Resale items currently make up approximately one-quarter of secondhand products buyers’ closets but they are expected to make up 27% of closets by 2023.
Sarah Willersdorf, global head of luxury and coauthor of the report at BCG, said: “It is now certain that consumers have embraced secondhand and it’s changing the way they buy and sell their clothes. There is a tremendous opportunity for brands that enter this market to capture new customers while also appealing to existing shoppers motivated by sustainability, affordability, and exclusivity.”
As we saw in 2022, great luxury companies have recently entered resale. Rolex and Burberry have joined the resale market because they see an opportunity to capture revenue, be a part of the circular economy and promote sustainable shopping.
Online Market
The pandemic drove consumers to buy more online, and some of those buying habits are sticking. People who pivoted and took advantage of the new technology available to them are doing well. Those who didn’t are still struggling with uncertainty and feeling overwhelmed with how to get back to normal.
Selling online helps you reach a larger audience, thereby increasing sales opportunities, and competing with larger businesses by being open 24 hours a day, seven days a week receiving payments more quickly from online transactions.
10 Ideas to Increase Your Sales in 2023
Maximize your revenue with these quick tips:
- Improve Your Website’s SEO
- Include relevant keywords in your titles and content.
- Create original content regularly.
- Mobile-friendly website.
- Increase Activity on Social Media
- Consumers love to find brands and connect with them. It’s a great tactic to connect to your target audience and encourage them to make purchases from your store.
- You may use Facebook and Instagram to run ads.
- Advertise Customer Service & Testimonials
- If a customer has a question or problem, they should be able to reach someone who can help them quickly and easily by email, chat, or phone.
- Double check your links on your social media and website.
- Displaying testimonials from clients is a great way to build trust and confidence, certainly a great way to increase your sales.
- Enhance Your Brand
- Promote your brand using your unique logo and colors across the website, store, packaging, and bags. Gifts, stickers, and discount cards for every purchase are a great way to enhance your business.
- Create a slogan aligned with your mission to make your business stand out in your customers’ minds.
- List Inventory Online
- List every single item and price it accordingly.
- Sort inventory into categories.
- Great pictures with accurate measurements and unique descriptions will capture buyer interest.
- Use clear, high-quality images that show the item(s) from all sides.
- Ensure your account details and shipping options are set correctly.
- Determine Markdowns and Strategies for Multi-unit Items
- Aravenda Consignment Software allows you to decide what percentages you’d like to markdown throughout your sale.
- Eliminate the need for manual markdowns by using our inventory aging feature.
- Show Me the Money! Promote and Ensure Good Traffic Flow
- Eliminate the need for phone transactions with a fully functional e-commerce site. Your customers can shop with you 24/7.
- Keep items to the perimeter or center of each room at your onsite location, and don’t clutter tables with too many items.
- Start your promotions early. Use email blasts, neighborhood signs, social media, Eventbrite, and most importantly, online ads.
- Set up Easy Shipping and Delivery
- Set up your online site for immediate collection or delivery.
- Make it easy for your customers to pay for delivery by having coordinated in advance.
- Return Policies
- Post your return policy.
- Specify the number of days or deadline to return the product, type of refund, condition, and the information they need, such as a receipt, tags, or if there is a fee for returns by mail.
- Sell Internationally
- Improving your e-commerce sales can be as simple as expanding your business internationally.
- A currency converter on your website will ensure your customers know the price in their local currency.
No matter where you sell or are headquartered, Aravenda’s multistore consignment software will work to improve your sales and data-tracking capabilities.
We would love to chat with you about taking your resale business to the next level.
Schedule a time to talk about your needs here.
Check out our quick start guide to learn more about Aravenda’s unique features, or start your free trial today.