Why is Thrift E-Commerce such a Big Deal?
First, what is Thrift e-commerce?
Thrift e-commerce refers to online marketplaces or stores that sell secondhand or used products at a discounted price. These products can range from clothing and accessories to home goods, electronics, and more. Thrift e-commerce platforms allow individuals and businesses to buy and sell pre-owned items, providing a sustainable and cost-effective alternative to traditional retail.
Thrift e-commerce has become increasingly popular in recent years as consumers become more conscious of their environmental impact and seek more affordable options for purchasing goods. Many thrift e-commerce platforms also donate a portion of their profits to charitable causes, further emphasizing the social and environmental benefits of this model. Examples of popular thrift e-commerce platforms include thredUP, Poshmark, and Depop.
Why does thrift e-commerce matter so much in the modern world? Frankly, every day more and more of the world is being digitized. E-Commerce contributes directly to 21–40% of a business’s revenue, according to marketing research company Coleman Parkes, and that percentage is anticipated to rise in the upcoming years. The moment has come to start considering a Thrift E-Commerce solution due to the rising influence of the online community on how commerce is conducted in the thrift industry.
The Coleman Parkes research identified vital concerns, such as resources, implementation, and business model development, for firms implementing e-commerce solutions. Additionally, Internet Advisors adds: “Just because one goes online doesn’t mean that people will consider you as the best and trusted source of information on what you should or should’nt buy!” Which then indicates that when implementing e-commerce Thift solutions, your sucess determines how you design your E-Commerce website.
Out in Front: Exploiting Digital Disruption in the B2B Value Chain is an excellent paper written by The Boston Consulting Group, the world’s foremost authority on business strategy. The most recent ideas on e-commerce are presented in this report from their viewpoints group. The committee concludes that, in the same way, that e-commerce has revolutionized B2C retail, the digital revolution emerging in the B2B sector fundamentally alters how consumers engage, eventually redefining the business model. Today’s consumers have very high standards for the customer experience, so making use of the potential of Thrift E-commerce will take more than just updating outdated storefronts and shopping cart-only websites. It literally will be the future of resale shopping.
According to a Forrester Research analyst, B2B e-Commerce transactions are predicted to grow from $889 billion in 2017 to about $1.2 trillion by 2021. A summary written by MediaPost claims that the increase results from consumers preferring to do their research and shop online. The projected $1.2 trillion is around 13% of global B2B trade, leaving 87 percent, or an additional $8.9 trillion in untapped potential. WOW! 8.9 Trillion of untapped potential means an opportunity for Thrift/Resale/Boutique Storefronts to increase their profits daily by having a Thrift E-Commerce store.
A change from physical to online Thrift shopping is also apparent, with merchants anticipating a 17 percent increase to 55 percent online B2B work transactions by 2020. Only B2B models that transition away from expensive, complex legacy systems and toward readily customizable, multi-tenant internet platforms will be able to accommodate this channel change. In addition, it has the scalability to accommodate cutting-edge new business models.
The internet world is a dynamic place. Thrift businesses adapting their business models swiftly to changing market conditions and client needs can gain a considerable advantage over established rivals and newcomers. It is never too late to comply with the demands of the consumers by getting your Thrift Store online and selling!
Ecommerce matters for several reasons, including:
- Expanded customer reach: Ecommerce allows businesses to reach customers beyond their geographical location, potentially reaching a global audience. This can lead to increased sales and revenue opportunities.
- Convenience for customers: Ecommerce enables customers to shop from the comfort of their homes or on-the-go, making the shopping experience more convenient and accessible.
- Reduced overhead costs: Ecommerce can often be more cost-effective than brick-and-mortar retail, as businesses can save on rent, utilities, and other overhead expenses associated with physical storefronts.
- Data-driven insights: Ecommerce platforms provide businesses with valuable data and analytics about customer behavior, which can be used to improve marketing strategies and product offerings.
- Improved customer experience: Ecommerce platforms can offer features like personalized product recommendations, easy checkout processes, and fast shipping options, which can enhance the overall customer experience.
Overall, ecommerce offers many benefits to businesses and consumers alike, making it an increasingly important part of the retail landscape. If you want a more in depth description of these 5 reasons CLICK HERE.