In an article from the National Retail Federation titled “ 7 Retail Industry Predictions for 2024 ,” Susan Reda , VP , Education Strategy , writes that one of the emerging retail trends for 2024 is something called “ circular economy .” While the term itself may be relatively new , the components behind it are literally re-used . Circular economy is giving something that is old a new life . In other words , it ’ s selling used products or items that have been “ gently used ” or “ previously loved .”
Circular economy is giving something that is old a new life
Retailers of all shapes and sizes are getting on board . Some high-end fashion stores have started selling previously worn clothes that are still in good condition . Electronic stores like Best Buy or Apple are selling refurbished phones and tablets . Even Amazon offers a slightly cheaper “ used ” option now for some items .
According to Reda , “ Companies that revolve their efforts around circularity have the best chance at evolving their business in 2024 .” 1 Incorporating used products into your store ’ s offerings is one way to keep your store relevant . The circularity story is one that appeals to the new generation of consumers who are concerned with sustainability , often even more so than style , brand or cost .
The circularity story is one that appeals to the new generation of consumers who are concerned with sustainability
With Christian retail , this concept can be easily adapted to the products you already sell . In fact , there are more than a handful of retailers in our industry who have discovered the benefits of circular economy . In the spirit of circularity , the following is one retailer ’ s story about selling used products , previously shared online in June 2021 .
Selling Used Products by Kirk Ford , owner of The Christian Store , Cedar Rapids , IA
During the summer of 2013 , after two of the Christian bookstores closed in Cedar Rapids , IA , I found myself going to our local half-price bookstore to browse for Christian books , Bibles , DVDs and CDs . As I was considering opening a new Christian bookstore in Cedar Rapids , I wondered why selling used products wouldn ’ t work in a
Christian bookstore ! From my days at Family Christian Stores , I knew that our customers were always on the lookout for their favorite Christian authors and music artists .
A few months before we opened The Christian Store , I visited several of our local resale stores to pick up any lightly used Christian product to kick-start our used product section . The couple hundred titles I purchased seemed to sell very quickly , which was a good sign of things to come . We put a “ Used Book ” counter in our store , and within no time , our customers were chomping at the bit to sell us their used products . Of course , we kept our purchase prices very low , but our customers seemed to be happy with whatever we could give them .
During 2020 , we decided to just take product donations to keep expenses low because of decreased traffic due to the pandemic and the derecho which hit Eastern Iowa hard in August . Donations of used product began to flood in . I believe that our customers wanted to really support their local Christian bookstore ! Since then , we now tell our customers that we will always take used product as donations , but we can make them a cash offer if they have some good sellable material .
As retailers , we ’ re always on the lookout for high margin items , and used product fits the bill perfectly
As retailers , we ’ re always on the lookout for high margin items , and used product fits the bill perfectly . This year , our used product margins will be about 90-95 % and our sales will be at least $ 30,000 in that category .
34 CRA today / www . christianretailassociation . org