ReCommerce Marketplaces are growing 20 times faster than the broader retail market with eBay named the number 1 ReCommerce marketplace in Europe, as the largest seller of used, second-hand, refurbished and repurposed items.
This should be a surprise as eBay has traditionally been the home for used goods and with their recent plays in preloved fashion and Love Island tie up, alongside their refurbished electronics and authentication programmes they have turned their focus firmly becoming top of the ReCommerce marketplaces in recent years. This followed a period of attempting to play to new in-season goods under the former CEO but with Jamie Iannone the focus has been returned to a more traditional eBay playing to their strengths.
Fashion recommerce was valued at 20 billion euros in 2021 and this is expected to reach 37 billion euros in 2025. Its market share was 14.5% in 2021, and this is expected to grow up to 21% by 2025. Vinted is the biggest European player in this industry, with a community of over 65 million members. It is followed by Rubylane and Vestiaire Collective.
93% consumers say inflation impacts their decision to buy and sell pre-owned goods with an increasing emphasis on making and saving money, thus accelerating the growth of ReCommerce. The study was carried out by CBCommerce with support from Checkout.com, FedEx Express, Lengow, nShift and Payoneer.
ReCommerce Marketplaces are inventing the circular economy whereby unused or second-hand products are sold back, refurbished, or recycled. From fashion, home furniture, DIY, books, cars to consumer electronics, ReCommerce solutions, such as repair, remanufacture, rental services, reconditioning, refurbishing and resale, are rewriting the story in the traditional linear retail industry. Related ‘Ecological ReCommerce’ focuses on collecting used items for the sole purpose of repairing or recycling and reselling the reconditioned products.
In 2021, the EU ReCommerce market was valued at €75B. The market is expected to grow to €120B by 2025 (+60%). Over the next five years, the ReCommerce market share will grow from 10% to 14%.