Goodwill is making its first big push online with GoodwillFinds, a curated marketplace for donated goods looking to compete with Poshmark and The RealReal, secondhand sites where resale has become a sport for shoppers looking for luxury brands to get their hands on. Profits.
Launched with more than 100,000 items that normally fill the shelves and racks of physical Goodwill stores, including clothing, toys, and home goods, the site is also packed with exclusive high-end finds, like a retro red patent leather Gucci bag. which retails for $499.99, black suede Prada shoes priced at $220.00 and a Burberry sapphire crystal Swiss watch up for grabs at $230.85.
The charity, founded more than a century ago, earned more than $5.4 billion in retail revenue from donated products in the US and Canada last year. It uses the net proceeds to help more than 100,000 people get training and put into full-time jobs each year, GoodwillFinds CEO Matthew Kaness said in an interview.
There is also an additional benefit for the planet.
“Goodwill is not only the OG of savings, it is also one of the pioneers of the circular economy,” he said. (“OG” is a term that means a person or group is a well-respected creator in a category or industry.) United States and Canada”.
Although the amount of merchandise from the big luxury brands has yet to be determined, the site is expected to have more than a quarter of a million items by early next year, Kaness said, and a loyalty membership program for collectors that they seek early access to the newest. releases is in process. On the marketing front, they also plan to collaborate with social media influencers to promote their favorite finds to fans.
“To date, 90 percent of sales have been through non-digital sales channels, primarily through third-party marketplaces like Amazon and eBay that individual local Goodwills have generated over the years, but this is the first modern market with national scale and scope. Kaness said. The vision came from a consortium of Goodwill members from across the country, including six who sit on the board and are testing the e-commerce platform. Kaness, who is a retail veteran of Walmart, Urban Outfitters and Modcloth, aims to bring all Goodwill stores in the US and Canada online with the platform.
According to Morningstar, growth in the resale market, which has outpaced traditional retail apparel and personal luxury nearly three times since 2012, is expected to overtake retail three times through 2031. ThredUp’s 2022 Resale Report says that the Secondhand market should double by 2026, reaching $82 billion.
“Seeing the rise of these flea markets and the success they’ve had with customers moving online has served as a huge boost,” Kaness said. “I feel like this is a revolution that’s happening in retail right now, where second hand has finally crossed over and is seen as a force for good and not just good business, and we’re the sleeping giant that has been awake and taking what is due. place.”
By Martin Paris
Learn more:
Luxury’s great reselling experiment is just beginning
Balenciaga has partnered with tech platform Reflaunt to implement its own ‘circularity program’ as brands look to test a business model that could help support both revenue growth and sustainability goals.
Source: news.google.com