The DeliveryX Top1000 Europe 2023 report, which is available to pre-register for now, has revealed that the recommerce market is growing 16 times faster than traditional retail. According to the report, 66% of businesses expect the percentage of turnover from recommerce to increase further in the next three years.

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The European recommerce market is predicted to grow by 60% by 2025, to €120bn. Fashion recommerce is expected to reach €37bn in 2025, with Vinted leading the way as the biggest European player in this industry, with a community of over 65mn members.

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Luxury department store Selfridges has pledged that half of its interactions with customers will be based on resale, repair, rental or refills by 2030. H&M’s fashion resale arm, Pre-Loved, is now available across 20 markets.

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The move to a more circular approach to fashion is being witnessed by many industry leaders, including circular economy nonprofit organisation Ellen MacArthur Foundation. “Circular business models in the area of recommerce are increasingly gaining attention in Europe and around the world to help build long-term growth and tackle global challenges such as climate change and pollution,” said Andrew Morlet, CEO, Ellen MacArthur Foundation.

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European consumer data, featured in the RetailX’s European Luxury 2023 report, showed that 54% of shoppers are interested in purchasing second-hand luxury items, with 47.6% of these shoppers already seeing as much as half of their luxury purchases in 2022 made up of second-hand luxury items.

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The report also noted that many consumers see second-hand luxury as an affordable and sustainable way to shop for fashion, giving them high-quality goods at an affordable price, while also offering something unique and often vintage. For those buying new luxury, the allure of its eventual resale value on the second-hand market is also proving attractive.

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The DeliveryX Top1000 Europe 2023 report is available to pre-register for now, and will feature three retailer case studies showcasing how leading brands manage their pre-loved, repair and recycling services. The report will also explore how the top retailers in Europe are streamlining their supply chain, cracking the delivery experience and even minimising returns.

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According to the report, the recommerce market is growing rapidly, with the European recommerce market predicted to reach €120bn by 2025. This growth is being driven by the increasing popularity of second-hand luxury items, as well as retailers such as Selfridges and H&M introducing pre-loved offerings. The report also highlights the importance of circular business models in the area of recommerce, as they help to build long-term growth and tackle global challenges such as climate change and pollution.

Sources: https://internetretailing.net/recommerce-growth-16-times-faster-than-traditional-retail-new-top1000-report-finds/