In today's fashion industry, sustainability isn't just a buzzword - it's a business imperative. Consumers are increasingly seeking brands that prioritise environmental responsibility, and retailers are looking for effective ways to meet this demand. Tern offers a seamless solution to integrate circular practices into your business model, turning sustainability into a profitable venture.
Implementing a trade-in program doesn't just appeal to eco-conscious consumers; it also enhances customer engagement. Retailers using Tern's platform have observed:
- 2 - 3x increase in customer spending: Customers participating in trade-in programs tend to spend more, with uplifts between 2–3 times the credit issued.
- Attracting new customers: Over 35% of second-hand shoppers are new to the brand, indicating that circular initiatives can expand your customer base.
Circular retail isn't just good for the planet - it's good for your bottom line. By integrating resale into your offerings, you can tap into a growing market:
- High resale demand: Demand for second-hand items often outstrips supply, with a resale sell-through rate of 90%.
- Significant contribution to sales: For instance, Polarn O. Pyret's second-hand sales now account for approximately 5% of their online sales.
Tern's platform simplifies the process of incorporating circular practices:
- Seamless integration: The platform can be embedded directly into your existing e-commerce site, allowing customers to trade in items without the hassle of photos or listings.
- Efficient processing: Items are authenticated, cleaned, and prepared for resale through integrated logistics partners, ensuring quality and customer satisfaction.
The buzz around resale is undeniable. The resale market is thriving, offering both sellers and buyers a dynamic platform to engage with unique fashion finds. This trend isn't just a fleeting moment; it's a movement that's reshaping the fashion industry. By tapping into this vibrant community, you're not only staying ahead of the curve but also embracing a sustainable way to shop.
If you're a retailer or brand who’s been thinking about circular retail - resale, repair, take-back, rental - but aren't sure where to begin, we’d love to talk. The future of retail doesn’t belong to the loudest brands or the biggest budgets. It belongs to the bold, the honest, and the ones ready to make better business models the norm.
Let’s grow the future of retail together. Contact us hello@tern.eco
