Here are three advertising trends your small business should know in order to maximize your success.
1. Pre-owned Is No Longer Second Choice
It may surprise you to learn that many shoppers are now turning to gently loved goods as their first choice when looking for something they need. This trend is driven by a variety of factors, including financial concerns due to inflation, the increased popularity of local shopping, and a desire to be more environmentally conscious by reusing and recycling.
The sale of previously owned goods, known as “recommerce” or “reverse ecommerce,” is predicted to continue growing in popularity over the next few years. Our 2022 OfferUp Recommerce Report found that demand in the pre-owned market is projected to grow by up to 80% by 2027. That’s five times faster than predicted growth for the overall retail market!
The best part of this trend is that with great growth comes great marketing opportunities! Even major companies like IKEA, REI, Patagonia, and Lululemon have all begun to focus on recommerce-driven shoppers, all with their own approach.
Key takeaway: Take advantage by advertising your products and services on pre-owned marketplaces, or even listing your own items there (or both).
2. Customers Want a Brand’s Values to Align with Their Own
Today’s customer looks very different than even just a few years ago. Generational spending trends show Millennials and Gen Z buyers care more about a company’s values than ever before. This is forcing companies to reevaluate their marketing strategies.
One of the biggest values appealing to this younger generation is sustainability. It’s important to them that companies are taking steps to be more environmentally conscious, and it’s also important that they are personally doing everything they can to reduce their own ecological footprint.
What better way to do that than by recycling and reusing pre-owned items that are still in great shape? More consumers are looking to shop pre-owned first before considering buying something brand new. Results from our 2022 OfferUp Recommerce Report show that 21% of consumers consider reducing their carbon footprint to be an important role in their shopping experience. One natural way to do this is to shop locally. In fact, we find that 90% of OfferUp searches are within a 30-mile radius of the user.
Don’t think that recommerce is only clothing, either. A whopping 76% of recommerce goods bought and sold fall into these categories:
Electronics
Furniture
Home goods
Home Improvement
Sporting goods
Outdoor equipment
Auto parts
Key takeaway: Local businesses of all types have the opportunity to capture shoppers that love sustainably spending their money locally.
3. Time Shopping for Pre-loved Items Rivals Time Spent on Social Media
Our Recommerce Report found that Americans spend about as much time browsing recommerce marketplaces as they do on social media. In fact, 51% of consumers report they enjoy the experience of hunting for a bargain.
To put it into perspective for you, here’s a breakdown of the average amount of time spent on various social media platforms each day:
Recommerce Marketplaces = 27 min
Snapchat = 30 minutes
Facebook = 30 min
Instagram = 30 minutes
Reddit = 24 minutes
Key takeaway: Spend your marketing dollars focusing on the places where people are spending their time (and money).
People are spending more time than ever on their mobile devices and have readily adopted online shopping as part of the norm - including recommerce marketplaces like OfferUp. By understanding and responding to the changing landscape of shopping behaviors, small and medium-sized businesses can continue to adapt and thrive in an increasingly digital age.
Build Your Business With OfferUp
OfferUp provides great opportunities for businesses to reach new customers in the recommerce marketplace. Advertising (and even listing) your new or pre-owned items in the marketplace open the door to a wide and growing audience of local shoppers in communities across the country.