Swedish powerhouse IKEA is entering the resale game with the launch of IKEA Preowned, an online peer-to-peer marketplace where users can buy and sell products through the furniture manufacturer. The move is part of the company’s ongoing sustainability efforts and its pledge to “ensure all products can be reused, refurbished, remanufactured, and eventually recycled” by 2030, as stated on its website.
According to a 2021 Statista study, the second-hand home goods market in the US has grown tremendously in recent years and increased by 50% since 2015. Grand View Research estimates that between 2024 and 2030, the market will continue to grow at a compound annual growth rate of 7.7%. IKEA Preowned will not only capitalize on this consumer behavior, but it will rival platforms like Facebook Marketplace or Craigslist, where IKEA products already make up a large portion of listings.
“Already today, 10% of the second-hand home-furnishing market is made up by IKEA products,” Tolga Öncü, retail operations manager for Ingka Group, the main operator of IKEA stores, told Dezeen. The platform is already live in Madrid and Oslo, and the company has plans for a global roll out so long as the trial period goes well. “With the platform that we are testing in Madrid and Oslo, we have the possibilities to simplify and enhance the experience for both the seller and the buyer,” Öncü added.
For sellers, this may mean a more simplified listing experience. Those who wish to offload an IKEA product can create a listing, adds photos, and set their price. Then the company will use its own data to fill in supporting information such as measurements and any available product imageries. Buyers pick up items directly from the sellers, who are paid either through bank transfer from IKEA or in an IKEA gift card with 15% more credit.
