Major Brands Tap into Resale: A $175 Billion Market Boosting Sustainability and Customer Loyalty

Increasingly, companies are exploring the lucrative world of resale. A treasure trove worth roughly $4,500 in potential reusable goods awts within each US household. This is a significant untapped market that brands are now tapping into by developing their own resale capabilities. Resale isn't new, as seen at yard sales, used car lots, and classified ads. However, the scale of the market has expanded due to the rising popularity among Gen Z consumers and an increasing demand for sustnable practices.

Major brands including Apple, Nike, Rolex, and Walmart are now entering this space. GlobalData estimates that the resale market in the United States is around $175 billion. Robertson, a former dean at Wharton School and current Joshua J. Harris Professor of Marketing, highlights five key strategies for success:

1. Streamline processes to make it friction-free.

2. Partner with third-party platfor enhance your reach.

3. Shift focus towards the Gen Z consumer base.

4. Integrate loyalty initiatives that consumers.

5. Create a cohesive portfolio strategy.

   not only outlines these guidelines but also provides insights from executives who are driving reselling efforts within their companies, as well as insights from third-party platforms that have become integral to this growing ecosystem.

The average American household holds an estimated $4,500 worth of potential reusable goods. A vast untapped resource for brand value awts in each home, and businesses are increasingly seizing this opportunity through the development of robust resale programs. Resale has been a longstanding tradition at yard sales, used car dealerships, and online classifieds. However, the size of this market is growing thanks to Gen Z's enthusiasm and the broader push towards sustnability.

Apple, Nike, Rolex, and Walmart have joined major brands leveraging the resale tr. GlobalData forecasts that the US resale market stands at $175 billion. Robertson, a former Wharton dean and current professor, offers five strategies for successful resale:

1. Creating seamless processes to ensure ease of use.

2. Collaborating with third-party platfor amplify your offerings.

3. Targeting Gen Z consumers who prioritize sustnability and brand loyalty.

4. Incorporating loyalty programs that strengthen customer ties.

5. Building a comprehensive portfolio strategy that integrates resale into overall brand operations.

   not only outlines these strategic guidelines but also provides insights from company executives driving reselling initiatives, alongside perspectives from third-party platforms at the heart of this expanding market ecosystem.
   This article is reproduced from: https://hbr.org/2023/11/the-resale-revolution

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