The secondhand market is a fast-growing industry that is shaping the future of fashion. The U.S. based fashion trade-in service provider Bewearcy is setting an ethical example for the fashion industry. Their circular business model allows customers to trade in used fashion items for credit towards future purchases. The brand partners with reselling platforms in which they list the used items and estimate their current value. Customers are encouraged to give a second life to their old wardrobe while purchasing new pieces for a discount.
The fashion industry took one of the biggest hits during the global lockdown. Many brands had to change their business strategies to survive through the pandemic. Customers became more aware of their spending habits in the times of economic insecurity and changed their ways of shopping. Some of the popular lockdown activities for consumers included cleaning out their wardrobes, rearranging their homes, and spending a lot of time online. These activities led customers to a “post-lockdown awareness” of the negative effects of fast fashion, overconsumption, and ethical neglect. Reselling creates a positive environment for brands and shoppers to connect and give new life to old fashion trends in a sustainable way.
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Bewearcy has recently partnered with the Italian fashion brand Benetton, which is well known for its social and ethical campaigns that raise awareness on various issues. The trade-in company has also partnered with a sustainable laundry service company in the U.S. called ByNext Laundry which uses an environmentally-friendly business model. “Giving fashion customers a trade-in option, promotes brand loyalty which increases average sales over time, promising a 68 percent rise in average revenue to the brand.” – says the CEO of the brand Ivan Cherkashin. This is partially due to the fact that customers are looking to shop more responsibly and create a less negative impact on the planet. The circular fashion brand differentiates from other fashion upcycle platforms as it offers the home collection service which eases the process significantly and makes their service attractive to customers with limited time. The brand focuses on its digital innovation which is essential to its growth in the post-digital world. In our fast-paced world, time is a precious asset. Therefore, Bewearcy gives customers a time-effective experience by using their pick-up service to collect the used garments. The team handles the evaluation process of the items and lists them on resell platforms. The whole process is done digitally which opens fashion to a wider variety of customers. The relation between tech and fashion is essential in our postmodern world where most services are now digitalised. Easing the resell process for customers would benefit brands by extending their products’ longevity of life and customer retention.
Article by – Kalina Magureva, Contributing Fashion Writer – British Thoughts UK
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