Survey Results - Resale: The “Killer Combination” of Price and Sustainability to Help Protect the Planet
The circular economy is expanding rapidly as more consumers look for ways to live more sustainably. In a recent global study, 85% of people indicated that they’ve shifted their purchase behavior in the past five years toward being more sustainable. And 60% of the consumers surveyed rated sustainability as an important factor in their purchase decision-making.
Findings from the “FloorFound: Earth Day 2022 Survey,” examined American consumers’ preferences and behaviors around sustainability, resale, and circular commerce, surfaced similar sentiments.
The most significant takeaway from our survey?
Resale is a “killer combination” of price and sustainability that provides consumers, and the retailers and brands they do business with, a powerful opportunity to protect both the planet and their bottom line.
Many brands are already engaged in recommerce, and many more are making plans to jump into this fast-growing market soon. In fact, research from the “FloorFound Consumer Survey 2021” suggests that 50% of what brands sell in the next five years will be resale items. Our survey also found that 92% of consumers have purchased a resale item in the past, including oversized items like furniture.
Given these findings and other realities — such as the broken state of the global supply chain and consumers’ heightened expectations about responsible business practices — it’s risky for brands not to develop a formal recommerce strategy. But how and where do you start?
This guide outlines five key steps that can help you create a successful recommerce strategy for your brand. These steps are informed by FloorFound’s direct experience working with leading brands, like online furniture retailer Joybird, to develop a winning strategy for recommerce.