What the heck is “recommerce”?

What the heck is “recommerce”?

Recommerce is, at its core, selling used goods.  This idea has taken on new meaning in today’s Instagram-filtered and personal-brand focused world.  We’ve always resold cars and houses; now consumers are reselling smaller items as well, specifically fashion pieces.

This category of business is smart for several reasons: it’s recession-friendly (consumers are spending less), it’s eco-friendly (it is, after all, a form of recycling), and it allows brands a way to interact with consumers who are already fans.

This article from Trendwatching.com gives us more information as to why recommerce is so popular with consumers.

“Indeed, RECOMMERCE is now increasingly affecting even consumers’ initial purchase decisions. Just as they do when buying a car or a home, consumers are factoring an item’s resale value into the cost of ownership for an ever-wider range of purchases.

Check out three drivers behind the RECOMMERCE phenomenon:

  1. Nextism: Consumers will forever crave the new and exciting experiences promised by the ‘next’.
  2. Statusphere: The growing status boost that comes from being savvy and shopping (environmentally) responsibly.
  3.  Excusumption: Cash-strapped consumers embracing creative solutions.”

 

Poshmark

Image c/o Poshmark.

 

Here are some examples of recommerce startups in our database:

Poshmark – user’s list clothing items and shop for up to 70% off retail value

Bib + Tuck – shop curated personal closets and sell clothes

Vaunte – marketplace where users can earn cash by inviting friends who then sell

Threadflip – user’s send clothing items and consignment experts list online

For further reading on recommerce take a look at this article from Forbes on recommerce in the  online luxury timepiece world and this TechCrunch article on ebay Valet who is also hopping onto the recommerce wave. We will definitely be keeping our idea on the recommerce business model as it shows no sign of slowing down.

Third Wave Fashion has been your fashion tech think tank since 2011. We publish the first ever printed fashion tech magazine, Third Wave.  Follow us on Twitter or subscribe to our newsletter to stay on top of the latest in fashion tech + wearables. You look nice today!

 

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