1. Fashion

2022 Fashion Resale Market

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The market for used clothing is not brand-new. Buyers initially recognized them as thrift or charity stores, but interest in this industry has recently surged as a result of growing worries about the environment and the moral implications of fashion. Shoppers are choosing less expensive, non-essential alternatives to brand-new apparel and even less expensive fast fashion as inflation and rising energy costs all add to a cost of living issue globally. Since the pandemic, when people were compelled to purchase online amid store closures or use platforms like these to sell items they had emptied out of their wardrobes during lockdowns, the popularity of online resale platforms, including Depop and Vinted, has encouraged this expansion.

The resale clothing market, according to various market research Services companies, is anticipated to expand as consumers continue to tighten their budgets and look for methods to save money. Due to the entry of new players, the market is anticipated to grow by an additional 31% in 2022 and by an additional 52% between 2023 and 2026. On the other hand, as the industry solidifies in important markets, growth is anticipated to start to slow down a little. 

Businesses that enter the resale market might lessen consumers' concern about counterfeit goods. However, in order to thrive in this brave new retail environment, brands and retailers will need to create and adopt cutting-edge business models that take into account the shifting market and altering consumer preferences. They must find strategies to broaden their reach to new audiences while remaining relevant to their current fans as competition on resale platforms intensifies. They will also need to take precautions to reduce risk and safeguard their reputation. 

 

The ideal course of action depends on the goals and objectives of a brand or store as well as the requirements and expectations of its target market, as is the case with any company plan. Naturally, not every player in the fashion industry will have the finances essential to launch and run its own resale business. An excellent solution is to collaborate with a reselling platform. This business model provides a win-win situation where the platform manages the logistics, payment processing, and product validation (which involves executing quality and authentication checks) while also receiving more exposure, credibility, and volume from its new partner. Brands and merchants, on the other hand, can leverage product resale to increase brand awareness and affordably attract new clients. In exchange for store credit, they can purchase goods from independent vendors, which fosters customer loyalty. 

The opportunity to expand their business through resale without making a big investment or a long-term commitment is another strategy that fashion companies could take. Giving third-party resale platforms a modestly sized space in stores and implementing discount and reward programs for customers who sell their used goods back are two options for brands and merchants. These less expensive options aid in extending audience reach and foot traffic. They reduce the danger associated with counterfeit goods while enabling players to take part in the circular economy. 

Leading Market Research Agency that provides market research Services related to the consumer goods industry are Strategy Here, BIS research, Mordor Intelligence, and CSP.

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