The verdict is in ; millennials and its younger siblings from the Gen-Z love ‘ re-loved ’ clothes . In a recent report released by online thrift shop thredUP , the resale economy is thriving and its main patrons ( 41 %) are in-between the ages of 18-24 . The study claims that the resale market currently values at US $ 20 billion and will reach US $ 41 billion by 2020 . More insights from the research reveal that 1 in 3 women shopped pre-owned clothes in 2017 , making the number |
44 million as compared to 35 million in 2016 . Compared to basic retail , which is expected to grow at the rate of 2 %, the resale market is slated for a whopping 15 % progression . Currently , in the US market , the main players in reselling are thredUP , The RealReal and Poshmark with Rebagg , Deopop , Tradesy and Grailed following closely behind .
A surprising revelation from the study is the fact that 13 % of thrift shoppers are millionaires and the more obvious expose is that 66 % people opt for thrift to buy brands
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that are out of their affordability range . The report ’ s results may come as a bit of a surprise to some as buying pre-owned has always had a stigma attached to it . Whereas shopping vintage is revered , thrift shopping was often seen as cheap , but times are changing . Some 70 % of thredUP ’ s shoppers last year had never tried thrift shopping before and 50 % have shifted from buying off-price to thrift . The retailer added that resale doesn ’ t just offer the thrill of buying more new fashions at throwaway prices but also has the |
eco-conscious value of not adding waste to the environment .
Apart from the shoppers ’ data , thredUP also unveiled the thrift shoppers ’ favourite brands that are LulaRoe , Everlane , UGG , TOMS , and The North Face amongst others . The retailer added that brands like FRYE , Lululemon , Helmut Lang , Burberry and Gucci have the highest demand and earning value on their site . The worst brands to invest in being Giorgio Armani , Juicy Couture and Mango .
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No doubts , the arrival of technology has made our lives easier . Capitalising on the influx , retailers across the globe have started focusing more on the technology part , and store automation has emerged as the major focus area for them as they ’ re trying to thwart e-retailers like Amazon from dominating the physical retail world with its advanced Go stores . The automation of the retail stores is also aimed to minimise both labour |
costs and shoppers ’ inconvenience while waiting for cashiers and the filling of empty shelves .
The use of robots in stores is reportedly under the testing phase to keep an eye if shelves are stocked or not . Various retailers are making efforts to make the use of apps which will notify them about the availability of items in their stores on their smartphones . According to Martin Hitch , Chief Business Officer of Bossa Nova Robotics , a company
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that makes inventory management robots that Walmart and others are testing out , reportedly said that it is an element of mortification as an online retailer is showing them how to do brick and mortar . Notably , Walmart recently opted for drones as well to make deliveries of its products . Well , Amazon Go has already fully automated the checkout process , to enhance the shopping experience of customers at its stores . Before the arrival of |
Amazon Go , other kinds of facilities like self-checkout kiosks were present in the supermarkets earlier as well . Sensors and predictive analytics tools , to better anticipate when more cashiers will be needed , are also being used at retail spaces . So , it is not like that retailers are focusing on this trend now , the only thing is that the agenda has changed , which is now more on making savings and to take on Amazon which is becoming huge in the US .
However , the automation of stores has made the workforces apprehensive about job loss . The World Economic Forum also stated last year that technological advancements would take a toll on around 30 to 50 % of retail jobs across the world . Also , the constant monitoring of customers in stores has also raised concerns over privacy as the retailers get to know more about the shopper ’ s behaviour / buying habits as they digitise their locations . It remains to be seen if robots will make it better for the customers to shop at physical stores who are currently used to of human assistance .
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