As people become more aware of and concerned about climate change and global warming, businesses are getting on board and adjusting the way we do many things. One of the most exciting and brilliant companies to focus on helping clean up the environment is Vinted, an online fashion resale platform that works a bit like eBay, and a thrift store had a billion-dollar baby. If you haven't bought from them yet, you probably will soon. Gently used clothing is something more people are seeking out because it saves money and the planet at the same time. That's not all there is to know about this ingenious business, though. Here are twenty things you didn't know about Vinted.
1. Worth a Billion
When it comes to making 'a fortune,' there are a plethora of companies that are doing well. Some are even going to make a million dollars this year. However, there are a handful of businesses that are going above and beyond that mark by a whole order of magnitude. Vinted is in the latter category. With a valuation of over a billion dollars and still growing, Vinted is easily the largest online clothing resale platform to come out in the last few years.
2. Reduce-Reuse- Recycle
Re-selling old clothing seems like a great way to recycle. However, that's a little bit of a misnomer. If you were a kid between the 1980s and now you have probably heard the slogan "Reduce, reuse, recycle," about a million times. Yet, when you call re-selling old items 'recycling', you're making a mistake. Recycling is a process of unmaking things and reforming them into new things. WHat Vinted does is help people reduce their carbon footprint by not causing new items to be created, and reuse things instead of throwing them away. Whatever you call it, it's a win for everyone and the earth.
3. Lithuania's First Unicorn
As Lithuania's first tech Unicorn, Vinted holds a special place in the economy and the hearts of local people. Moreover, as a female-run business worth over a billion dollars, that is expanding exponentially, Vinted is both incredible and sadly rare. It wasn't so long ago that it was widely considered impossible for a woman to found a business and reach this level of success. Still, thanks to pioneering women like Milda Mitkute, that's changing for the better.
4. Milda Mitkute
Milda Mitkute had a simple idea based on a personal revelation. She had too much clothing, and Milda didn't want to throw it all away because it was good clothing. She couldn't store it all. So instead of contributing to the global pollution issue with her shopping, she started a company. Vinted is based on the idea that tossing perfectly good clothes is the wrong answer, but so is keeping stuff you won't use. The brilliant simplicity of her plan created a billion-dollar business.
5. Female Oriented
Men can and do buy and sell clothing on Vinted. However, the majority of the business seems female-oriented. You're going to find a whole lot more dresses than you will suits. Considering that women make up more than half the population of the world, and have more buying power than ever before in history, that's a smart market to tap into. Nevertheless, we think it's likely that more male sellers will be coming on board every day, and things will eventually balance out a bit more. After all, guys need geat gently used clothing too.
6. Germany & France
When it comes to Vinted, reused, gently loved clothing is something that they're helping to spread all over the world. Saving the planet one fashionable outfit at a time might seem odd, but it's very effective. You might think that Lithuania, where Vinted came from, would be the biggest users of the site, or if not there, then maybe the USA. However, it turns out that France and Germany are the top two countries using Vinted.
7. Where Can I Use Vinted?
Today Vinted serves people in nine countries, and they're expanding all the time. If you live in Lithuania, the Czech Republic, Austria, Poland, Germany, France, Spain, The USA, or the UK, you can buy and sell your used clothing online and help support yourself and save the world through smarter fashion.
Do you want to keep up on what Vinted is up to every day? They are on the cutting edge of thrifted fashion, after all. Whether you're an investor, buyer, seller, or love fashion and want to stay up on the latest trends in fashion sales, you can subscribe to their Twitter account to learn the latest news as it happens.
9. How Vinted Makes Money
In addition to their investors, Vinted has to have a source of income to keep running and pay its staff. So how does a company like Vinted make money? The answer is simple. They take a small percentage of each sale for their services. Typically it's around one to five dollars per sale. You set the price. They make sure people know you're selling and provide secure transactions plus plenty of exposure. Once an item is purchased, they get their cut and viola, that's all there is to it. (There's also income from 'Bumping,' but we'll explain that in a minute.)
10. You Can Make Money
Perhaps you have a closet full of last year's fashion, and you need an update, or maybe you just went overboard on your last shopping trip, and you won't wear some of the stuff you bought. The great news is that you don't need to let those pieces sit in your closet forever, taking up space. Instead, you can list your gently used items on Vinted and sell them to people who want to wear them. It's free to list and ship.
Are you fascinated by Vinted yet? We certainly are. Whether you're looking to buy, sell, or simply want to know more, it's easy. Vinted has its own YouTube Channel all about the business. You can watch great tutorials on how to sell, shop, or other interesting related topics. When fashion is your fascination, getting involved in Vinted is a great way to get your fix without breaking the bank, and maybe make a few bucks off your last binge shopping trip. Once you get your package in the mail, you can YouTube and chill in it and watch their fashionable programs as well.
12. Any Size
When you walk into a brick and mortar store, their options and their sizes are limited to what they make, sell, and have on hand. With an online market like Vinted, you aren't limited in the same way. Whatever your size or style, there's clothing for you at the touch of a button.
There are plenty of people out there in the world who have overfull closets. We're not talking about hoarders. Regular people who care about fashion and what to wear can easily end up with more clothing than they have space for or even time to wear. When you're busy, a bunch of clutter at home can seem like no big deal, but mess increases your stress levels. Stress makes your immune system less effective. Selling old but gently worn clothing off to make more space is a great way to declutter, make some cash, and ultimately help yourself be healthier.
14. Employing People
Even an online company like Vinted doesn't exist in a vacuum. If you don't work in a tech business or a large online business like Vinted, then it might seem like these types of companies are just one person sitting in an office. However, it takes more than just a dream and a computer to build a billion-dollar business. Mikute employs somewhere between a hundred and two-hundred-fifty people. After all, someone has to respond to sellers and do customer service. Doubtless, there are secretaries and programmers among other tech professionals helping to keep this ingenious business growing and functioning. Making big business money while rinning like a smaller business with a couple of hundred employees is one way that technology and the internet are shaking up traditional business and creating wealth.
When you don't have a computer, but you still need new clothing. That's fine. You can access Vinted on a smartphone. It doesn't matter whether you have an iPhone, iPad or you use Android, there's an app for you so you can shop Vinted on the go. Making shopping simple is one of the things that has led businesses like Vinted to dominate such large chunks of the retail market.
16. A Visit from the President
Lithuanian President Nausėda visited the company headquarters on December 9th to congratulate the execs and find out more about how they achieved such success. As Lithuania's first Unicorn business, they warrant special attention. Vinted is bringing a huge amount into the economy and lots of positive press for the country. Being honored by such a prestigious leader in any country is newsworthy for a company. We're happy for them, and Vinted certainly deserves the hype.
17. Ninety-Forty Nne
Vinted sells about one item every forty-nine seconds, according to Medium.com. With ninety new pieces of clothing added each minute, there's plenty of variety and options for buyers.
18. Shipping Costs
Okay, so you've listed your old clothing on Vinted, or you've found the perfect party dress. Naturally, you have to wonder about some of the details of how things all work. Who pays for the shipping so these fantastic items can reach you? The answer is pretty simple. Buyers pay for shipping. It can be an advantage to order several things from the same seller all at once. However, the cost plus shipping is probably still a whole lot less than you'd pay for an item in the stores if you'd bought an item new. Doing things this way guarantees that buyers don't ever have to wait for a seller to get paid by their day-job before they can ship an item out.
How does a seller get their clothing to show up at the top of every search and display on people's pages so they can make a living selling clothing on a site like Vinted? Advertising, of course. In this case, it's known as "Bumping," and anyone can do it. For those sellers who aren't taking things slow and casual, Vinted can become a serious source of income. When you pay to bump items, more buyers see them for a few days, thus increasing your exposure and the chances that you'll make the sale.
20. Stats on Resale
We're not sure about the whole world, but here in the USA, the thrift and resale market is worth about eight billion dollars. People are shopping smarter and caring more about the environment and their wallets. More and more of those sales are happening online. Gone are the days when people went shopping in person every day, week, or even month. When Amazon changed the way online businesses deliver and made two-day shipping into the norm, everything about online shopping went from tedious and slow, to easier (and faster) than waiting for the weekend to go to a brick and mortar shop. That market is only going to keep growing. In the next five years, likely, those numbers will more than double.
As technology, computers and the IoT becomes more pervasive worldwide, the way we all do business is changing and evolving. Meeting our needs is faster than ever, and we have more choices. Businesses like Vinted are moving in to fill the niches and help people get what they want, when they need it, at great prices. Any business that recycles, upcycles, or otherwise does their part to help the environment is vital and forward-thinking. We love seeing successful new businesses, created and run by women, that are moving into prominence by doing things that are brilliant and frankly good for the world.
You can also read:
- 20 Things You Didn’t Know About BellRing Brands Inc.
- 20 Things You Didn’t Know About Akero Therapeutics Inc.
- 20 Things You Didn’t Know About Karat Packaging
- 20 Things You Didn’t Know About Parsons Corporation
- 20 Things You Didn’t Know About Duolingo
Written by Allen Lee
Read more posts by Allen Lee