Dive Brief:
- Trove, a recommerce operating system, announced last week that its technology is now present in more than 700 stores nationwide.
- Lululemon, Patagonia, REI and Levi’s are among the brands that have adopted the technology, which touts its ability to help companies reach sustainability goals while “extending the life of high-quality products,” according to a company press release and website.
- As more consumers move toward sustainable and affordable shopping, Trove said it offers customers a convenient way to trade in gently used items.
Dive Insight:
Sustainability is fashionable.
Trove said it is on track to nearly double its business this year and has increased its orders by nearly 60% year to date. The growth comes as the apparel resale market reached $96 billion in 2021 and is expected to grow to $218 billion in 2026, according to data from Statista cited by Trove.
“The recommerce market continues to be one of the fastest-growing retail segments, propelled by consumers’ desire for more sustainable and affordable shopping options,” Trove CEO Gayle Tait said in a press release. “In-store trade-in programs enable brands to deepen their relationships with customers in real time and drive significant loyalty and lifetime value over the longer term.”
The company said it also has grown its client roster by more than a third year over year.
Lululemon piloted its in-store trade-in program in California and Texas before expanding it to more than 390 stores nationwide in April this year. REI’s recommerce business grew by 86% year over year in 2021, the company said in a release.
The circular economy, which includes resale and rental services, is growing in popularity as companies desperately try to balance the negative impacts of doing business in the retail industry with the desire to be environmentally conscious.
