Lockdown is giving a fillip to recommerce
For the first time in their lives, people are spending a lot of time at home and as a result are decluttering homes. This has given rise to what we term ‘recommerce industry’. Among the several goods at home, clothes for one are on top of the list fuelling the recommerce industry.
The buying and selling of second hand, subscription and rental models are growing at breakneck speed. The second hand apparel market is $24 billion. For instance, Oh Look, an everyday fashion rental is doing brisk business. They offer five shirts or T-shirts on rental basis per week. Arshad, one of the founders of Oh Look says, “When we floated the idea there were apprehensions but within a few weeks the response we received was far above our expectations.”
During lockdown, people are decluttering homes and doing away with excess baggage. After clothes, it is shoes and leather bags that are on the top of the list. Kiabza, a preowned clothing website is gaining popularity with each passing day.
- Almost 50% of the recommerce market in the US is dominated by clothing, shoes and accessories
- In India, recommerce is growing at a fast pace with youngsters in the age group 24-35 opening portals with cash on delivery mode
- $24 billion is the size of second-hand market
- Swap events are becoming popular in the country, where people exchange goods. Bengaluru is taking the lead
The kabadiwala across the street is now having a lot of competition from young enterprising men and women who are thinking out of the box. Meher, 29 a commerce graduate from Mangalore who settled down in Hyderabad now buys tonnes of newspaper not from the Kabadiwala but sources it from her friends and through digital medium. She makes paper bags and sells it to eco-friendly stores.
Confidential Couture, a website sells pre-owned luxury accessories and clothing.
People are also coming up with interesting names, Exchange Room is a case in point.
There are groups online that are waiting for the dust to settle down (slowdown or completely getting rid of coronavirus) and when normalcy returns to stage second hand sales of shoes, clothes, leather bags and jackets, kitchen equipment and what not.
