Over the past few years, consumers have shifted their mindset about resale items. Secondhand purchases that were once viewed as stigma are now seen as status. In fact, more than half of consumers (52%)Opens in a new window have purchased an item secondhand in the last year, and the resale market is expected to reach $70 billion by 2027. Simply put: Resale presents a huge opportunity for your business.
As the circular economy grows in popularity, brands everywhere are opening their own resale stores and encouraging consumers to turn in used items, from old jeans to designer handbags to kitchen appliances. To claim your piece of the pie, be strategic as you enter the market. This means implementing robust inventory and order management systems with real-time visibility and reverse logistics capabilities.
6. Social commerce is evolving
There are almost 5 billionOpens in a new window monthly active america phone number list users on platforms like Instagram, Facebook, Snapchat, and TikTok. More than two-thirds (67%) of global shoppersOpens in a new window have made a purchase through social media this year.
Social commerce instantly connects you with a vast global audience and opens up new opportunities to boost product discovery, reach new markets, and build meaningful connections with your customers. But it’s not enough to just be present on social channels. You need to be an active participant and create engaging, authentic experiences for shoppers.