On today’s Business Beat, Jeff shares news of the tremendous growth in the re-commerce sector and what the future holds.
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Good morning, Paul!
Well, while the pandemic has hit many industry sectors really hard, it’s fueled other categories to tremendous growth, now seen as big pandemic winners. One of those categories, the resale market, you know, for example, the secondhand clothing and accessories businesses now flourishing online. They’re just an example of the thriving businesses seeing massive growth.
The resale economy, re-commerce as it is known, is estimated to grow $77 billion by 2025 amid growing consumer awareness of fashion and electronic waste impact on the environment. Those buyers are driven by issues relating to sustainability. Other buyers, though, see the resell category as a place to find really great goods at really great pricing.
Now the resale category is also home to lucrative niches, including sneakers, watches and collectibles. The sneaker and streetwear resale markets specifically is worth over an estimated $2 billion in North America now, and is expected to grow 20% year over year to reach $30 billion globally by the end of 2030. Even eBay’s getting in on this action seeing a 400% increase in used consumer product sales.
Now, Paul, on the one hand, this is just another example of how one man’s junk is another man’s treasure, but more importantly, this demonstrates once again, that even when the going seems to be tough, there is always business opportunity.
Sound interesting? Take a look at re-commerce as it could be a great opportunity for you.
I’m Jeff Sloan, founder and CEO of startupnation.com and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.