Currently, we are living through an innovative boom and digital era. Technology is becoming more advanced and more ingrained within our daily lives and work. We have seen technology implemented in and reinventing several areas, from education to medicine.
Resale Market
And, with the fashion industry, that wouldn’t be different. New ideas, like resale technologies, are helping companies not only to increase their profitability but also to act in a more eco-conscious way.
Right now we are seeing more stores opting to create online shopping experiences for their customers. Furthermore, we see more brands adopting the virtual catwalk model that has emerged in light of the pandemic. However, technology’s reinvention of fashion doesn’t end there. Technology has even reinvented the way in which people shop for pre-owned clothing items and accessories.
People no longer have to physically go to thrift stores. Either yard sales for hours in order to find the wardrobe pieces of their dreams. That is because there is now a multitude of different resale technologies. They work with websites and apps exclusively and came to help our lives easier.
In this article, we’ll be looking at an unordered list of 5 of the various resale technologies that are reinventing the resale market.
Resale Technologies: the 5 innovative ideas your should know about
Recurate
Up first on the resale technologies list we have Recurate, a company that was founded just last year in 2020. As opposed to the other companies that are included on this list, Recurate has reinvented how brands themselves use technology to interact with customers.
Recurate is now helping brands establish resale options on their own sites. No longer does one need to go through third-party sites to resale an item. Customers can find a new owner for their items on the same site they originally ordered from. This allows the brands themselves to reclaim sales and customers from third-party marketplaces while also guaranteeing authenticity to the people purchasing these second-hand items.
Depop
Next up, we have Depop, which was founded in 2011 and has since been acquired by Etsy. In recent years, Depop has been a popular site for the selling of second-hand clothing as well as original pieces from emerging designers.
Depop is mainly popular amongst the younger generations with most of the traffic coming from Gen Z and Millenials. You can also find popular artists and social media influencers with their own virtual stores set up on Depop such as Megan Thee Stallion, Winne Harlow, Tessa Holliday, among many others.
TheRealReal
Now, TheRealReal has utilized technology to reinvent fashion in a way that is different from the other sites we have mentioned thus far. TheRealReal, which was also founded in 2011, has grown into one of the largest retailers for authenticated luxury goods.
Not only is luxury being made more attainable for a younger audience, since young fashionistas can buy these items at discounted prices, but it also allows customers to shop for luxury items guilt-free. Socially and environmentally conscious buyers don’t have to worry about creating a higher demand for certain materials since these products were made seasons ago. TheRealReal may be the company with the most marketing on this list, so it is also likely that you’ve seen their ads played on streaming services.
Grailed
This company stands out from others in a way that’s unique. Grailed was founded in 2013 and is geared towards the resale of men’s, or more masculine, clothing. In fashion, there seems to be a hyper-focus or visibility on women’s clothing. So it’s refreshing to find a second-hand marketplace that prioritizes masculine clothing.
Grailed is chiefly known for its affinity for street fashion. Yet it has a wide collection ranging from avant-garde to minimal. So Grailed has a selection suitable for the fashion taste of most.
ThredUp
Coming in last on our list, but certainly not the least, is Thredup. James Reinhart, Chris Homer, and Oliver Lubin founded the company in 2009. And, actually, we’ve already had the pleasure of having its co-founder and CEO, James Reinhart, joining us in the conversation already. You can watch Reinhart talk about the relationship between retail and resell here in our talk “Fashion is Resale & Retail Working Together”.
In addition to providing a space for people to resell their clothes, Thredup also goes about promoting sustainability in fashion in other ways. Through an independent, non-profit called Circular Fashion Fund, Thredup works to distribute funds to small businesses and pioneers that make it a mission to progress sustainable fashion practices.
Resale is Eco Friendly
Despite the difference in audiences they may reach, all of the sites on our list are reinventing the resale market. The goal is always to make it easier for consumers to be eco-friendly in their fashion choices. In such a shortlist, it is impossible to mention every site utilizing technology to reinvent the resale market.
What are some of your favorite sites for second-hand apparel? Let us know so that we can cater our content to be more expansive and inclusive.
Also, don’t forget to check our tips on 20 fashion podcasts that will keep you updated!
