Are Re-Commerce and Circular Shopping Starting a Sustainable Retail Revolution?
Designed for retail leaders and lovers alike, Retail Refined explores the in-store technology of the future, challenges the industry’s preconceived notions, and brings together retail’s biggest names to understand the brand strategies that will define the next decade in retail.
The world of retail is shifting, influenced by the desire for more value and sustainability. Brands are answering this change with re-commerce and circular shopping. To discuss this new avenue of commerce, Retail Refined host Melissa Gonzalez spoke with Andy Ruben, Founder and CEO of Trove. Trove is the backend engine for circular shopping, working with brands allowing them to own this channel. Ruben has over two decades of retail leadership experience, holding various senior roles at Walmart.
“Getting more use out of products isn’t rock science; it just makes sense. The doing of it is complex, and that’s why I founded Trove,” Ruben said.
“Brands that engage in this macro shift are making equal or better margins on used business, and it’s an important sustainability move.” -Andy Ruben
This entry into the market comes at a time when resale is growing 25 times faster than the rest of the industry. Ruben noted the reason why is three-fold—value, sustainability, and a more enjoyable shopping experience.
The re-commerce market is good business for brands in many ways. “It enables new customer acquisition and provides revenue that would otherwise go to third parties. It also builds greater loyalty,” Ruben added.
Ruben explained that brands should own these channels and partner with technology experts, which means they can be in the space in a few months and avoid millions in capital expenditures. With a robust infrastructure, brands can also analyze data and continue to optimize this new slice of business.
“Brands that engage in this macro shift are making equal or better margins on used business, and it’s an important sustainability move,” Ruben said.
Circular shopping is also good for in-store business. Customers can bring back items for resale and receive a gift card. It can be a draw to get consumers in stores so they can ensure someone else benefits from their goods and get what they need right now in the same shopping experience.
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