The devil wears (preloved) Prada: Tech and 2nd hand marketplace growth

When I was young, my dad used to bid on second-hand kids’ jewellery for me on eBay. I’d jump up with excitement when he won an auction, but I’d also wonder – what is this strange and mysterious corner of the Internet, where we could buy silver bracelets from nondescript profiles?

That corner has since exploded into a multi-billion-dollar industry, but exactly how big is second-hand marketplace growth? It’s expected to reach $350 billion by 2028, no doubt driven by second-hand market platforms like Vinted and Depop, which are used by millions across the globe.

eBay, as one of the original resale marketplaces, also experienced a 140% rise in sales of second-hand furniture, as well as a 1400% increase in searches for sustainable fashion following its partnership with Love Island. Clearly, my dad was setting trends back in 2004.

Tech for good

These various apps and sites can sit under the umbrella of “tech for good”, defined as solutions that enable positive change for both people and the planet. In this case, online resale platforms have made second-hand shopping far more globally accessible – and popular – by highlighting its positive impact on our carbon footprint.

Now, we have instant access to almost any preloved item – from luxury handbags to industrial fridges – due to the rise of curated solutions that cater to specific areas of the second-hand market. And by doing so, we’re helping to promote a circular economy, and reduce our carbon footprint.

The rise of online marketplaces

With technology empowering people to shop smarter, it’s no wonder that an increasing number of us are advocating for second-hand shopping when it’s more affordable, and sustainable, than buying new. But in opening up the second-hand market, technology has also overhauled its reputation into something trendy.

Gone are the days when my only option was my village’s charity shops, with their frumpy dresses and drab décor! Now, the act of buying second-hand has taken on the more American term of “thrifting”. The items themselves are described as “vintage”, or categorised by distinct keywords and aesthetics to help users better navigate algorithms.

The vast number of items that are uploaded every day means we’re spoilt for choice as to what to buy, and how we can showcase our personalities – and brag about our unique finds – through our purchases. In fact, online marketplaces have allowed people to build businesses selling preloved items; there is, of course, the issue of resellers putting hefty markups on anything they list, but that’s a whole other think piece.

The key takeaway here, is that the second-hand market – and the act of buying preloved items – was once looked down upon. Both consumers and businesses valued shiny, new objects, but our collective level of overconsumption was unsustainable for both the environment, and our finances. Whilst we’re still shopping new, we’re also gravitating towards preloved, evidenced in more than half of us buying second-hand apparel in 2023, with 63% of purchases being made online.

Shopping sustainably

This shift in how we shop – and the subsequent change in how we perceive second-hand items – has, evidently, been propelled by technology. In my case, online resale platforms have played a central role in my journey to shopping more sustainably. Each item holds a story, and I enjoy being able to reach millions of preloved objects without opening up new cycles of consumption.

I also love the thrill of someone asking me where I bought something, before I proudly declare that it’s second-hand. And with second-hand marketplace growth continuing to expand, tech companies will undoubtedly play a central role in its future success, and in global sustainability efforts.