The outbreak of an unprecedented global health pandemic hit the world of retail like a meteor, flattening everything in its immediate path, and more gradually choking out the rest with the cloud of dust kicked up by its impact – in this case, a cloud measured in the thousands of shuttered shops that were barred from accepting customers for roughly three months.
But as is the case with epoch-making events, there have been some players and sub-segments that have not only survived the pandemic period, but have surprisingly risen to thrive, as rapidly digitizing customer preferences have driven them to explore new commerce modes.
According to recent reports, one of those unexpected areas has turned out to be the reCommerce market, as secondhand sales have boomed – even in segments like apparel, where they have otherwise come grinding to a near halt.According to CNBC reports, secondhand apparel marketplace ThredUP is having a big year, and looking toward an even bigger half-decade ahead. According to its annual report, the resale marketplace is currently worth roughly $28 billion and is projected to reach $64 billion by 2025.
“Resale is here to stay,” said ThredUP Co-founder and CEO James Reinhart. “The next question is who wins and who loses.