Trove gives companies access to their own products in the secondary market by offering a platform that makes it easy for brands to buy back and resell used items.
Missed opportunities
Today, most brands focus on the first sale of an item. In other words: they miss out on big opportunities to capture additional value in the secondary market and deepen their engagement with customers at the same time. This status quo prevails because most companies don’t have the IT expertise and resources required to set up logistics and build out the right web experience. As a result, the value of items is often lost in landfill unless recycled or sold secondhand by a third party at the item’s after-use-stage.
Platform Innovation
Trove gives companies access to their own products in the secondary market by offering a platform that makes it easy for brands to buy back and resell used items. The platform provide brands with the technology and logistics to develop customisable resale channels that allow companies to gain access to the secondary market (see infographic).
In 2017, Yerdle Recommerce (as it was called then) partnered with Patagonia and Eileen Fisher to launch resale programmes, enabling both companies to capture more value from their garments – resulting in increased profits, enhanced customer engagement, and lower environmental and social cost per item. By offering used products, brands can also attract new customers who wouldn’t otherwise be able or willing to pay full price.
Benefits & Opportunities
Create new sources of revenue/profit from resale - in some cases allowing brands to capture the same margin on the second sale
Extend the number of item use-cycles
Engage new customers who seek more affordable prices
Extend customer engagement through the sell-back process
- Fashion