Consumers of today’s generation are particularly buying Millennials and Gen Jhrs-use of things went “trendy” items and find value in giving them a second life. Gone are the days in which we bought clothes, wore them a few times, left them in our closets, and eventually donated them. There’s now a new network of channels and mediums through which buyers can get hot items second-hand or even rent high-end clothing and accessories for single use.
Thrift and consignment lead the way in what they offer, but the statement purchased from these stores makes. The long-lasting repercussions of the retail industry on the environment weigh heavily on generations seeking to reduce their carbon footprint, leading shoppers to opt for alternatives that contribute to a more sustainable future. As a result, consumers find various outlets. Still, companies are also leveraging opportunity in fulfilling the needs of this new-age consumer in an apparel resale industry that’s expected to grow to Rs.51 billion in the next five years.
Read also: 5-strategies-to-sell-excess-inventory
One example is ThredUp, the self-proclaimed “largest online consignment, and thrift store.” The second-hand giant features more than 35,000 brands on a website that displays new items with every browser refresh. What does this equate to? In today’s modern, endless possibilities for honest shoppers.
Then Rentve runway, which was born from the “worst customer department stores”, which will only buy high-end clothing to return it after use. Their model focuses on renting designer clothes and accessories for those who do not want to invest in permanent anything. Let’s be honest him- you can wear often the same gala gown?
Recently, we’ve discussed the need for retailers to minimize their physical store presence to stay afloat due to the growth of ecommerce (read more about that here). So, what do all these rental opportunities and second-hand options mean to traditional retailers? Is it the end of the road? On the contrary.
The secondary market offers them an outlet to offload their returned and excess goods so that they can offset more losses. Nine out of the top 10 Indian retailers use Rack37’s online auction B2B marketplace platform to sell returned, excess, and other liquidation inventory directly to an extensive network of vetted secondary market business buyers. This drive competition and boost pricing of the stock, it also created a new sales channel to ensure merchandise is repurposed and reused (versus landfilled), which we can all get behind.
To learn how to create a B2B sales channel for your returned, excess, or other liquidation inventory, request a demo!