Walmart is taking its first steps into the fashion industry, bringing about some changes to its eCommerce site. It is collaborating with resale website thredUP, which is known for allowing its users to thrift shop online. Walmart will be listing more than 700,000 items from ThredUP’s website on its site. Something to take note of is that Walmart will list only clothing and shoes that are marked as ‘new’ or ‘like new’ on its site. Most accessories and handbags that are in the ‘gently used’ category will be listed as well.
This partnership surfaced the internet on May 27, 2020. Denise Incandela, Head of Fashion of Walmart eCommerce, said that Walmart has always catered to the “evolving needs of its customers.” She also added that Walmart has slowly tried to provide for the fashion needs of its customers in the past few years, “no matter their style or budget.” This partnership mostly focuses on customers wanting to buy pre-owned items for women and children. But, Walmart’s huge collection has something well suited for everyone’s taste. Just like most other businesses, Walmart is focusing more on expanding its eCommerce site. According to reports, its eCommerce site grew in business by almost 70% in this quarter. The company even employed about 200,000 new employees to sanitize stores, restock shelves, and meet online orders.
ThredUP is a little different or, rather, more efficient in terms of its buyer-to-seller relationships than most other resale apps. Unlike with other resale apps, sellers on ThredUP can send everything they want to sell; to ThredUP. The firm then selects everything worth selling and sends the rest of the things back to the seller. ThredUP employees take pictures of the selected things and list them on the web site. ThredUP also handles all the packing and shipping of any items to the user when they place an order. As the last step, the site sends out payments to the sellers, whenever any of their items are sold. Walmart hosts more than 1000 brands of fashion wear and has partnered with them over the years. Some of these brands are quite well known, like Scoop, EV1 by Ellen Degeneres, George, etc. According to Denise Incandela, they also offer “private label brands” like Time and Tru, Terra and Sky, Wondernation, etc.
ThredUP has also partnered with quite big brands like Macy’s and JCPenney for their in-store rollouts. One of the most basic benefits that the customers can get from this partnership is that Walmart’s free shipping orders for more than $35 will be easily accessible to most users. They will also have access to clothing from expensive brands for a lesser price. ThredUP has received good fundings from big banks like Goldman Sachs Investment Partners, Irving investments, and Redpoint. The company’s records up-to past August show constant growth. In terms of employee count, the number of products sold or overall revenue generation.
Image source: Cnet