What is Recommerce & Its Rising Popularity

What is Recommerce & Its Rising Popularity

Recommerce, also known as reverse commerce, refers to the process of buying and selling pre-owned, refurbished, or secondhand goods. This sustainable shopping practice has gained significant traction over the past decade, driven by consumer awareness of environmental impact and a growing desire for more affordable shopping options.

When did “recommerce” become a thing?

Let’s find out.

The Rise of Recommerce

With the resale market booming, platforms like ThredUp and Poshmark, founded in the last 15 years, have made significant strides in popularizing recommerce. However, it’s worth noting that eBay, founded in 1995, has been a pioneer in this space for nearly three decades.

eBay’s Contribution to Recommerce

eBay has recently embraced its role as a recommerce pioneer by declaring May 21 the first annual Recommerce Day. Lawmakers in California and San Jose, where eBay is headquartered, have introduced resolutions to potentially enshrine this holiday in the state. The initiative aims to celebrate and promote the benefits of buying and selling secondhand items.

Celebrity Endorsement and Charity

To mark the inaugural Recommerce Day, eBay partnered with actress Alicia Silverstone. A known advocate for sustainable living, Silverstone expressed her joy in recommerce, highlighting its positive impact on reducing waste. She is donating personal items, including a beloved cotton bomber jacket and brand-new vegan leather Dr. Martens boots, for an auction on eBay. Proceeds from this auction will go to Mercy Corps, a charity providing humanitarian aid.

The Recommerce Report 2024

Coinciding with Recommerce Day, eBay is releasing its 2024 Recommerce Report. Key findings from the report include:

• Global Trends: 59% of consumers globally purchased secondhand items in the past 12 months, and 70% plan to do so in the next 12 months.
• Thrifting Popularity: The term “thrifted” saw a 400% increase in usage in March descriptions of clothing, shoes, and accessories compared to the previous year.
• Changing Perceptions: eBay’s Chief Sustainability Officer, Renée Morin, noted that the negative bias towards thrifting has diminished significantly over the past five years. Thrifting has now become a celebrated and trendy practice.
  
  

The Environmental Impact of Recommerce

Recommerce plays a crucial role in promoting sustainability by extending the lifecycle of products and reducing waste. This practice helps decrease the demand for new goods, subsequently lowering the environmental footprint associated with manufacturing and disposing of items.

Key Players in the Recommerce Market

• eBay: A longstanding leader in the recommerce market, eBay continues to innovate and expand its offerings.
• ThredUp: Known for its vast selection of secondhand clothing, ThredUp has made thrifting more accessible to a wider audience.
• Poshmark: This social commerce platform has created a community-driven marketplace for buying and selling fashion items.
• Depop: Popular among younger generations, Depop combines social media elements with recommerce, fostering a vibrant community of thrifters and sellers.

The Future of Recommerce

As consumer awareness of environmental issues grows, the recommerce market is poised for continued expansion. Advances in technology and increasing support from retailers and policymakers will likely drive further growth in this sector. By embracing recommerce, consumers can contribute to a more sustainable future while enjoying the benefits of affordable, high-quality secondhand goods.

Conclusion

Recommerce is more than just a trend; it is a movement towards a more sustainable and economically sensible way of shopping. With pioneers like eBay leading the charge and the growing popularity of platforms like ThredUp and Poshmark, the future of recommerce looks promising.