Goodwill NYNJ Partners with Price Technologies to Boost Re-Commerce Opportunities

Executive Summary

On April 1, 2019, nonprofit organization Goodwill Industries of Greater New York and Northern New Jersey (Goodwill NYNJ) announced a partnership with technology startup Price Technologies (Price) to offer more opportunities for shoppers to buy secondhand items.

• Price developed a browser extension for Goodwill NYNJ, which alerts shoppers browsing for items on popular sites that the same product they are looking for is available secondhand on the nonprofit organization online shopping portal ShopGoodwill.com.
• The partnership between Goodwill NYNJ and Price should help the nonprofit organization to further expand its online market share by encouraging shoppers browsing for new items online to consider secondhand alternatives.
• Through its online shopping portal ShopGoodwill.com, Goodwill NYNJ in the dynamic online product resale market, often termed re-commerce. Resale is expected to significantly outperform total retail: ThredUP’s 2019 Resale Report forecasts US apparel resale to grow at an average annual rate of 16% in the five years through 2023, compared to average annual growth of 3% for retail apparel over the same period.