new market innovation
Changing consumer trends towards more cost-conscious spending has enabled companies to carve a space for themselves in the sharing economy. ThredUp in particular aims to change the way that buyers shop for second-hand clothing. It has grown to become the largest online thrift/consignment shop in the country. ThredUp doesn’t utilize peer to peer transactions to sell items. Instead, ThredUp collects and organizes the clothing it receives then photographs, sells, and delivers the items on their site. ThredUp is a new market innovation because it changes the process of shopping for second-hand clothing and makes it more convenient. Instead of spending hours sifting through racks of unorganized clothing, users can simply search for an item or brand they’re looking for, and all relevant items will populate their screen. Users can benefit from the cost savings of buying second-hand clothing, without having to spend a lot of time searching for desired items. Creating an easy to use, online platform for thrifting makes it more appealing and could attract customers who wouldn’t be keen to try it otherwise. Do you think that ThredUp will gain more popularity over traditional thrift/consignment shops? Do you see it being a different type of innovation when applying a different incumbent, like eBay? Are there any other retail innovators you can think of?
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