Many more retailers are getting into the “new to you” business and offering secondhand items as consumer demand surges. According to research from Mercari and GlobalData, Americans will spend almost $179 billion on secondhand goods, up 96% from 2015. By 2030 that number will nearly double to $354 billion – a growth rate 3.2 times that of the retail sector.
There are three main ways retailers can get into the resale game:
- Partner with online resale platforms such as thredUP. Retailers such as Abercrombie & Fitch, Crocs, Adidas, Gap, and Athleta have chosen this option using an online marketplace infrastructure that’s already in place.
- Get directly involved by allowing customers to bring back or exchange old items for a store credit or discount. Apple, Best Buy, Amazon, and Gamestop offer this option for certain electronics. IKEA stores have also begun buying back the brand’s assembled furniture and setting up an “As Is” department.
- Some retailers have set up their own customer-to-customer resale platforms, such as Asos marketplace, and Urban Outfitters launched its platform called “Nuuly Thrift”.