Recommerce Tech Company Trove Reaches Major Milestone – WWD
Recommerce platform provider Trove said its technology is now used in 700 brick-and-mortar stores across the United States.
The company said Arc’teryx, Eileen Fisher, Levi Strauss & Co., Lululemon, Patagonia and REI “are among the Trove brand partners that now offer customers a convenient way to exchange gently used items and pre-loved in stores across the United States.”
Citing data from Statista, Trove said the global resale apparel market reached $96 billion last year and is expected to reach $218 billion by 2026. It nearly doubled its business in 2022 and grew the number of orders it fulfilled by 59% year-to-date through July compared to the same period last year,” the company noted.
Trove also said it grew its customer list “by more than a third year-over-year, and Lululemon and REI expanded their in-store resale programs in partnership with Trove in 2022.” Trove said Lululemon piloted its in-store take-back program in California and Texas before expanding to more than 390 stores nationwide earlier this year, while REI “said its recommerce activity has increased by 86% year-over-year in 2021, and Trove now manages in-store recovery at over 170 REI stores nationwide.
Gayle Tait, CEO 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 purchasing options. more durable and affordable. And for brands that offer trade-ins, there are key benefits.
“In-store take-back programs allow brands to deepen their relationships with customers in real time and drive significant long-term loyalty and lifetime value,” Tait said, adding that the company is “extremely proud of support our growing list of brand partners as they expand their recommerce operations through convenient in-store redemption and extend the lifecycle of their products.
Trove said its platform helps move the needle when it comes to reducing emissions. “By extending the life of millions of products, Trove is accelerating the transition to a new era of commerce essential to a more sustainable future,” the company said, adding that this year to date through July, “Trove has recorded a 74% reduction in CO2 emissions compared to the same period last year.
Trove calculates carbon savings using a displacement rate of 60%, which the company says 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 the production of a brand new item. .”