simplify these headaches; and
- Make your entry now: Recommerce is a hot space, so start planning your own entry to get started while there is still plenty of room to experiment and innovate.
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