Online reselling platforms have become huge. However, brands suffer because they are not receiving any financial compensation. Some brands have decided to take it into their own hands by reselling their own items. With the thought of sustainability in mind reselling is a great way for brands to add to their revenue, here's how.
How to do this
You can do this by doing buy back programs and recycling programs. If the product is in good condition you can resell as is. If the product is not in great condition you can take the material and create a whole new product. Giving your customer a motivation to donate old clothes is always helpful. Some brands pay for the product back or you can give them store credit and discounts. Brands like H&M and Madewell have done this and have created a recycled line that is very successful.
Where to do this
Some big brands that have started reselling use a platform called Trove. Trove is a peer-peer reselling service that lets established brands resell their pieces for a cut of the profit. Brands like Eileen Fisher have been very successful on the platform. They are thinking of starting a basics line on the site. Luxury brands are starting to play with the idea of reselling their pieces. This would be a way to make sure that product is authentic and trust worthy.
How it's working
Reselling is a great option for brands that want to reduce there environmental footprint. It reduces the amount of used clothes that would otherwise end up in a landfill. The longer an item of clothing is being worn the less it effects the environment. However, there is a counter argument to reselling that is out of a brands control. We live in a culture of over spending and over shopping. Brands take advantage of this to make a profit. If our society changed its outlook on shopping there would be less clothes to produce which means less waste.
With resale becoming a growing market it is the perfect time for your brand to start reselling. Reselling old merchandise is a great idea for any brand. You are saving clothing waste and creating a new revenue stream. Giving pieces a second life is a great way to grow your business and improve your brands sustainability. Get great info on the latest news, resources, and tips in our weekly newsletter. (Plus, be the first to know of something exciting we are launching soon.) Subscribe now!
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