Resale platform from Goodwill debuts amidst growing second-hand market boom
The resale market for secondhand apparel is set to reach an impressive $80 billion by 2026, and a group of Goodwill organizations from the Midwest and West are jumping on board with the launch of their new online resale marketplace, GoodwillFinds.
GoodwillFinds is an ambitious project led by Matthew Kaness, a seasoned retail executive with experience at Modcloth, Walmart, Urban Outfitters, and Afterpay. The new marketplace aims to make online shopping sustainable while enhancing the thrift shopping experience.
The board of GoodwillFinds includes prominent Goodwill organizations such as Goodwill Industries International, Goodwill Industries of San Francisco, San Mateo and Marin Counties, and Goodwill Southern California. Other Goodwill organizations, including Goodwill of Southeastern Wisconsin, Evergreen Goodwill of Northwest Washington, Goodwill of Colorado, Goodwill of Southern California, Goodwill of Central and Southern Indiana, and Goodwill-Easter Seals Minnesota, are also part of the founding board of directors.
GoodwillFinds is operating under license from Goodwill Industries International, and while no immediate comment was received from ShopGoodwill regarding the new GoodwillFinds marketplace, it's clear that this venture is backed by the Goodwill network.
The environmental impact of e-commerce in resale is not yet fully understood, but with the focus on sustainability, GoodwillFinds is poised to make a positive impact. Net proceeds from purchases on GoodwillFinds will go to the region where the item was sourced, with the aim of increasing net donations to each Goodwill region.
In a move that signals growing competition in the resale market, Poshmark is being acquired by South Korean internet giant Naver for $1.2 billion. ThredUp, another player in the resale market, recently laid off 15% of its corporate workforce due to widened losses in its most recent quarter. However, ThredUp's resale-as-a-service platform may still prove more lucrative than its retail business.
As daily operations in retail have changed significantly over the past few years, with retailers re-examining topics like shrink and pricing, the launch of GoodwillFinds is a testament to the evolving landscape of the retail industry. With its focus on sustainability and thrift shopping, GoodwillFinds is set to disrupt the resale market and provide a unique shopping experience for consumers.
