BRUSSELS–(BUSINESS WIRE)–Low price and sustainability appear to be two primary driving factors based on feedback from global companies in the flourishing ReCommerce sector. ReCommerce is the selling of previously owned items through online C2C marketplaces to buyers who reuse, refurbish, recycle or resell them. 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.
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%.
The relatively new term ‘ReCommerce’ broke in the preserving retail business where unrecycled goods and landfilled waste wreak havoc on the environment. Taking the concept of the monetary value in pre-owned or secondhand goods, ReCommerce Marketplaces are sequestering unproductive business models and 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.
#1 eBay and the Circular Economy – A continued look at advancing sustainability through ReCommerce. Selling second-hand, refurbished, and repurposed items is a vibrant and important part of the eBay seller ecosystem in the EU.
Best ReCommerce Consumer Electronics Top100 Marketplaces
A consumer advocacy organisation projected that EU consumers waste €45B each year from not being able to repair electronic products: smartphones accounted for approximately 12% of global electronic waste in 2021. From the consumer electronics online trade is resale 6% and refurbished 5%, counting for a ReCommerce total market share of 11%.
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