Hand Me Up
Second hand is the new new.
The acceptance of buying pre-owned fashion is being accelerated as indicated by the astonishing rise and success of resale sites, stores, and vintage shops on social media. Unlike most secondhand marketplaces such as eBay, resale sites such as TrueFacet and Tradesy provide a safe platform for buying and selling pre-owned prestige watches and jewelry by offering guarantees of authenticity.
Online consignment marketplace ThredUp is reported to open 10 stores by the end of the year, and it has bigger plans: CEO James Reinhart foresees a future where ThredUp will operate over 100 stores. In shifting offline, ThredUp is joining other resale companies like The RealReal and Stadium Goods to raise brand awareness, build trust with wary customers, and launch offline marketing initiatives like in-store events.
Curiously, social media platforms such as Instagram also represent a burgeoning corner of resale commerce. Sellers post details of their outfits—often vintage clothing—as well as how to claim it, and winners of the buying race pay via instant cash-sending apps. Due to their uniqueness, items are first-come, first-serve: a reality that sometimes triggers a fashionista-feeding frenzy. Sellers say those with significant followings can accrue up to six-digit annual sales. “Within a matter of minutes, they were gone,” said a New Yorker who shops on Instagram, “by the time I saw the image, the caption was already updated to ‘Sold.’”
Sources: Glossy (March 22, 2018) | Bloomberg Businessweek (April 26, 2018) | Image: Laura Pittaccio