Reseller marketplaces are set to soar in 2022

The shift to thrift as reseller marketplaces are set to soar in 2022

Today’s generation are massive consumers, but their purchasing decisions are more eco-conscious and sustainable than ever. This is why reseller marketplaces will soar in 2022, and many retailers will, and already have joined the thrift band wagon.

Reseller marketplaces tend to have a strong association with the clothing and accessory category, and big brands like Vinted and Depop are on the ascent. However, the shift to thrift doesn’t stop at clothing. On their journey to a sustainable future, IKEA launched a buy back and resell initiative where customers can return their used furniture to IKEA stores and receive a valuation based on its condition – up to 50% of the original value.

Resale fashion is a triple win as consumers, retailers, and the environment all benefit. Brands can no longer afford to ignore resale because in the eyes of this generation, sustainability is no longer a bonus, but rather it should be a given. The consumers of today want to see it from brands, even fast-fashion giant Pretty Little Thing (PLT) are launching their first resale platform later this year, where customers can buy and resell their used PLT items to promote sustainability in fashion (FashionUnited).

Reseller marketplaces have become just as accessible as any other online retailer

What does this mean for Brands and Retailers?

Reselling between individuals is also becoming more popular. 90 million shoppers tried reselling for the first time in 2021 compared to 16 million in 2020 (cbcommerce). It’s great to see so many people selling their pre-loved items but selling is only one piece of the resale puzzle. It’s important for brands to understand what buyers will be looking for when buying from reseller marketplaces.

In our recent May Mood of the Nation report we found that 1 in 4 UK adults are highly likely to purchase clothing from reseller marketplaces such as eBay, Depop and Vinted. The report also shows that having good reviews/a high seller rating is a top consideration for people when buying from resale places. Ratings are a form of social proof which is a very powerful form of influence when it comes to shaping consumer’s perceptions of brands and products.

To see the full May Mood of the Nation report, click the image below to download it

The May Mood of the Nation in the UK

Alongside good reviews, the second most important thing that shoppers look for when buying from resellers is high-quality images that show off the condition of the product. Brands looking to launch a resale initiative have the issue of ensuring each item is photographed and displayed to the same standard as the brand’s normal online shopping experience – an unfeasible task if left to the customers.

How can we help?

If you’re looking to launch a sustainable initiative and need to understand what your consumer really wants, then Spark can help.

We help our clients get to the real truth of how consumers perceive and interact with the brand and products. With our team of consumer psychologists and experts in the field, we delve into the why behind consumer decision making.

Our Trends and Foresight area of expertise means we can help you to gain a comprehensive view of your consumer’s current wants and needs. Read our Case Studies to see how we’ve helped clients grow through a variety of methodologies including eye-tracking, in-depth interviews, observational analysis, and so much more.

Related articles:

If want to keep on top of the latest sustainability insights then read our article on how to support the accelerating sustainability requirements of consumers or our article on what does sustainability mean to shoppers.

Sustainability requirements of consumers         

 

Written by Evie Harris-Jenkins, Research Executive at Spark Emotions.
If you have any questions, feel free to reach out to Evie via email evie.harris-jenkins@sparkemotions.com or connect on LinkedIn