COVID and Conservation Efforts. Are They Tied?

As 2020 kicked off, different brands and retailers were focusing on conservation efforts and gearing initiatives toward a more sustainable future. But as COVID-19 hit, some of those plans were forced to take a backseat to the more immediate needs of protecting their liquidity and managing short-term financial turmoil. 

In a discussion recently hosted by RetailWire, retail experts were asked to chime in on the current state of affairs. Here are three of the top points made:

Millennials and Gen Z Must be Considered 

As companies look to target consumers, the younger groups are making a considerable mark on the economy. We’ve covered before that these generations of shoppers are shaping the future of recommerce due to a heightened concern for the environment, and those consumer trends will surely shape the way retailers and brands will—or need to—adapt. 

Apparel is a Two-Way Street of Opportunity and Loss 

As one of the biggest contributors to damage, the apparel industry has some of the most visible plans for sustainability. Simultaneously, though, it has also been hit the hardest because of the pandemic; as essential goods were the main focus of consumer shopping and clothing needs were on the back burner for many consumers.

Sustainability Will Make a Comeback—and Those Who Harness it Will Win 

Even though companies are occupied tackling the current challenges behind health and safety, as the economy recovers, their sustainability practices and plans will once again re-emerge. And once they do, those brands that push those initiatives forward the most will come out on top.

For brands and retailers focused on launching or exploring sustainability efforts, there are a number of solutions. One of these is a private B2B auction marketplace—like the one B-Stock offers—which nine of the top 10 U.S. retailers are currently using. We customize, integrate, and scale each marketplace based on the retailer’s unique needs, creating a virtual storefront to sell returned, excess, or other liquidation inventory. Private marketplaces  also allow total control over who is buying the inventory and how it enters the secondary market.

Together with retailers and manufacturers, 2019  B-Stock sustainability stats include: 

• 400 million pounds of merchandise sold—the weight of 29 Eiffel towers 
• 50 million units of apparel sold—more than enough to give every person in Spain an item of clothing 
• 5 million+ items saved from the landfill—more than the population of Los Angeles 

Learn how you can tap into the secondary market and move your sustainability goals forward by requesting a demo.