In 2023, eBay remained the dominant force in European second-hand and used eCommerce, boasting a gross merchandise value (GMV) of US$ 30.6 billion. Despite a slight decline in market activity, measured by GMV, the iconic auction site continues to hold the top spot for second-hand sales across various categories in Europe. As one of the oldest and most well-known online platforms, eBay’s influence remains unmatched, with its global presence driving a significant portion of the used goods market. This is according to a recent study by ECDB, a company specialized in analyzing e-commerce data.
Vinted's rapid growth in Europe
However, Vinted, a Lithuanian-based competitor, has shown remarkable growth and is quickly positioning itself as a strong challenger to eBay’s dominance. From a GMV of US$ 1 billion in 2019, Vinted’s GMV soared to nearly US$ 9 billion by 2023, marking a significant shift in the European second-hand market. With its focus on second-hand fashion, Vinted has rapidly gained popularity, particularly in the wake of increasing demand for sustainable consumerism.
Diversification of ReCommerce platforms
ReCommerce platforms often specialize in specific categories. Well-known fashion platforms like Vestiaire Collective and Depop cater to second-hand clothing, while Ruby Lane and 1stDibs focus on antiques. In the electronics and media sector, platforms like Back Market and Refurbed have become leaders in selling used or refurbished products, capitalizing on the rising demand for affordable tech and eco-friendly consumer habits.
Electronics and refurbished marketplaces
The popularity of electronics ReCommerce is fueled by two key factors: the demand for affordable technology and growing concerns over electronic waste. Marketplaces like Back Market, with a GMV of US$ 1.6 billion in Europe in 2023, and Refurbed, which reached a GMV of US$ 618 million, operate as intermediaries connecting sellers of refurbished electronics with consumers. These platforms do not own the products but instead take a commission from each sale, helping to facilitate the seamless flow of goods.
The buy-and-resell model
On the other hand, some online retailers prefer the buy-and-resell model, where they purchase products upfront before reselling them to consumers. This model, seen in platforms like Momox and reBuy, allows these companies to control the inventory, particularly in the electronics market. Both platforms have bounced back from the pandemic’s economic impact and are seeing sustained growth. Momox and reBuy, with their vast reach across Europe, continue to drive the second-hand sales of electronics and media, contributing to the overall expansion of ReCommerce.
The future of ReCommerce in Europe
As consumer demand for sustainable and affordable products continues to grow, ReCommerce platforms in Europe are poised for even greater success. Whether it’s fashion, electronics, or antiques, these platforms are reshaping the way people shop and consume, offering a greener alternative to traditional retail. As Vinted, eBay, and newer entrants continue to innovate, the European second-hand market will likely see further expansion in the coming years.
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