The resale market is roaring forward — the final month alone noticed resale platform Vinted valued at $350 billion whereas Depop sold to Etsy final week for $1.6 billion — with new gamers becoming a member of the race, and altering the principles.
“We don’t even name it resale, we name it cash-back-enabler,” stated Geri Cupi, founding father of Twig, a London-based start-up that allows individuals to promote pre-loved items for immediate money.
In accordance with Cupi, the secret’s to maneuver away from the retail enterprise mannequin and towards a private finance mannequin, serving to individuals perceive that their closet is a part of their wealth and enabling them to liquidate the property they not use as shortly as doable.
That’s why Twig sees itself as a fintech enterprise and presents cell banking advantages, together with a Visa card that may facilitate each home and worldwide transactions.
It’s an strategy that displays the shifting attitudes about possession and consumption habits, particularly among the many younger Millennial and Gen Z consumers who make up Twig’s audience.
The mannequin additionally strikes the resale dialog ahead by providing clients immediate money — which can be an irresistible prospect for a lot of. With different resale or rental platforms, individuals are usually pressured to attend weeks — and even months — earlier than their items are priced, bought or auctioned off.