Nitheesh NH
On April 1, 2019, Goodwill NYNJ announced a strategic partnership with Price to enable shoppers browsing third-party online sites to access alternative shopping options on ShopGoodwill.com.
Price’s e-commerce application Price.com has developed a browser extension for Goodwill NYNJ, which alerts shoppers looking for items on popular sites including Amazon.com, Walmart.com and Jet.com that the same item they are looking for is available on ShopGoodwill.com. When the shopper clicks on the alert generated by the browser extension, the page is directed to the nonprofit organization online portal, where the shopper has the option to buy the item secondhand.
Currently, the browser extension only matches items from the inventory available from Goodwill NYNJ stores, but the nonprofit organization and Price are planning to extend the browser extension capabilities to include items in stock from stores of other Goodwill agencies across the US and Canada.
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Price’s browser extension for Goodwill NYNJ on Amazon.com
Source: Goodwill NYNJ[/caption] Secondhand Apparel Could Be the New Fast Fashion The partnership between Goodwill NYNJ and Price should help the nonprofit organization to further expand its online market share by encouraging shoppers browsing for new items online to consider secondhand alternatives. Re-commerce—which refers to online product resale—is already one of the most dynamic segments in e-commerce, thanks to the emergence of mobile peer-to-peer platforms that offer innovative and easy-to-use features such as social media integration. This evolution has shifted resale away from traditional thrift shops toward digital channels. Resale is expected to significantly outperform total retailing in the coming years. According to the 2019 Resale Report from re-commerce platform ThredUP, US apparel resale (online and offline) will be worth an estimated $51 billion in 2023, having grown at an average annual rate of 16% over the prior five years. That compares to ThredUP’s forecast of 3% average annual growth for US apparel retail during the same period. By 2028, the US secondhand apparel market is expected to be $20 billion bigger than the fast fashion market, according to ThredUP, with resale worth $64 billion to fast fashion’s $44 billion. About Price Price is a startup that leverages machine learning and artificial intelligence to build what it describes as the most advanced matching technology in the world. The company’s vision is to become the “matching operating system” by matching anything with everything online. Price’s e-commerce application, Price.com, helps online retailers implement innovative product-matching technology application. The company licenses its technology to some of the largest retailers and industry players in the world, which benefit from a new source of traffic, more relevant search results, additional engagement and increased retention.
Price’s browser extension for Goodwill NYNJ on Amazon.comSource: Goodwill NYNJ[/caption] Secondhand Apparel Could Be the New Fast Fashion The partnership between Goodwill NYNJ and Price should help the nonprofit organization to further expand its online market share by encouraging shoppers browsing for new items online to consider secondhand alternatives. Re-commerce—which refers to online product resale—is already one of the most dynamic segments in e-commerce, thanks to the emergence of mobile peer-to-peer platforms that offer innovative and easy-to-use features such as social media integration. This evolution has shifted resale away from traditional thrift shops toward digital channels. Resale is expected to significantly outperform total retailing in the coming years. According to the 2019 Resale Report from re-commerce platform ThredUP, US apparel resale (online and offline) will be worth an estimated $51 billion in 2023, having grown at an average annual rate of 16% over the prior five years. That compares to ThredUP’s forecast of 3% average annual growth for US apparel retail during the same period. By 2028, the US secondhand apparel market is expected to be $20 billion bigger than the fast fashion market, according to ThredUP, with resale worth $64 billion to fast fashion’s $44 billion. About Price Price is a startup that leverages machine learning and artificial intelligence to build what it describes as the most advanced matching technology in the world. The company’s vision is to become the “matching operating system” by matching anything with everything online. Price’s e-commerce application, Price.com, helps online retailers implement innovative product-matching technology application. The company licenses its technology to some of the largest retailers and industry players in the world, which benefit from a new source of traffic, more relevant search results, additional engagement and increased retention.