Recommerce platform provider Trove said its technology is now used in 700 brick-and-mortar stores across the U.S.
The company said Arc’teryx, Eileen Fisher, Levi Strauss & Co., Lululemon, Patagonia and REI “are among the Trove brand partners now offering their customers a convenient way to trade in gently used, preloved items at stores across the U.S.”
Citing data from Statista, Trove said the global resale apparel market reached $96 billion last year and is pegged to grow to $218 billion by 2026. “With eco-consciousness and consumer price inflation continuing to drive demand for circular shopping options, Trove is on track to nearly double its business in 2022 and has increased the number of orders it has fulfilled by 59 percent year to date through July versus the same period last year,” the company noted.
Trove also said it had grown its client roster “by more than a third year-over-year, and both Lululemon and REI have expanded their in-store resale programs in partnership with Trove in 2022.” Trove said Lululemon piloted its in-store trade-in program in California and Texas before expanding it to more than 390 stores nationwide earlier this year while REI “has stated that its recommerce business grew by 86 percent year-over-year in 2021, and Trove now powers in-store trade-in at more than 170 REI stores nationwide.”
Gayle Tait, chief executive officer of Trove, said in a statement that the recommerce market “continues to be one of the fastest-growing retail segments, propelled by consumers’ desire for more sustainable and affordable shopping options.” And for brands that offer trade-ins, there are key benefits.
“In-store trade-in programs enable brands to deepen their relationships with customers in real-time and drive significant loyalty and lifetime value over the longer term,” Tait said, adding that the company is “extremely proud to support our growing roster of brand partners as they scale their recommerce operations through convenient in-store trade-in and extend the lifecycle of their products.”
Trove said its platform is helping to move the needle when it comes to reducing emissions. “By extending the life of millions of products, Trove is accelerating the shift into a new era of commerce essential to a more sustainable future,” the company said, adding that year to date through July, “Trove tallied a 74 percent reduction in CO2 emissions versus the same period last year.”
Trove calculates carbon savings using a 60 percent displacement rate, which the company said is “a widely accepted industry standard that refers to the rate at which a used purchase directly replaces a new purchase and thus offsets the carbon impact associated with producing a brand new item.”