Global luxury fashion retailers are adding “resell” buttons to their online stores to help their customers sell their past purchased items!
Today 7% of consumers’ wardrobes are made up of pre-loved fashion pieces, and this figure will reach 17% in less than 10 years. Globally this makes up for a $40 billion market.
According to the World Economic Forum, the market for second-hand clothing has grown by 55% since 2019. Approximately 65% of people prefer to buy or rent second-hand clothes from well-known retailers, while 64% of Generation Z and Millennial consumers find sustainability important when buying fashion.
Fashion Waste is a Huge Problem
The World Economic Forum, is warning now that the fashion industry will emit 2.7 billion tonnes of C02 by 2030 and they are calling for retailers to embrace reselling in order to lower these figures.
Fashion brands and retailers have witnessed this boost and understood that they need to embrace circular models and the second-hand segment to remain close to their consumers and stay relevant.
A fast-growing company Reflaunt, a member of The Circulars Accelerator program, is helping to normalize a more circular approach to fashion. The company is partnering with global retailers to enable their customers to easily resell their past purchased items directly through the retailers’ online stores.
How Does Reflaunt Work?
Reflaunt offers retailers to add a “resell” smart button within their existing e-commerce platforms. Their customers will be able to review all items purchased in the past and select those they wish to resell by clicking on the button.
For those brands wishing to offer a more high-end experience, Reflaunt also offers customers an option to schedule a home pickup or in-store drop-off of the pieces they wish to resell through a VIP concierge service.
Once fashion pieces are processed, whether through the smart button or VIP concierge service, Reflaunt puts the items on sale across a network of over 25 marketplaces reaching a worldwide audience of over 40 million secondhand buyers. Because of the large-scale exposure and geographical diversification items are sold fast and the seller is quickly rewarded and re-engaged by the brand.
Reselling Increases New Sales
With Reflaunt reselling becomes a powerful tool for brands to keep customer loyalty. Based on their experience 75% of the customers that resold their items have chosen to be rewarded with store credits to reinvest in new items from the brand.
We expect to see more brands embrace the second-hand business in order to bring positive change to the fashion industry.