The relationship between fashion and technology has always been a curious one. Early hesitations from high-end fashion brands about embracing online storefronts, the influential role of social media, and the rush to hop onto trending bandwagons like NFTs and the metaverse highlight the dynamics of their interaction. Yet, technology has also paved the way for market expansions, ushering in the era of direct-to-consumer (D2C) models and influencer-driven retail.
A rapidly evolving landscape is the secondary market. Changing consumer behaviors challenge traditional ownership ideals. Technology is swiftly introducing new authentication methods, from innovative material designs to more advanced techniques. Legacy platforms such as eBay are vying for dominance in this secondary market alongside newer disruptors like TheRealReal.
Brands grapple with their place in this secondary market. Some, like Patagonia, Levis, and DOEN, are reclaiming, authenticating, and reselling products. Others destroy surplus inventory to artificially create scarcity and elevate value. Strategies are emerging that leverage the secondary market’s appeal to boost primary sales, as seen with Nike and Supreme. Legal battles ensue over intellectual property rights, such as the StockX vs. Nike case. Innovative startups, like One of None, are reimagining ownership concepts, while established ventures, like Rent-The-Runway, question the notion of ownership altogether. Not to mention, social media platforms are enabling individuals to bypass traditional avenues, building personal followings to directly sell secondary products.
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A DISCOURSE FILLED EVENT DEBATING THE FUTURE OF THE SECONDARY MARKET.
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This evolving landscape demands fresh technological solutions to tackle emerging challenges and uncover new opportunities. We’re confronted with both time-tested queries and novel contemplations:
- How can products be accurately authenticated?
- How can consumers ensure the authenticity of their purchases?
- Should brands be entitled to receive royalties in secondary sales?
- Is the concept of ownership still as revered?
- If products are viewed as assets, shouldn’t they be tradable like financial commodities?
Such inquiries present unique opportunities to harness or innovate technology, be it materials science, blockchain, generative AI, or advanced personalization.
In ON_Fashion, The Secondary Market Issue we will explore these trends from a multitude of angles, driven by articles from some of the world’s leading experts in fashion, tech and business. Over the course of the coming days and weeks we will publish provocations and new perspectives that will unlock new ways to think about this fast growing and hugely disruptive segment of the market.
On September 13, we also host ON_Fashion a discourse-driven event, during New York Fashion Week to debate these topics with a group of C-Suite leaders, investors and tech entrepreneurs.
Interested in attending? Inquire about membership here: email@example.com