Nine out of 10 Americans Are Already Buying Resale Items -- and Are Eager for Furniture Brands to Embrace the Trend
Buyers expect brands to provide professional customer service for resale and seek innovative solutions to support sustainability goals, according to FloorFound consumer research
AUSTIN, Texas, Dec. 13, 2021 /PRNewswire/ -- As consumers face increasingly longer waits for items due to worldwide supply chain problems, online resale or "recommerce" has emerged to help shoppers get what they need quickly while saving the planet at the same time. New research shows that consumers' appetite for online resale is growing beyond clothing and accessories to include large items such as furniture, appliances, and exercise equipment -- and retail brands need to develop new strategies to keep up.
A recent survey of 400 U.S. consumers from resale commerce startup FloorFound revealed that the majority of shoppers (92%) already have purchased a resale item online in the past and nearly all consumers (95% ) would purchase resale items from brands at a discount. When it comes to oversized goods, 77% plan to purchase returned or lightly-used furniture in the next year or two. When they do, 89% expect the shopping experience, delivery, and customer support on a par with new furniture purchases.
Additional survey highlights, available in the new report "The Recommerce Opportunity for Oversized Products," include:
8 in 10 value sustainability
Thanks to growing awareness about the environmental impacts of consumer choices, 8 in 10 survey respondents said they expect brands to deliver more sustainable options.
- Overall, 81% of respondents said sustainable practices were important or very important for furniture brands, while just 5% said sustainability in general was not an important factor.
- The majority of consumers, 84%, said sustainability was important or very important for the furniture delivery experience, including eco-friendly packaging and transportation.
New models are appealing
Consumers are willing to partner with brands to realize the goal of "circular commerce," and to consider transactional modes new to the furniture category.
- Three-quarters of survey respondents (75%) said they are willing to keep furniture items they plan to return until a new buyer can be found.
- Close to 9 in 10 (88%) said they would be willing to try a furniture "trade-in" program, which would allow them to return used merchandise in exchange for credit toward new purchases.
Key Takeaways for Retailers in 2022
As consumers continue to embrace recommerce based on sustainability, value, and prompt delivery, FloorFound projects that 50% of what brands sell in the next five years will be resale items. To meet changing consumer expectations while remaining competitive and profitable, the survey indicates that furniture brands will need to cultivate a pipeline of returned or lightly used inventory to sell to consumers — an array of high-quality products that don't have to go to the landfill, can provide a source of revenue, and are ready and waiting to be delivered.
While trade-in programs can be effective, successful recommerce requires brands to establish a process for ensuring returned items can quickly and easily be resold to new customers. In 2021, brands like Floyd and Joybird have partnered with FloorFound to offer returned furniture at a discount through online storefronts.
"If you are an eCommerce brand not in the resale business, you are missing a big opportunity to meet a new generation of consumers where they are in terms of a desire to support sustainably minded brands while at the same time finding great deals on items that can ship immediately," said Chris Richter, CEO of FloorFound. "Diving into recommerce requires a whole new infrastructure including localized reversed logistics, processing and inspection capabilities, merchandising and pricing intelligence and a new marketing plan that compliments your core business."
About FloorFound
FloorFound is focused on saving the planet by extending the lifecycle of oversized retail products. eCommerce innovators rely on FloorFound's circular commerce platform for end-to-end management of returns for oversized items, from coordination of initial pickup through revenue recovery. Joybird, Floyd Home, Burrow and Inside Weather rely on FloorFound to power their resale storefronts and drive traffic via the FloorFound marketplace. For more information, visit https://floorfound.com/.
SOURCE FloorFound
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