.jpeg?resize=218%2C150&ssl=1 "Turns Out Hyaluronic Acid Serum Holds The Key To Softer, Plumper Lips")
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/AFZJKPPCYRCMPLMDUFQX5YKKOQ.png?fit=1200%2C630&ssl=1)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/6KHIIZI53BAB3GZP4TUI57EYFY.png)
A brand new report from BoF Insights reveals that simply 5 to 7 p.c of resaleable style is presently being purchased and bought on resale platforms, leading to an estimated $2.1 trillion of style sitting untapped in closets around the globe.
The Way forward for Trend Resale is revealed by the BoF Insights Lab, a brand new knowledge and evaluation unit at The Enterprise of Trend offering enterprise leaders with proprietary and data-driven analysis to navigate the fast-changing world style trade. The report estimates that the worldwide secondhand style market is presently price $130 billion.
After all, secondhand style has existed for many years, primarily in thrift and classic shops, however the introduction of on-line resale platforms has led to a step change in how used objects could be purchased and bought. Since 2019, there have been at the least 13 new resale entrants, 6 new Resale-as-a-Service launches and 14 main model partnerships.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/ML5DDVDUIBADRMWTCIFUSERCPY.png)
Right this moment, style resale is at an inflection level.
Whereas a flurry of platforms and providers have emerged in simply the previous couple of years, and a handful of platforms have gone public since 2019, the inventory efficiency of those public corporations has been combined as markets debate the viability of their enterprise fashions and ponder their losses as these platforms make investments to scale.
In tandem, manufacturers and retailers are realising that they should set up their very own resale methods because the resale financial system turns into extra entrenched. By participating in resale, they’ve the chance to accrue financial advantages and deepen relationships with each new and current clients, whereas influencing a product’s positioning and residual worth by its lifetime.
In talking to manufacturers and retailers, what we most frequently hear are analogies to how they debated e-commerce and/or retailers years in the past — and a way that they should proactively craft a resale technique now somewhat than reactively achieve this later.
Whereas resale could also be inevitable, crafting the suitable resale technique will not be. Business individuals want to guage a fancy set of dynamics and weigh varied choices for easy methods to interact, from partnerships to outsourcing capabilities to constructing them in-house.
On this new report, BoF Insights presents its perspective on on-line resale: how we take into consideration the upside of the trade, how we imagine the panorama will evolve, and the way we suggest trade individuals construct their very own resale methods.
Why Purchase the Report
- The report supplies a complete overview of style resale that deepens the understanding of all present or would-be trade individuals
- Manufacturers and retailers can leverage our framework to develop data-driven methods for coming into resale and/or enhancing their present techniques and initiatives
- Traders can establish and keep abreast of challenges and alternatives within the fast-moving resale area
The report is predicated on quite a lot of public and proprietary analysis inputs, together with:
- 37 interviews with the founders, CEOs, and govt groups of main resale platforms, Resale-as-a-Service (RaaS) corporations, manufacturers and retailers
- Shopper surveys within the US, UK, France, Germany and China fielded by YouGov on behalf of BoF
- Shopper survey of BoF’s world neighborhood of style professionals
- Proprietary quantitative analyses of trade penetration, measurement and progress
- Firms coated within the report embody ThredUp, Tradesy, Vestiaire Collective, Depop, Poshmark, The RealReal and plenty of different rising and established RaaS corporations and platforms
The Way forward for Trend Resale is the primary in-depth evaluation to be revealed by the BoF Insights Lab, a brand new knowledge and evaluation unit at The Enterprise of Trend offering enterprise leaders with proprietary and data-driven analysis to navigate the fast-changing world style trade. For assist and enquiries please e mail insights@businessoffashion.com.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/businessoffashion/AFZJKPPCYRCMPLMDUFQX5YKKOQ.png?w=1200&resize=1200,0&ssl=1&description=BoF’s definitive guide to fashion resale, covering the evolution of the market, its growth and upside, consumer behaviours and recommendations for crafting a data-driven resale strategy.){kind=link}