Recommerce is a broad term for the practise of allowing a certain type of transaction between customers by the seller of goods. Those who have purchased things can sell back used products for cash or in exchange for a different product .
It’s also a bigger retail market because products might come from a variety of categories such as old electronics, clothing, and so on.
Furthermore, the recommerce sector necessitates extra effort. The products must be resold, cleaned, refurbished, recycled, and upcycled.
This allows you to extend the life of the products and keep them from going to waste.
What is the future of Recommerce?
Wonder whether the recommerce industry will continue to develop in 2023-2024. Here are a few reasons why we believe recommerce will continue to grow rapidly and profitably in the coming years.
- IT IS LESS EXPENSIVE FOR CONSUMERS
The recommerce industry is frequently less expensive for consumers, particularly those shopping used products. Many of these product categories can be expensive, however recommerce sales are typically significantly less expensive.
Customers can save a lot of money while acquiring things they need in their daily life if the brand or marketplace is trustworthy and the product is still in good condition. It’s a win-win situation for everyone.
- IT HAS MARKETING ADVANTAGES
Pursuing recommerce may also provide marketing advantages for your company. Because recommerce is all about buying and selling used goods, you may highlight this as yet another way your company is committed to sustainability and environmental conscience.
- ENVIRONMENTAL FRIENDLY
Customers are more interested in purchasing environmentally friendly products. Even more don’t want their products to end up in a landfill after they’ve been used. By buying and selling recommerce products, you help to ensure that things aren’t thrown out unnecessarily and connect consumers to pre-owned products that they can still use and enjoy.
This is how the Future of Recommerce will look, now let’s look at some trends to watch – According to studies, merchants in the reCommerce industry – those who resell old items – are growing five times faster than off-price shops and twenty times faster than the overall retail market. Generation Z and millennials have embraced reCommerce as a method to profit and save on repurposed things, particularly clothing, electronic gadgets and jewellery.
Trends Of Recommerce
- THE EXPANSION OF e-COMMERCE WEBSITES
The recommerce business model, also known as reverse commerce or the reverse marketplace, is a growing sales practise that involves purchasing and selling previously owned goods using an ecommerce website, platform, or app.
People may readily look for things at a lesser price thanks to recommerce sales. Many recommerce enterprises invest in things that are no longer available from the manufacturer. Perhaps the items were phased out or did not sell because of a lack of client interest since the initial sales launch. Recommerce sellers then renovate or relaunch unused products and reintroduce them to a new market that missed the first product launch.
- FASHION INDUSTRY – LEADING THE RECOMMERCE
The range of resellers demonstrates that recommerce has found a home for a multitude of industries. According to resale industry statistics, fashion is leading the way in recommerce growth more than any other industry.
In July 2019, Vogue India highlighted key reasons why the fashion sector continues to be so popular in the resale market, saying how everyone wants to dress well and look good, but not everyone can afford the price tag of trendy, high-quality apparel. The second-hand market levelled the playing field for people who wanted to wear well-made apparel by top designers while also appealing to those concerned about environmental sustainability.
- THE EMERGENCE OF MOBILE DEVICES
As smartphones and tablets become more popular, it is expected that the market for used mobile devices will expand as well. This could entail the creation of new technologies and business models adapted specifically to the needs of mobile devices, such as the use of cloud services, Augmented and virtual reality, Wearable, AI and ML etc.
- THE GROWING SIGNIFICANCE OF SUSTAINABILITY
Sustainability is becoming an increasingly essential aspect in the recommerce sector as customers become more aware of the environmental impact of e-waste. Recommerce platforms are responding to this need by providing environmentally friendly solutions such as refurbishment and repair services, as well as the use of recycled materials.
TOP TRENDING RECOMMERCE SITES
Poshmark, Real Real, Thred up, Vestiaire Collective, Depop, Amazon renewed, Back Market, Mobilegoo.in etc
The recommerce market is seen as a more environmentally friendly method to consume technology. Consumers can assist to reduce the amount of e-waste produced by purchasing old electronics. E-waste is a significant environmental issue, and it is critical to discover solutions to eliminate it.
Mobilegoo is an Indian recommerce company dedicated to environmental sustainability. The company sells Refurbished mobilephones, tablets, and other goods on the website mobilegoo.shop where these refurbished devices undergoes various quality checks and inspections to ensure the quality of the products. Customers may also sell their used electronics to Mobilegoo.in through its repurchase programme. This contributes to ensuring that used electronics are recycled or reused rather being discarded. The future of recommerce looks promising. As the industry expands, we should expect to see more inventive and environmentally friendly ways to acquire and sell used devices. Mobilegoo.in is in the front of this trend, and the company is well-positioned to thrive in the coming years.