AI in fashion recommerce

What is recommerce?

Recommerce can be considered a synonym for reselling or aftermarket sales.

It covers the process of selling a like-new or used product that has been previously owned.

The buyers may go on to repair, refurbish, recycle, resell, or reuse the items they’ve purchased.

How big is Recommerce/ Resale market?

The resale market continues to grow, positioning itself to reach $73 billion by 2028.

As per the market study done by Thredup, U.S. consumers, on average, spent about half of their 2023 clothing budget on pre-worn items,

• More Interesting stats here

The global secondhand market grew 18% to $197 billion in 2023, 15 times faster than retail, according to the report.

Meanwhile, the U.S. secondhand market grew 11% to $43 billion in 2023, seven times faster than retail, according to the report.

Recommerce is here to stay and with the sustainability initiatives done by major fashion brands, it has got the desired boost.

Case – Poshmark

One of the best recommerce brand which is has built their business model around resale is Poshmark.

Poshmark is one of the resale market players which is leveraging AI for encouraging their users to post products for recommerce by making it easy for the users to post and sell on their platform using AI.

With the easy user interface (UI):

User just upload a photo, the AI tool then generates listing elements such as a title, description and category. 

Users can review and edit the generated content before posting their listing. 

The tool will appear as a button in the sell tab on the Poshmark app. It is similar to using Copilot app.

The Smart List AI tool is only available for iOS mobile app users in the U.S. and Canada in their first launch phase.

To learn more on recommerce, click here.

Question of the week:

What was the last thing you bought second-hand? Feel free to comment below.