Recommerce: The Secondhand Goods Economy (INFOGRAPHIC)
Brian Wallace, Founder & President, NowSourcing
The sale of secondhand goods has been an integral part of eBay’s business since day one. For 25 years, eBay has facilitated transactions between consumers (C2C transactions) in an online space. Now, their new report celebrates the impact recommerce has had on eBay, its users, and the world as a whole. Highlights from the 2020 Recommerce Report can be read below.
The first thing to note about recommerce is its spike in popularity. The coronavirus pandemic has complicated other forms of second hand selling (like yard sales and thrift stores), but eBay’s online business model has remained unaffected. Furthermore, the recession has encouraged people to seek out pre-owned goods as an alternative for new items. 72% of eBay sellers surveyed in the US say buying pre-owned products has become more common. Among Generation Z, 81% say that buying pre-owned goods is a trend from 2020. With the trend in force, the stigma surrounding the purchase of second hand goods may lessen, allowing for recommerce to thrive in the long run.
Recommerce presents an economic opportunity for buyers and sellers both. On the sellers’ side, individuals seeking extra income benefit from the convenience and ease of access that comes with being an eBay seller. Anyone can do it. The average American has around 36 items in their household that could be resold. Proceeds from those items could total as much as $3,675. For buyers, the items resold on eBay commonly go for significantly less money than what a new item would cost. The auction style format of the website allows buyers and sellers to arrive at a mutually beneficial arrangement for each transaction that takes place. Sellers can also specialize in providing goods that would otherwise be unaffordable to many, like drums or musical instruments.
Beyond the obvious benefits sales on eBay have for the platform, sellers and buyers get a lot out of recommerce. So far, however, the discussion leaves out one key beneficiary: the planet itself. Buying second hand is a simple, affordable way for consumers to shop sustainably. Recommerce helps Earth in two major ways: it diverts items from landfills while sparing the water, resources, and energy that otherwise would have gone into the production of a new good. In the fields of electronic and apparel alone, recommerce on eBay conserved 720,000 metric tons of carbon emissions.
Recommerce can benefit everyone. Read more in eBay’s report.
About the Author: Brian Wallace is the Founder and President of NowSourcing, an industry leading infographic design agency in Louisville, KY and Cincinnati, OH which works with companies ranging from startups to Fortune 500s. Brian runs #LinkedInLocal events, hosts the Next Action Podcast, and has been named a Google Small Business Adviser for 2016-present. Follow Brian Wallace on Linked
