Great to read a good news story on the ‘Relentless rise of Secondhand’ by Richard Milne in the Financial Times this weekend. Some of my takeaways: - big brands are entering second hand (SH) as it is growing at a much faster rate than new. Sales increasing 125% in 5 years (Bain & co). Either entering through peer to peer (Vinted model e.g IKEA) or reverse logistics (LEGO) - More than 40% of the youngest consumers buy a SH product at least every few months - Strong customer retention tool for big brands to re-engage their shoppers - Charity shops sadly suffering with lower quality donations - Second hand is still a drop in the ocean to where it will be - mindsets need to shift to think second first - Peer to peer can lead to potential fraud and issues with authenticity - The non peer to peer route means companies need to understand reverse logistics - Secondhand not likely to let up any time soon due to sustainability goals and revenue opportunities The link for full read: https://lnkd.in/euQCUmp5
Good insights, the only way is Second ;-) ♻ 💚
Hallelujah..... Lovely post
The major challenge for brands and retailers looking to develop and integrate pre-owned business models into their current structure, is to understand what realistic objectives are, and in what timeframe. So far, the biggest blockers to change we see are: Legacy C-Suite mindset trained on linear sales models in the short term, a belief that sustainability and viability are incompatible, will be expensive and hugely disruptive to implement. Blended sales revenue, linear + circular [re] sales will be common within 3 - 5 years for most brands / retailers - what the optimum mix should be, will be defined by stakeholders, legislation and ultimately customers. Once the "why are we doing this and can we achieve" is understood - the "how to do it" becomes a lot clearer. Targeting a 2% resale revenue growth can bring very significant benefits... DM me if you'd like to understand more. RMX Recommerce #buyback #tradein #resale #takeback #circulareconomy #recommerce #recommercedata #invalusys
Such an important conversation that is sadly not prioritised enough in most companies
Let's goo! 🚀
Alicia Kite - Helping Women Build Confidence Through Style | Entrepreneur | Innovator of Next-Level Shapewear | Personal Branding Advocate
3moBuy right the first time, take care of your items and enjoy for years to come. Second hand is a great way to refresh your clothes you have looked after but time for someone else to enjoy. I had a second hand clothes shop 30 years ago. After leaving high end retail. I loved it. 🥰