Ecommerce is at an all-time high, and more people are buying online than ever. In fact, eCommerce sales account for roughly 18% of all retail sales worldwide, and over 40% of clothing and apparel sales. Almost everyone is shopping for clothing online, and the annual growth rate for fashion retail sales is growing at a rapidly disproportionate rate in comparison with most other industries. According to Statista, the online sale of fashion apparel, footwear, and accessories amounted to an estimated 110.6 billion U.S. dollars last year and is expected to surpass 153.6 billion by the year 2024. Moving forward, experts predict a rise in online shopping that will soon surpass metrics yielded by traditional retailers and brick-and-mortar businesses.
With ever-expanding digital markets, and in consideration of the Covid-19 pandemic, eCommerce has driven the fashion economy. During the height of the pandemic, everyone was shopping online. Research illustrates that millennials aged 25 to 34 years are the largest demographic of digital buyers in the United States, accounting for 20.2% of eCommerce sales in 2020. Similarly, Generation Z, the first age group to be born with iPhones in their hands, is expected to contribute most significantly to online shopping in the years to follow.
While many businesses close their doors each day, the sky is the limit for eCommerce sales. With an increase in eCommerce has come an increase in the secondhand market, that is; shopping online for used goods. Savvy shoppers and environmentalists alike often shop secondhand for the cost and sustainable benefits. Resale is a multi-billion-dollar-a-year industry.
Secondhand eCommerce Stats
Here are some of the statistics I found about the revenue associated with major second-hand online marketplaces:
- ThredUp, the largest online secondhand marketplace, yielded 47.9 million dollars in Global Net Sales in 2020.
- As of 2020, The Real Real, a luxury secondhand marketplace yielded 301.2 million in GMV (Gross Merchandise Volume).
- In the most recent reports, eBay’s annual net revenue exceeds 10 billion dollars, a significant rise in revenue in comparison with prior years.
- In 2020, Poshmark reported net revenue of 262.1 million dollars, a 28% increase from 2019.
- In 2020, Etsy reported having doubled its revenue in comparison to the prior fiscal year, yielding 1.7 billion in revenue.
According to quarterly reporting in 2021, nearly all the secondhand reselling marketplaces have reported an increase so far this year, with estimations that Q4 will break all former records by way of yielding the largest revenue in history. It is projected that Ecommerce will continue to exceed and surpass fiscal reports at a rapidly increasing rate. It is estimated that there will be 2.14 billion global digital buyers in 2021.
The Profession of Reselling
Reselling, or purchasing things to sell online for a profit, is a booming industry. There are so many places to sell items online including Amazon, eBay, Poshmark, Mercari, Etsy, Depop, Vinted, Grailed, Tradesy, Heroine, Facebook Marketplace, Kidizen, Shopify, and Instagram, among others. While many people use these marketplaces to sell unwanted personal items, others sell items as a hobby or “side hustle” to supplement their income. Some have become “full-time resellers,” buying low and selling high online to yield six-figure profits. Many serious resellers post a high volume of items on multiple marketplaces. Companies like Vendoo offer cross-listing services to allow eCommerce sellers to easily list their items for sale on multiple marketplaces. The reselling industry is explosive. If you type the hashtag #reselling into Instagram over 475 thousand results are yielded. You will quickly learn about many notable “reselling celebrities” such as Alexandra Marquez Young aka The Deal Queen who shares her reselling tips and has over 120 thousand Instagram followers.
You may also be interested in 9 Steps to Start a Reselling Business Online for Profit
Where to Sell Your Items Online for a Profit
With so many places to sell items online, it can be tough to determine where to list your items for sale. When deciding where to sell your items, I recommend considering both the audience and the top-selling items on each platform.
eBay is the largest and most lucrative online reselling marketplace with 159 million users worldwide. Of those, 61% of eBay users are 35-64 years old, a more mature audience than many other popular marketplaces. eBay is likely the “best” place to sell with the largest audience and largest range of what you can sell. On eBay, you can sell almost anything, and top-selling categories include jewelry and watches, electronics (computers, tablets, phones, cameras, video game consoles, games, and accessories), clothing and apparel, and health and beauty products.
Fun Fact: More men’s clothing is sold on eBay than women’s clothing.
You may also like How to Get Started Selling on eBay
With over 80 million community members across the United States, Canada, and Australia, featuring over 200 million items for sale, Poshmark is a leading social e-commerce marketplace for new and secondhand fashion. According to the Poshmark Winter 2021 Trend Report, the top-selling women’s fashion brands on Poshmark include Lululemon Athletica, Nike, Free People, Victoria’s Secret, and Coach. I recommend Poshmark for selling clothing from mall brands to high-end designers, with midrange pieces being best sellers.
Fun Fact: There is one sale every second in the United States on Poshmark!
You may also be interested in Top-Selling Brands on Poshmark in 2021
In a very recent press report, Mercari reports having over 20 million monthly active users. On Mercari, you can sell just about anything, so long as it can be shipped.
There are over 350 thousand items listed on Mercari daily. Mercari does not publish top-selling category information, but many articles across the internet suggest that electronics, apparel, and home decor are great categories to sell on Mercari.
You may also be interested in the article Poshmark Vs. Mercari: Benefits and Downsides of Each Platform
Depop is a newer marketplace with 30 million registered users across 150 countries. 90% of Depop users are under the age of 26, and the platform is heavily targeted to Generation Z. Depop is a great place to sell vintage and y2k items, streetwear, homemade, upcycled, or one-of-a-kind pieces. Depop is a unique platform where artistic expression is encouraged, and most sellers model their items. Depop is personally one of my favorite places to sell vintage and funky fashion, but you can sell a lot more than just clothing on Depop!
Fun Fact: Depop was acquired by Etsy in June of 2021.
Check out this video: An Introduction to Selling on Depop
Etsy is a popular selling marketplace with approximately 31.7 million active buyers around the world. Etsy’s gross merchandise sales (GMS) have rapidly increased annually, surpassing 20 billion dollars in 2020. Etsy has a large audience and is a great place to buy and sell handmade goods, vintage, and craft supplies.
Fun fact: Etsy is the first major online shopping destination to offset 100% of carbon emissions from shipping and packaging. Every time a purchase is made, Etsy balances out the carbon emissions by creating a positive environmental impact. Learn more here.
You may also enjoy the article A Reseller’s Guide to Etsy: How to Get Started Selling on Etsy
eCommerce is a booming industry and there are so many places to buy and sell secondhand items online. Where are your favorite places to shop and sell online? Tell us below!