During the first day of Shoptalk Europe, one of the most relevant round tables of the day was made up of Alexandra Rico-Lloyd, founder of Bike Club; kirsty keoghan, Global Fashion General Manager, eBay; and Sharla HalvorsonDirector of Sustainability, Ingka Centers (Ingka Group)interviewed by Diana Lee Director of Research and Analysis, The Business of Fashion.
It is key for retailers to understand today’s consumer, and they are increasingly aware that sustainability is a very important value that a brand must have. That’s why,
Consumers are more interested in second-hand products
Kirsty Keoghan, Global Fashion General Manager from eBayaffirmed that there have been important changes in the consumer behavior, particularly the connotation and stigma towards second-hand items. According to one of the latest eBay studies, 90% of consumers surveyed bought a second-hand product.
eBay has launched some services to give consumers confidence in second-hand purchases:
- Authentic Guarantee Program: consumers did not want to make high-value purchases, and this program brought a lot of confidence and security to consumers who wanted to buy second-hand luxury products.
- Brand Outlet: It works very well when, for example, brands need to sell out of stock.
They also discussed the competition and how eBay stands out from the competition. Kirsty I affirm that “We have been here for 30 years and the more competition the better because it pushes us to innovate”.
Sustainable and healthy environments
Sharla HalvorsonDirector of Sustainability Ingka Centers (Ingka Group)joined the company in 2019. Ingka Centers operates in 14 markets and will soon open in North America and India.
They are not considered shopping centers, but «meeting places» and want people to come together in a sustainable and healthy environment. When the centers are designed, the focus is on the community and this is the differentiating factor for its associated brands.
Circularity is known throughout the world, but the maturity on the subject is different depending on the market. Sharla says the trick to make this work is “daring to take the first step and focus on circularity as a strong concept”.
A tree for every bike
Bike Club is certified as a B Corp, because the company plants a tree for every bike purchased. Alexandra Rico-Lloyd, founder of Bike Club, she stated that financing was the biggest challenge, especially as a woman, it was difficult, but she eventually found investors interested in sustainability. The 3 challenges she pointed out were financing, logistics and changes over time in the consumer profilegiven that “During Covid-19, consumer trends have changed and people are more aware of the way they use products.”
“We created the company because we wanted quality products, in this case bicycles, to reach the whole world”
He also informed that they are working on the expansion of the company to Germany and stated that Soon they will reach more European countries.