As sustainability takes center stage in the fashion industry, particularly among younger consumers, the spotlight on the fashion resale industry has never been brighter. According to Statista's 2022 report, the global market value of secondhand and resale apparel already soared to $177 billion USD, with projections indicating a doubling in size by 2027, reaching a staggering $351 billion USD. With such exponential growth prospects for the secondhand fashion sector, there's no denying that now is the moment to embark on a resale business journey. In this article, we'll look at the reasons why launching an online resale business in 2024 holds a great potential for success.
One of the most notable trends driving this growth of the resale industry globally is the escalating demand for sustainable fashion choices. Consumers are increasingly gravitating towards pre-loved clothing items, motivated by a heightened awareness of the environmental repercussions associated with fast fashion. This shift in consumer behavior presents an opportunity for young resellers to capitalize on the success of their resale businesses.
For a comprehensive overview of market trends, challenges, and statistics shaping the fashion resale industry for secondhand businesses, we invite you to explore the following article: Overview of the fashion resale industry for secondhand businesses (Market trends, challenges and statistics) Discover valuable insights that can propel your resale venture towards sustainable growth and success.
Moreover, the recent elimination of seller fees by major secondhand marketplaces, such as eBay, underscores a strategic response to the challenges faced by sellers in the online resale space. By removing seller fees and shifting the financial burden to buyers, online marketplaces aim to incentivize resellers to diversify their sales channels, ultimately enriching their product offerings and enhancing the overall marketplace experience for consumers. This strategic pivot towards a buyer-side commission model reflects a nuanced understanding of the evolving dynamics within the fashion resale industry, highlighting a commitment to boost the marketplace ecosystem. For detailed insights into the mechanisms of selling fees on marketplaces, we encourage you to explore the following article: Guide for Fashion Resale Marketplaces Selling Fees and Services for Fashion Resale Businesses
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Launching an online resale business has become remarkably straightforward, presenting an exceptional opportunity for aspiring professional resellers. With a growing demand for secondhand clothing and the advent of user-friendly e-commerce platforms and inventory management solutions like Oly, setting up shop has never been more accessible – Oly's seamless integration facilitates cross-selling across renowned marketplaces such as Vestiaire Collective, Vinted, eBay, The Vintage Bar, Joli Closet, Grailed, expanding the reach of resellers' products to a global audience. This enhanced visibility not only increases exposure but also opens the door to substantial growth potential for entrepreneurs seizing the moment in the fashion resale industry.
Choosing the right e-commerce platform is key to making a resellers business grow seamlessly and rapidly. Among the variety of platforms available some stand out: Shopify, WooCommerce, Prestashop, Magento and Bigcommerce. Each of them are suitable for a resale business in different ways, from scalability, storefront design features, or inventory management. To decide which of these platforms is the best for your resale business, check out our article on the subject: Choosing the Best E-commerce Platform for Professional Fashion Resellers: Shopify, WooCommerce, Prestashop, Magento or Bigcommerce?
However, for a beginning resale business, we highly recommend utilizing Shopify due to its user-friendly interface and ease of use. Additionally, its seamless integration with Oly’s marketplaces network allows resellers to efficiently manage cross-listing from their Shopify e-shop to marketplaces. In the following article, we offer a step-by-step walkthrough to help resellers to set up their e-shop: Creating your E-Shop: steps and tips for resale fashion businesses
Fashion resellers, even if they just begin in the secondhand landscape, have access to a diverse range of inventory sources. From thrift stores and consignment shops to online marketplaces and wholesalers, there are countless opportunities to source high-quality, on-trend items.
Precisely, online marketplaces have emerged in the online fashion resale landscapes as a game-changer for young resellers, offering an access to a vast array of high-end pieces and exclusive items that are difficult to find in stores. Platforms such as Vestiaire Collective and The RealReal specialized on luxury resale, offer meticulously curated collections of designer pieces, with a special expertise regarding authenticity, ensuring that each item undergoes rigorous verification processes before being listed for sale.
For resellers looking to streamline their sourcing process, wholesalers also offer an attractive solution. Companies such as The Brand Collector, or Le Prix provide access to curated collections of pre-owned luxury items, simplifying the procurement process for resellers while ensuring quality and authenticity.
Moreover, resellers can cross-list their product catalog among different marketplaces like Vestiaire Collective, Vinted, eBay, The Vintage Bar, Joli Closet, Grailed simultaneously, to maximize the effect of their inventory. Oly platforms help fashion resale businesses in automating their product listing and inventory updating process; Oy also propose a cross-listing service, adapted to beginning resale businesses that want to grow their business efficiently. The main benefits of cross-listing remains in time saving as it removes the necessity for manual data input, greatly decreasing the likelihood of overselling or inconsistencies across platforms. Consequently, operations become more streamlined, enabling resellers working with Oly to efficiently oversee their inventory and focus on product sourcing and sales generation. Check out the interview of Personal Seller Paris, a to discover all the benefits of Oly’s service.
With sustainability at the forefront of consumer consciousness and the wellness of the global second-hand fashion market, 2024 presents an unparalleled opportunity for entrepreneurs to capitalize on the fashion resale industry – the elimination of seller fees by major secondhand marketplaces further simplifies entry into the online resale space, encouraging resellers to diversify their sales channels and expand their reach. Moreover, the accessibility of launching an online resale business has never been greater, with user-friendly e-commerce platforms like Shopify and inventory management solutions such as Oly facilitating seamless integration and cross-listing across international marketplaces.
