Walmart steps into rising resale market with thredUP partnership
Walmart is stepping into the rising resale market by partnering with leading recommerce platform thredUP.
On Wednesday, it was announced that this new partnership will give shoppers the opportunity to browse nearly 75,000 secondhand apparel items, including children's clothing, accessories, footwear and handbags from popular national brands directly on Walmart's website. The items being sold have been carefully evaluated and hand-selected by thredUP's professional buyers.
During these unprecedented times, many people are evolving in the ways they choose to shop, and Walmart's new initiative in the resale market aims to grow the company's assortment of top brands in addition to offering upcycled items they're looking for as part of their everyday shopping experience.
"We are excited to join forces with Walmart to power a sustainable, secondhand shopping experience unlike any other," Jenn Volk, director of product management for thredUP, said in a statement. "From Calvin Klein and Nike to Coach and Michael Kors, this digital partnership enhances Walmart's fashion offering with fresh brands at amazing prices that their customers will love."
In addition to the large assortment of secondhand items available, customers will also have access to Walmart's free shipping on orders of $35 or more as well as free returns. These are not services that were previously available through thredUP.
While this is an uncertain time, entering the resale market right now isn't a bad idea, according to experts.
"Resale is something that consumers are more than likely to gravitate towards as we move into recovery stages and consumers go back to earning regular wages, as opposed to these stimulated wages with extra in unemployment pay and stimulus checks," Marshal Cohen, market research group NPD's chief industry adviser for retail, told "GMA."
Marshal also pointed out, "Resale with a reputable partner is also very important as consumers are living in a more anti-viral society going forward -- so trusting the brand is very important."
According to thredUP's upcoming 2020 annual report, the brand shared with "GMA" that 70% of consumers have bought or are now willing to buy secondhand.
"ThredUP's Resale-as-a-Service platform was built to meet consumers where they are and make it easy for retailers to offer customizable resale experiences," thredUP CEO and co-founder James Reinhart said in a statement. "After spending the past decade becoming the world's largest resale marketplace, we are thrilled to join forces with the world's largest retailer to deliver a digital secondhand shopping experience to Walmart's troves of shoppers nationwide."
He continued, "More than ever, consumers are seeking value without sacrificing quality and style, and this partnership is yet another step toward a brighter, more circular fashion future."
