Word: ebay
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Dates: during 2000-2009
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...this special supplement to TIME, we take an in-depth look at 21st century consumers around the world and their incredibly diverse shopping habits?from veiled fashionistas in the mega-malls of Dubai to eBay addicts who troll for Jimmy Choos. We also conducted an exclusive poll of American men and women about their shopping preferences. The most surprising statistic is not who most likes to shop but who will spend the most on a specific item...
...EBAY'S 180 MILLION USERS MADE $44 BILLION IN TRANSACTIONS LAST YEAR, BUT ONLY 5% OF THOSE WHO BOUGHT ALSO SOLD. WILL THIS CHANGE? There is $2,200 in unused goods sitting in the average U.S. household, which adds up to about half a trillion dollars nationwide. That's where the opportunity is. Over the last two years, more than 7,000 "drop shops" have opened around the country. These are storefronts that don't sell anything except services that help you sell your stuff. There are "personal reselling assistants" to help you get rid of the things...
WHAT'S BEING BOUGHT AND SOLD? The most popular consumer goods on eBay are designer handbags, shoes and accessories, and high-end crystal, furniture, art and electronics. There are other auction sites too. Amazon has a cooperative marketplace with a store-within-a-store concept, like a Louis Vuitton boutique in Bloomingdale's. Google just launched Base, which brings buyers and sellers together through advertising. Then there are niche players like [my company] portero.com for luxury goods...
...WILL AUCTION CULTURE AFFECT THE LUXURY INDUSTRY? People are going to reach because they recognize that buying better brands is going to be a better value. For example, if you buy a new Bugaboo stroller for $750 and use it for two years, you can resell it on eBay for $550, and your net costs will be less than if you had bought a new $250 stroller and thrown it away. And your child will be much happier. The brands that are going to be hurt by this culture are those in the middle because they won't retain significant...
...difference in cost, but the classic bag has residual value. Also, you're going to shop more frequently because you're going to be able to move in and out of goods for the same price. At least one large department-store chain is considering reselling customers' clothes on eBay in exchange for store credit. Imagine buying a new handbag that comes with a card that says, "When you're ready to sell this, call this number, and someone will pick it up, sell it and give you credit toward your next handbag...