The e-commerce platforms that fueled the growth of the online thrifting industry are attempting to lure particular audience cohorts in an attempt to capitalize on the growing demand for used clothing among consumers, reported Glossy.
In an effort to outperform competitors like Vinted and Depop, eBay initiated a pincer attack targeted at British merchants last month. The company also appealed to vendors with a new marketing campaign, lowering the costs for selling clothing on the marketplace to nothing.
The platform competes with ThredUp, Poshmark, and TheRealReal in the United States. Rising desire for digital resale is "the rising tide that lifts all boats," according to eBay's director of brand and marketing in the United Kingdom, Nazia Du Bois.
"We want to make sure that more fuel is added to the circular fashion economy. It's a good thing if we can help with that, she continued. Fashionistas are encouraged to update their wardrobes and get rid of outdated clothing in the brand's newest campaign, "Nothing to wear into something to love," which was developed by marketing firm Dept.
Naturally, eBay wants to see its boat rise a little bit higher than that of its rivals.
The amount of clothes and shoes with the term "thrifted" in the listing title increased 400% between March 2023 and March of this year, according to internal eBay data supplied by Digiday. However, a representative declined to disclose the baseline quantity of thrifted clothing products. However, in recent years, its claim to be the first, biggest, and most diverse marketplace for used and vintage clothing has come under attack.
According to Vinted's most recent quarterly earnings, the company has started to pick up steam in Europe and made a profit for the first time ever in its history in the first quarter of this year. Though orders were up 9% in Q1, ThredUp hasn't yet reached that milestone in the U.S., but its leaders anticipate doing so in the next 12 months. According to statements given to investors, the company is aiming to differentiate itself by investing in AI-enabled search.
Blair Zimelis, director of consumer strategy at The Marketing Arm, an Omnicom agency that specializes in cultural marketing, stated that Vinted and ThredUp have effectively targeted younger consumers by leveraging social media sites like Pinterest and TikTok to increase their visibility.
She claimed that worries about affordability and consumer inflation have contributed significantly to this surge.
"With the cost of new luxury goods continuing to rise, pre-owned clothing makes luxury items accessible." In order to obtain these products at a reduced price and profit from their pre-owned items, consumers are resorting to secondhand apparel, Zimelis told Digiday.
Du Bois acknowledges that concerns about the expense of living have contributed to the desire for pre-owned clothing, but she also brings up sustainability issues. It's dual-edged, she explained. The cost of living problem has made life extremely difficult for the typical Briton in recent months. Additionally, consumers are becoming more aware of the entire supply chain that influences their purchases.
But according to cultural strategist Anna Pompilio of branding agency Marks, eBay is the “grandfather of the secondhand online retail space,” unlike its competitors who target younger consumers. Additionally, she stated that "the climate surrounding eBay has changed," despite the fact that macroeconomic fundamentals are favorable.
In an effort to adapt to this environment, eBay revealed a highly anticipated partnership with the Met Gala at the beginning of the month, hoping to attract the attention of fashion-forward zoomers. Du Bois stated that the company is concentrating on sponsored social and influencer relationships in addition to TV, audio, video-on-demand, and digital display, but she would not disclose the amount of money allocated to each channel.
eBay, however, has more goals in mind than just eliminating rivals by honing its fashion credentials. According to Du Bois, who cited internal data, people who came to the website primarily to buy garments were more likely to return for other things than those who had arrived via other ways. This suggests that clothing serves as a gateway to other purchases on the website.
47% of pre-owned items sold on eBay in the United Kingdom were clothing items. But maintaining a broad and extensive inventory is essential to competing with smaller rivals and turning one-time customers into regular customers.
"For us, fashion is a really significant entry category. In addition to purchasing a dress or jumper, shoppers on eBay are more likely to browse other categories, such as parts and accessories, home and garden, or clothing, according to the spokesperson./BGNES