In 2019, Urban Outfitters launched a subscription rental program called Nuuly Rent and now it is introducing a peer-to-peer resale marketplace called Nuuly Thrift. On this new peer-to-peer marketplace platform that's set to launch in the fall, consumers will be able to buy and sell from any brand, with a selection of goods for women, men and kids. With this platform, users will have the opportunity to make transfers directly to a bank account or receive "Nuuly Cash," which is worth 10% more when spent on Nuuly Thrift or on any URBN brand.
With the launch of Nuuly Thrift, chief executive and chairman Richard Hayne says that the company will "capitalize on shifting customer behavior and gain market share in the rapidly expanding online resale market."
Secondhand Fashion Marketplaces
Nuuly Thrift is for Buying and Selling Secondhand Goods
Trend Themes
1. Peer-to-peer Resale Marketplaces - Nuuly Thrift is introducing a peer-to-peer resale marketplace that allows consumers to buy and sell secondhand goods from any brand with transfer options directly to a bank account.
2. Subscription Rental Programs - Urban Outfitters launched Nuuly Rent and now is introducing Nuuly Thrift—a resale marketplace platform that will capitalize on shifting customer behavior.
3. Online Resale Market Growth - Urban Outfitters aims to gain market share in the burgeoning online resale market by introducing Nuuly Thrift.
Industry Implications
1. Fashion Industry - The peer-to-peer platform offered by Nuuly Thrift is set to disrupt the traditional fashion industry, positioning itself as a competitor for resale marketplaces and clothing rental services.
2. E-commerce Industry - Nuuly Thrift's peer-to-peer marketplace is set to disrupt traditional e-commerce by capitalizing on the growing trend of secondhand clothing resale.
3. Retail Industry - Urban Outfitters is set to capitalize on the expanding online resale market, positioning their brand as a major competitor in the resale and retail space with the introduction of Nuuly Thrift.