What: Resale presents a lucrative sales opportunity for retailers.

Why it is important: Adding second-hand items to a retailer’s offer opens a new revenue opportunity and can drive traffic to stores and e-commerce sites.

Buying secondhand is increasingly becoming more popular as consumers feel the impact of inflation and also make an effort to be more sustainable.

It is estimated that the resale market could hit $300 billion by 2031 and is growing at three times the rate of the primary market. Additionally, the luxury secondhand market is growing 11 times faster than traditional retail.

Incorporating resale into a retailer’s offer not only opens a new revenue opportunity but also helps drive traffic to stores and e-commerce sites as well as sales of new items across categories and price points.

Adding resale is complex with different selling approaches, a complicated sourcing process, and difficulty with pricing. However, given the buzz around resale from customers and industry experts, retailers should highly contemplate adding resale to their offer.

Resale dominates National Retail Federation’s ‘Big Show’