The Recommerce Revolution

March 6 2020 by Jim Shea

    downloadCredit: Getty Images by RyanJLane

    Although once mostly limited to tiny local consignment and secondhand shops, fashion and apparel recommerce today includes a range of digitally native companies offering resale, rental, upcycling and/or subscription models. Each of these business models can extend the useful life of apparel and increase the average number of times an item is worn, helping cut down on waste and the amount of clothing that ends up in landfills while generating new or additional revenues for retailers and brands.

    Resale marketplace thredUP, relying on research from GlobalData, estimated in 2019 that the secondhand apparel market will grow to $51 billion by 2023. The recommerce market already encompasses players in every sector and category. In the luxury segment, major recommerce names include The RealReal, Rebag, Tradesy, and Rent the Runway. American Eagle, Ann Taylor and Urban Outfitters are among the traditional specialty retailers now offering fashion rental to their customers. Even legacy department stores such as Macy’s and J.C. Penney provide items for resale in stores through their respective partnerships with thredUP.

    However, retailers offering recommerce options — whether they’re the owner of a small secondhand shop, a luxury rental marketplace, or a traditional department store — need retail analytics on what apparel and accessory items consumers are most willing to buy secondhand or rent, as well as what they’re willing to pay for them. To accurately gauge what shoppers will pay to rent a particular designer’s dresses or buy a pair of previously owned jeans from a luxury brand, retailers need to gather consumer input, apply retail analytics software to the data, and test various pricing strategies.

    Younger Shoppers Are Driving Growth in Recommerce …

    Read the Full Article at My Total Retail

    subscription boxes  Generation Z  sustainability  resale  CONSUMER REPORT  recommerce  sustainable packaging  secondhand market

    Want more information? Fill out our form below.

    What Retail Executives Say About Supply Chain Disruption Leading Into Holiday: Shortages, Pricing and Delays

    We partnered with The Wharton Baker Retailing Center to create a comprehensive infographic exploring our findings.

    View the Infographic

    The State Of Consumer Spending: Gen Z Influencing All Generations To Make Sustainability-First Purchasing Decisions

    We partnered with The Wharton Baker Retailing Center and asked consumers in the U.S. how sustainable practices are impacting shopping habits and purchase decisions.

    Read the Report
    Featured Product

    InsightSuite for Small Business

    Specialized Tools for Small & Emerging Businesses

    The fastest and most cost effective way to increase sales, profits and sell-in for growing businesses and digitally native brands.

    Learn more
    Free Ebook

    Maximize Value, Speed & Profit

    Learn how to leverage Voice of the Customer Analytics and 3D Product Creation to make more profitable products, faster.

    Get the Free E-book
    Roundtable Video

    Kohl's Creates Value W/Predictive Analytics

    Learn How First Insight's Predictive Tools Fuel Kohl's Success

    As one of the world's leading omnichannel retailers with more than 1,100 stores in 49 states, Kohl's is leveraging First Insight's predictive analytics solution and voice-of-the-customer data to improve their business.

    Watch the Webinar

    Consumer Sustainability Survey 2021

    The First Industry-Wide Consumer Study On Shoe Sustainability

    This industry-wide survey aims to create a critical baseline that brands and retailers can use to ensure they understand what consumers actually comprehend, what terms and phrases resonate best, and what areas they should prioritize.

    Download the Webinar & Findings
    Supply Chain & Pricing

    Navigating Disruption

    How The Rockport Company is Optimizing Assortments and Pricing with Data + Digital Product Testing

    Learn how The Rockport Company created a new product playbook powered by the Voice of the Customer and predictive tools.

    View the Webinar & Highlights