India’s social commerce market to reach $70 billion by 2030
8th October 2021, Mumbai:
As per a report by Bain & Company in collaboration with Sequoia, India’s social commerce market is likely to reach $70 billion by 2030. The market is currently worth $2 billion GMV, according to the report titled ‘Unlocking the Future of Commerce in India.
’ Pritika Rao, who runs all things preloved, which has over 2,500 followers on Instagram, believes the pandemic has aided the thrift market, with people looking to rotate their wardrobes.
Another reason why thrifting has gained momentum is that people have gone through physical transformations.
They need different sizes, and getting good quality, affordable pieces from thrift stores is a big plus, she adds.
Rao held her first offline thrift sale at BKC Mumbai on March 8, 2020, where the stock sold out on the first day. Barely two weeks later, as the COVID-19 lockdown came into place, Rao moved online. She sources 95 percent of clothes on her page from personal wardrobes of people; the remaining are donated to her to be sold off further.
The pricing of these clothes depends on their condition and brand, she adds.
Dolce Vee Love, a popular thrift page on Instagram with 117,000 followers, is known for its celebrity pop-up charity closet and mass-market sales. The page was started by Komal Hiranandani, who earlier worked with IDFC Institute. It aims to promote sustainability and the circular fashion movement.
According to online consignment and thrift store thredUp’s 2021 resale report, the global second-hand market is projected to double in the next five years, reaching $77 billion. As many as 33 million consumers bought secondhand apparel for the first time in 2020, of which 76 percent of buyers plan to increase their spending in the next five years. According to the report, resale is projected to grow 5.4 percent in five years.
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