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Reflaunt and Trust-Place join forces to provide industry's first integrated resale experience starting at the product’s digital ownership certificate
Reflaunt and Trust-Place are joining forces to enable luxury brands and retailers with the first fully integrated resale experience that starts at the product's blockchain-enabled ownership certificate - where brands pass the ownership of each individual product to its customer and their future owners in a fully authenticated journey. Resale pioneer Reflaunt and Trust-Place leading digital ownership SaaS platform’s joint offering will allow brands to fuel their growth and monetize products that are already in the market.
As regulations dictate an acceleration of the shift towards circular models, with heightened expectations from the fashion industry to take back products issued in the market and ensure full traceability of the product lifecycle after it leaves the store, partnerships among leading ecosystem players is critical to help brands implement holistic solutions. The two companies aim to respond to an ever-evolving market demand for transparency, ownership, product information with a differentiated post-sale experience.
Reflaunt has developed an industry-leading resale technology solution chosen by luxury fashion brands like Balenciaga and retailers like NET-A-PORTER, MR PORTER, Harvey Nichols and THE OUTNET among others. The key to its success has been the creation of a fully integrated journey where customers can seamlessly resell or recycle their past purchases in a click without ever leaving the brand’s ecosystem, and an unprecedented distribution network that brings together more than 100 million second-hand shoppers worldwide through an integration with more than 30 resale channels and retailers.
Trust-Place blockchain based SaaS ownership platform, allows brands to offer their customers ownership, traceability and product lifecycle information, additionally to authentication, for each individual product - tracing from the supply chain to wholesale or direct-to-customer transactions, to second or third owners if applicable. By doing so, it also gives brands the confidence to take back products from their customers and put them back on the market. Moreover, it opens a direct vehicle of communication between brands and customers, whatever the channel of product acquisition is. Some major French and Italian Maisons are already using the platform today on white label.
For customers, the joint offer means that when a customer buys a product, he can resell the item by simply scanning its RFID or QR CODE on the tag.
Once the transaction is made, the customer receives a “Digital Certificate of Ownership” associated to his item, and to him. This digital certificate, that proves authenticity and ownership of the product, is then stored and managed through a "digital wallet" integrated either on the brand's environment (website, customer mobile application), or directly on the Trust-Place app for multi-brand use. These applications also allow the customer and the brand to communicate exclusively. The resale button, powered by Reflaunt, is newly integrated for each certificate. Once the resale request is made, the product will be picked up at the customer’s preferred address. With Reflaunt’s technology, the item will be curated and evaluated using an AI-based dynamic pricing. Items approved will be put live on Reflaunt’s network of resale channels and once the item sells, the payout will be available to be sent in cash or store credits.
“With a simple, faster, and less expensive solution for brands to implement, this joint offer will move up a gear in terms of adoption.” explains Stephanie Crespin, Reflaunt Co-Founder and CEO. “By integrating the resale experience in the brand’s ecosystem, allows for the traceability of the product’s digital ID through a seamless resell-in-a-click experience when the customer is ready to give the product a second life”, Stephanie Crespin adds.
Gaelle Delore, co-founder and CEO of Trust-Place, agrees: “We can only be delighted with such a combination of complementary talents. This alliance is really in line with the evolution of the market and mentalities, responding both to consumer buying behavior, but also to the needs of Brands to better know and communicate with their all customers”. Gaelle Delore continues: "In order to optimize our solution, we have at the same time established partnerships with specialists in upstream traceability, such as Temera in Italy or Frequentiel in France, in order to feed the Digital Certificates with all the data of the products concerned, transcribing their history and traceability, and offer Brands a full turnkey solution". But the certificates go much further than that: "We must see the digital certificates of ownership not as an end, but as vectors, which will ensure the traceability of the life cycle of the product as well as its various owners after the sale, thus creating a whole new generation of CRM for Brands! The certificates will allow customers to enter the exclusive universe of the brand, whatever their acquisition channel, and to prove at any time and anywhere the authenticity and ownership of their products, in particular in the event of resale”.
The combination of the two solutions enables brands to: fuel their growth with products that are already back in the market; increase loyalty and customer lifetime value - as on average 70% of customers choose to be rewarded in brand's shopping credits and spend about 3 times the value of credits into a new order; reduce cost of acquisition - as resale represents an effective re-engagement tool, with high churn risk clients turning to the service in look for liquidity and increasing their spend with the brand by over 8x; new revenue streams - by brands offering their customers a curated selection of pre-loved inventory to shop, with each product coming with an ownership certificate that guarantees the full lifecycle and authenticity of the product. All within a seamless flow of information, traceability, and ownership.