E-commerce platform provider Trove said its technology is now used in 700 brick-and-mortar stores in the US.
The company said Arc’teryx, Eileen Fisher, Levi Strauss & Co., Lululemon, Patagonia and REI “are among the Trove brand partners that now offer their customers a convenient way to trade in used items at high street stores.” The USA.”.
Citing data from Statista, Trove said the global resale clothing market hit $96 billion last year and is projected to grow to $218 billion by 2026. It is set to nearly double its business by 2022 and has increased the number of orders it it is 59 percent compliant YTD through July compared to the same period last year,” the company noted.
Trove also said it had grown its customer list “by more than a third year over year, and both Lululemon and REI have expanded their in-store resale programs in partnership with Trove in 2022.” Trove said Lululemon piloted its in-store trade-in program in California and Texas before expanding it to more than 390 stores nationwide earlier this year, while REI “has stated that its re-trade business grew by 86 percent.” percent year-over-year in 2021, and Trove now powers in-store sharing at more than 170 REI stores across the country.”
Gayle Tait, CEO of Trove, said in a statement that the remarketing market “remains one of the fastest growing retail segments, driven by consumers’ desire for more sustainable and affordable shopping options.” And for brands that offer trade-ins, there are key benefits.
“In-store exchange programs allow brands to deepen their relationships with customers in real time and drive meaningful loyalty and long-term lifetime value,” Tait said, adding that the company is “extremely proud to support our growing list of brand partners as they scale their re-trade operations through convenient in-store exchange and extend the lifecycle of their products.”
Trove said his platform is helping to move the needle when it comes to reducing emissions. “By extending the shelf life of millions of products, Trove is accelerating the shift to a new era of commerce essential to a more sustainable future,” the company said, adding that so far this year through July, “Trove recorded a 74 percent reduction in CO2 emissions compared to the same period last year.
Trove calculates carbon savings using a 60 percent displacement rate, which the company says is “a widely accepted industry standard that refers to the rate at which a used purchase directly replaces a new purchase, and therefore offsets the carbon impact associated with producing a new item.”