Everything Old is New Again
Considering a secondhand online store
It’s the trending necessity of developing economic trauma: thrift shopping. We love it. We hate it. But soon it will be a mainstay for existing online shoppers whose wallets are shrinking, and we have ideas on how you can exploit that.
Not that it’s a new habit; in fact, buyers have scoured secondhand stores for decades. Some are merely price-conscious, and others consider it a sport or a challenge. Up for grabs are vintage-inspired clothing and goods that may be home collectibles or wardrobe styles no longer in vogue. Any way you look at it, secondhand product sales are estimated to be a $17 billion industry.
Online thrift selling is not a new phenomenon, but its space is extremely low volume when you eliminate the obvious big players. With the advent of factors impacting successful internet sales, it may be a good time to jump into the second-hand biz of your own.
It makes sense that there are differences when you’re peddling used goods. Some are rather existential, requiring a unique mindset. But others are substantive as they run into actual patent and copyright laws, as well as a host of factors most of us never anticipate.
When you sell new inventory, the brand is established. Contrast that to a nearly limitless array of used goods, which may or may not still show a branded identity. Mega-reseller platforms such as eBay have spent years ironing out this issue. You will be starting from scratch, learning the ins and outs of identifying original designers or brands.
The last entanglement an online seller needs is to be swept up in a fair trade mess. Be sure to research any common or proprietary factor related to the goods you sell. A quick Google search could suffice.
Other considerations include sourcing merchandise, perhaps a regular plan to troll thrift shops weekly. Look for what will likely attract a larger pool of customers. Look for products in excellent condition. Look for clothing that will be easy to offer, including precise measurements for a good fit. Take excellent photos.
Also critical is understanding sales tax implications. A sale is a sale, and many states will expect their share. Depending on the product, your state may levy a different rate.
The upside of second-hand sales is profit, of course. Cheap merchandise may yield high prices for a select type of buyer. Learn how to price properly by searching online.
If you’re ready to get on board, find several useful suggestions from a fabulous ecommerce blog post.
Photo by Roman Kraft on Unsplash