The Recommerce Revolution
Posted on Oct 1, 2024 by FEED Staff
Buying used is becoming more popular than ever, with specialist sites like MPB encouraging a circular economy
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Consumer behaviour is constantly changing, with today’s cost-of-living and climate crises having an impact. Retail Economics released a report entitled, Second-Hand, First Choice: The Psychology of Recommerce, which sheds light on the growing shift towards buying and selling used goods. According to the report, 71% of consumers in the UK, US, France and Germany have done so in the past year. MPB – the largest global platform for buying, selling and trading used photo and video gear – exemplifies this trend.
Win-win
“We have witnessed the remarkable growth over the last decade in the market for used goods – so-called ‘recommerce’ – as well as the wider societal and technological trends, which have driven this fundamental change,” begins Matt Barker, CEO of MPB. Thanks in large part to Millennials, recommerce has become a mainstay for shoppers, with 84% aged 30-44 participating in the used market – though it’s common across all age groups. More than a third (35%) of consumers buy used more now than ever before, with recommerce expected to outpace traditional retail in terms of market growth.
In a time of financial uncertainty and climate anxiety, participating in recommerce is an obvious, easy way to both save money and the planet. Roughly half (52%) of consumers listed financial reasons (lower costs) as their main driver to buy used.
Meanwhile, a third (34%) said earning income was the primary motivation to sell used. At MPB, a lower price does not signal worse quality – as most cameras, lenses and accessories are built to last. Plus, the online retailer evaluates and clearly states each item’s condition, allowing potential buyers to know exactly what to expect.
Sustainability is another leading force behind recommerce, with the strong majority (84%) of customers acknowledging the environmental benefits of buying used – and more than half (59%) indicating it is the most sustainable way to shop. In other words, recommerce is ‘a win for your wallet and the planet alike’, according to Barker.
Digital dominance
While apparel and fashion are the largest categories represented in overall recommerce purchases (37% in the UK and 45% in the US), technology doesn’t fall far behind, capturing around one-fifth of the total market share. This segment is ripe with opportunity, as the report also found that 53% of British households have at least one unused camera sitting at home – which, depending on the model, could be worth thousands.
In our increasingly digital world, online marketplaces have become the preferred platforms to buy (90%) and sell (93%) used. With channels like eBay, Facebook Marketplace and Vinted, this should come as no surprise – though the user experience at MPB is more efficient, especially for sellers. MPB does all the work – providing a quote, shipping label and delivery driver – allowing sellers to sit back and watch the earnings roll in.
Recommerce is undoubtedly here to stay, with the global market (excluding automotive) currently valued at £165 billion and expected to increase by almost 80% in the next five years. Given the negative environmental impacts of overconsumption and ‘fast fashion’, shoppers are prioritising quality over quantity, turning to well-made products meant to last. With MPB’s trained experts and six-month money-back guarantee, you can buy used gear without sacrificing reliability – and trade it in when the job’s done.
Full circle
While recommerce certainly aids the environment, there’s more to it: “At MPB, we make visual storytelling good for the planet by using plastic-free packaging, low-carbon data centres and couriers that invest in electric vehicles and sustainable fuels,” says Barker. These green practices make MPB stand out for its sustainability, as well as its customer service and encouragement of a circular economy.
As more turn to recommerce, a circular approach matters – and MPB is ready to tackle the climate crisis.
This feature was first published in the Autumn 2024 issue of FEED.
