Online shopping is not new, but it is extremely fast growing. Year after year, the number online shoppers is on the rise. By year 2023, the US is expected to be up to 300 million online shoppers - that's nearly all of America! Keep in mind that this is all of online shopping and these numbers aren't specific to reselling, just folks who are shopping online in general.
So let's dive a little deeper into the world of reselling. According to Forbes, "resale is exploding" while other traditional retail stores are experiencing slower sales. The Wall Street Journal says, "Bargain hunting, environmental concerns and the sharing economy have erased the stigma of used goods at the same time technology has made thrift shopping more accessible, reliable and cool."
Online resale platform ThredUp depicts in a graphic that the secondhand market will rise to a 64 billion dollar industry in the next 5 years. And ThredUp predicts that "Resale is expected to overtake the traditional thrift and donation segment by 2024."
In most of 2020, as expected, brick and mortar stores saw a stall in sales, partially having to do with retail stores closing during the initial lockdown, then a yo-yo of open back up, close again, open at limited capacity, etc. But "online thrifting" was a beacon of light for those looking to buy new and cool things or needing items for their families or themselves.
Here's just one example: A lot of us started working from home, gyms shut down, so the fitness folks stayed home to work out. Some folks started a fitness routine at home since they found themselves with more time in the morning and evening without having to commute to their workplace. Workout gear is a good online resell item, especially high end brands like Lululemon, Gymshark, or Athleta. Some people just don't want to spend their money on those high prices, so they turn to eBay, Poshmark, etc to find good deals, even if secondhand.
But with or without COVID dominating our day to day, the reselling online industry remains a billion dollar industry, only growing and increasing year after year.
This is all said to keep you in the game if you feel overwhelmed or that there is already a ton of competition. The good thing about finding things at a thrift store and reselling them online is that your items are unique, one of a kind. You'll hear about, and we will share some resellers, that are absolutely killing it. Especially those who have carved out a niche for themselves. And there are others still who source a wide variety of things and are making a full time income, whatever that amount is for them.
There's plenty out there for everyone and there's plenty to learn. Every time we go out sourcing, we are learning by finding something new to us that we didn't know about before. And we are all on this reselling journey together.