If a business model has to be successful, it has to evolve along the lines of the current market trend and technology. Right now, the fashion industry, a hotbed for innovation, is looking to capitalise on two trends – sustainability and digitalisation, owing to the economic situation due to the COVID-19 pandemic.
Resale market industry on rise
Talking about sustainability, second-hand fashion has been playing an integral role in reducing the massive carbon footprint of the fashion industry. According to the UN, the fashion industry is the second-biggest consumer of water and is responsible for 8-10 percent of global carbon emissions – more than all international flights and maritime shipping combined.