No Ownership Taking over the Retail Business

button-674375_640A new age of consumers is looking at their purchases in an entirely new way. Rather than purchasing items, from clothes and appliances to electronics and more, they are looking at the idea of “no ownership.” This is disrupting traditional retailing processes. Millennials, those born between 1980 and 2000, are more interested in bartering, sharing and trading. Their interest in such ideas has been the key to success of companies like Zipcar, Uber and Airbnb.

as Jamie Gutfreund, chief marketing officer for Deep Focus, said “Instead of paying for something and getting rid of it with no value when you are done – swap and resale gives Millennials the ability to extend the value. It’s efficient and it’s green.”

Crossroads Trading, where people can shop for gently used second hand items, and then resell them to the store when they don’t want them anymore, is having great success. Their sister store, Fillmore & 5th, has opened six boutiques since 2012. As their director of marketing, Erin Wallace, said, “A lot of people can’t afford the timeless brands new but they still appreciate the quality.”

Learn more about this trend and the influence it is having.