Significance of Technology-Platform for Fashion Brands Resale

In the apparel industry, platforms provide brands with a different choice; as ecommerce websites fully integrate resale capabilities, the technology platform enables enterprises to access the market.

FREMONT, CA: The trendiest section of the global fashion market is secondhand resale. The garment resale market is projected to increase more than three times faster than the primary market over the next five years, from $96 billion in 2021 to $218 billion in 2026, according to the most authoritative assessment of fashion resale, the Thredup Resale Report. Within the secondhand fashion business, internet resale is projected to reach over fifty percent of the market by 2024 and nearly quadruple in size by 2026. Third-party marketplaces, like Poshmark, Vestiaire Collective, eBay, The RealReal, and Thredup, have reaped the majority of the benefits to date.

The platforms in the apparel industry offer brand an additional option. Technology platform enables businesses to enter the market with their fully-integrated resale capabilities on their ecommerce websites. In addition to apparel, accessories, and footwear, the service is also available to electronics, outdoor gear, and equipment-branded enterprises. It utilizes to streamline brand integration, improve data analytics capabilities, find methods for businesses to resell unsold inventory and product returns and investigate auctions and other upcycling prospects.

The platform should effortlessly and elegantly integrate resale into every commerce experience, enhancing companies' sustainability, customer loyalty, and revenue. The ease of purchasing and listing goods through brand sites will attract many new customers, assist brands in retaining existing customers, and ultimately bring millions of customers to the circular economy. It facilitates peer-to-peer resale, as opposed to buy-back schemes where the brand gets merchandise from sellers, processes, and warehouses and finally distributes it to the next buyer.

In the peer-to-peer concept, Poshmark or eBay, the vendor lists and ships their things directly to the buyer. The strategy is the most scalable for a brand with minimal up-front and continuing costs and enables merchants to maximize the value of their product. Authentication is one of the drawbacks of the peer-to-peer approach, and it verifies each listing and gives digital ID verification. The customer support service addresses inquiries and complaints. Peer-to-peer models significantly benefit brands, such as increased customer connection and engagement.

Customers urge to visit the brand's website to make a new purchase and refer a friend. It redefines the conventional meaning of the circular economy. In the branded resale model, there are many chances to strengthen the link between the brand and the customer story and establish a community. The platform should be the inevitable progression of the resale market from third-party platforms to brands with an ownership position in the product lifecycle. And it should allow brands to provide customers with additional perks due to their continued connections with them, essentially enhancing brand loyalty.