The Retailer Spring Edition 2022
THE RE TA I L ER
INTEGRATING PRE-OWNED PRODUCTS INTO YOUR BUSINESS STRATEGY THANKS TO OMNICHANNEL
Romulus Grigoras CEO OneStock
I mplementing a strategy to sell pre-owned items can be a real challenge, but omnichan nel solutions are once again the key. With the rise of platforms like Gumtree, Depop and FacebookMarketplace, consumers’ interest in pre-owned items has become clear. However, for retailers that would like to integrate pre-loved items into their product offering, there are quite a few logistical challenges. Let’s take a look at the key steps of implementing a pre-owned items strategy and go over how omnichannel solutions can help.
What are the benefits of pre-owned goods for customers and omnichannel brands? Including pre-owned items into your business strategy has many advan tages, both for your customers and your brands. The benefits for the omnichannel customer - Savings on items purchased: access to quality items at an affordable price compared to new collections. - Shopping with confidence: In the fashion and leather goods sectors in particular, customers can refresh their wardrobes with confidence as the items resold are checked and authenticated. In the electronics and household appliances sector, buyers of reconditioned goods are reassured as they know they are purchasing an item that has been thoroughly inspected, repaired and is in good working order. - Respect for environmental concerns: customers who are sensitive to sustainability issues find that the used goods market is a new way to shop which is more in line with their values.
Pre-owned items, a promising trend for retailers
The used goods market is estimated to grow by 84 billion dollars between now and 2030 (GlobalData Consumer Survey).” ‘‘ that list!” ‘‘ The used goods market has clearly emerged as a key strategic axis for retailers. This trend that consumers are loving, allows retailers, regardless of industry, to take a step towards socially responsible retailing while significantly reducing their carbon footprint. It is also strategic because it generates sustainable practices by encouraging the use of items for as long as possible and so extending the life cycle of a product.
Consumers are turning to more ethical and sustainable brands, so make sure you’re on
The benefits for omnichannel brands Engaging in the used goods market can help you generate new sales. Vouchers that you hand out in exchange for used items will be reinvested in new items for a 100% circular economy! - Improved loyalty: by creating circularity, brands encourage their cus tomers, via vouchers, to reinvest in new items - Winning over new customers: the circular economy enables brands to win over a new, younger audience, who are fans of used goods and second-hand stores. 45% of millennials and generation Z now refuse to buy from non-eco-friendly brands (Source: GlobalData Consumer Survey) - Optimisation of margins: selling the same items several times will help retailers optimise margins and generate new revenue. - Enhanced brand image: the brand, and by extension its products, will gain a more eco-friendly and sustainable image, which is reassuring for customers
For retailers that wish to implement the resale of pre-loved items, there are many logistical elements to coordinate but the collection process is relatively simple: 1. The customer brings the branded items to their local store. 2. Pre-trained store staff identify and sort the items according to their condition: Excellent (new with label), Very Good, Good, Poor. Any items that are determined to be in poor condition will not be put back on sale but will be recycled. 3. The store can then give the customer a voucher in exchange for the deposited items. This voucher can be used both in-store and on the e-commerce site, for both new and used products. 4. The items are then inspected further. If no issues are detected, the used products will be steam cleaned, relabelled, and resold either exclusively online or in the stores’ pre-owned section.
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