Consumers have always resold large, durable goods like cars and houses. But now, almost anything is resold or traded. “Trading in” is the new buying.
Recommerce is making it easier for consumers to unlock the value in past purchases and also factor in the resale value of items. Consumers are also using the “trade in to trade up” method to ease the financial burdens of making certain purchases and to dispose of items they no longer use in a more environmentally friendly manner.
The three drivers behind the recommerce phenomenon are:
1. NEXTISM – Today’s expectation economy has created a consumer class that expects the “best of the best” in every purchase. These consumers are also driven by the “here-and-now”.
2. STATUSPHERE – Means that many consumers derive status from more than just ownership of the biggest, fastest or shiniest objects, with “new” status being defined by: acquired skills, generosity, connectedness or eco-credentials. A growing number of consumers get their status “fix” from being shrewd and savvy, rather than through conspicuous consumption. Considered consumerism; where it’s smart to get cash or discounts for old or (un)used items, or to dispose of things responsibly.
3. EXCUSUMPTION: The continued instability means more and more consumers make do with less and less. Despite this, consumers remain hungry for a new experience, which makes selling, trading, or exchanging old/unused items a perfect excuse for a smart, new, guilt-free purchase. There are also savvy recommerce-aware consumers who are actively upgrading their consumption: encouraged to purchase or even “invest” in higher quality or premium brands now, knowing that they can be easily and lucratively (re)sold anyway.
This article made one statement that had a great impact: “CONSUMERS CAN QUICKLY AND CONVIENTLY UNLOCK THE VALUE IN THEIR OLD PRODUCTS, WHILE INSTANTLY LAYING THEIR HANDS ON NEW, IMPROVED VERSIONS.
Consumers have more opportunities to make the most of items purchased in the past, and purchases they plan to make in the future. Thanks to the internet, which caters to everyone, you can find whatever product or service that you are looking for. It doesn’t matter what country you live in, what your job is, what your income is, you can find what you are looking for! Searches can be performed by location, price, product and/or trade-in.
It’s amazing how technology has reshaped shopping for everyone from teens to senior citizens. It used to be when you were looking for a particular item you would have to go from store to store, now you can go from site to site. It used to impress people how much you paid for an item, now people are impressed with how much you saved.