Build the market: The growing number of retailers entering the space will increase awareness and interest in used goods.
- More retailers accepting trade-ins should expand the selection of second-hand items available, which will attract more resale consumers.
- Resale programs create a flying effect, with buyers becoming sellers and vice versa. For example, posh mark and thredUP both reported that nearly half of their sellers are also buyers.
Stay on brand: Sustainability is at the heart of brand positioning for outdoor brands such as Patagonia, The north faceand REI.
- This places greater importance on ensuring their efforts are genuine. Patagonia and The North Face were among the top-ranked brands in Kearney’s Circular Fashion Index, which measures a brand’s efforts to extend a product’s lifecycle in primary and secondary markets.
- REI also extends the life of products through the rental of equipment. Nearly 100,000 customers rented gear from REI last year, the retailer said.
The big takeaway: Now is the time for outdoor gear brands to take significant steps towards resale.
- Supply chain challenges make new products harder to find and more expensive.
- At the same time, the discretionary incomes of Gen Z and younger Millennials, the two demographic groups most interested and committed to sustainability, are on the rise.
- If retailers can deliver a strong customer experience on both the pick-up and purchase side of the transaction, they could create an important channel that could drive long-term growth.
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