Goodwill NYNJ Partners with Price Technologies to Boost Re-Commerce Opportunities
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.
On April 1, 2019, Goodwill NYNJ announced a strategic partnership with Price to enable shoppers browsing third-party online sites to access alternative shopping options on ShopGoodwill.com.
Price’s e-commerce application Price.com has developed a browser extension for Goodwill NYNJ, which alerts shoppers looking for items on popular sites including Amazon.com, Walmart.com and Jet.com that the same item they are looking for is available on ShopGoodwill.com. When the shopper clicks on the alert generated by the browser extension, the page is directed to the nonprofit organization online portal, where the shopper has the option to buy the item secondhand.
Currently, the browser extension only matches items from the inventory available from Goodwill NYNJ stores, but the nonprofit organization and Price are planning to extend the browser extension capabilities to include items in stock from stores of other Goodwill agencies across the US and Canada.
Secondhand Apparel Could Be the New Fast Fashion
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. Re-commerce—which refers to online product resale—is already one of the most dynamic segments in e-commerce, thanks to the emergence of mobile peer-to-peer platforms that offer innovative and easy-to-use features such as social media integration. This evolution has shifted resale away from traditional thrift shops toward digital channels.
Resale is expected to significantly outperform total retailing in the coming years. According to the 2019 Resale Report from re-commerce platform ThredUP, US apparel resale (online and offline) will be worth an estimated $51 billion in 2023, having grown at an average annual rate of 16% over the prior five years. That compares to ThredUP’s forecast of 3% average annual growth for US apparel retail during the same period. By 2028, the US secondhand apparel market is expected to be $20 billion bigger than the fast fashion market, according to ThredUP, with resale worth $64 billion to fast fashion’s $44 billion.
Price is a startup that leverages machine learning and artificial intelligence to build what it describes as the most advanced matching technology in the world. The company’s vision is to become the “matching operating system” by matching anything with everything online.
Price’s e-commerce application, Price.com, helps online retailers implement innovative product-matching technology application. The company licenses its technology to some of the largest retailers and industry players in the world, which benefit from a new source of traffic, more relevant search results, additional engagement and increased retention.