Is peer-to-peer shopping taking over from traditional retail?

by | Jul 25, 2017 | News | 0 comments

? The ?resale? industry has an estimated worth of ?14 billion, and is expected to reach ?25.6
billion by 2021.
? 49% of the resale market is comprised of clothing, accessories and shoes.
? 3 in 10 millennials have shopped second-hand in the last year.
? 78% of women say they rarely find anything new or exciting when shopping at retail
stores

There has been a rise in ?closet entrepreneurs?, or women who have joined the resale revolution?and are selling their pre-loved clothes online. Research by online marketplace OnBuy.com, who
has compiled data taken from fashion resale websites, google trends and retail reports, has?considered the threat to retail posed by the resale phenomenon and rise in peer-to-peer
shopping.
The average woman has at least ?2,400 worth of clothes that hang in her wardrobe untouched.?With some resale websites suggesting that women have as many as 19 items ready to sell at any
one time. The motive for selling unwanted apparel is clear: there is money to be made. The?industry has an estimated worth of ?14 billion, and is expected to reach ?25.6 billion by 2021.
Peer-to-peer-marketplaces, such as eBay, OnBuy, Poshmark, and thredUP, are being found in?increasing numbers online. The demand for second-hand clothing is also growing, with thrifty
sellers sharing 7 million items daily on Poshmark, leading to a sale made every few?seconds.

49% of the resale market is taken up by clothing, accessories and shoes, and attitudes are?changing towards shopping ?resale?, or second-hand. Gone is the notion of second-hand shoppers
as cheap bargain-hunters. With the emergence of the sharing economy, more and more of us are?taking to the internet to make money from our assets.
But the rise in reselling couldn?t exist without a simultaneous increase in second-hand shoppers.
30% of millennials have shopped second-hand in the past 12 months, and 21% say they?intend to. The fact that many of the most popular brands on resale websites lie firmly in the
luxury clothing sector reveals a lot about who these second-hand shoppers are. Research reveals?that 2017 has seen an increase in so-called ?high-income thrifters?, who are 35% more likely
to try used clothing websites than low-income shoppers.?With this sort of user base, it?s clear to see why there has been a surge in e-commerce?marketplaces that are cashing in on a change in spending habits.

Women are also attracted to the convenience of online resale shopping, with 63% of resale?shoppers agreeing that shopping is better with wine.
However, this is not the only reason that consumers are turning their backs on in-store spending.?78% of women say they rarely find anything new or exciting when shopping at retail
stores, so maybe it is time that retailers adopt some of the traits of peer-to-peer sales.

What can businesses and retailers learn from e-commerce marketplaces?
? Be mobile friendly: it is predicted by Internet Retailing magazine that ?27bn (40% of all?online spending) will be spent over mobile devices for Immediate Release OnBuy.com
? Offer discounts: a survey, carried out by clothing resale website thredUP, revealed that?94% of women say they rarely buy clothing that?s not on sale. 40% of women say they?wouldn?t enter a store unless there were discounts on at least 41% of items.
? Be up on social media trends: 39% of consumers said that social networks provide their?main inspiration for purchases.
? Note the values of your customer: find out what is important to your customers, as?84% of millennials prefer socially conscious brands that align with their values

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