By CultureBanx Team
- Goodwill launched an online business as part of a newly incorporated venture called GoodwillFinds after making $5.4B in revenue in 2021
- Black people spend around 3% of their household expenditures on clothes
The 120 year old non-profit Goodwill, has a new strategy for thrifters who will now be able to do some serious treasure hunting online as well. Savvy shoppers can rejoice as the company just launched an online business that’s part of a newly incorporated venture called GoodwillFinds. If you consider that the Bureau of Labor Statistics found that Black people spend around 3% of their household expenditures on clothes, this could be a great way to save some money without leaving your home. This is happening at a time when surging inflation, at 8.3%, is pushing shoppers to be thriftier.
Why This Matters: The used goods stores umbrella company, Goodwill Industries International brought in $5.4 billion in revenue for 2021. Sales for shopgoodwill.com jumped 22% to $171 million, according to Forbes.
Until now, Goodwill had no centralized online business, with each store selling some of its donations online via third party websites such as eBay and Amazon. Employees are instructed to grab books, jewelry, artwork, musical instruments and other collectibles to sell online, succeeding with 97.5% of the 115,000 donated items they selected last year.
What’s Next: Goodwill is hoping it can set itself apart by emphasizing its mission of using its earnings to fund job training. It’s also a way to draw in younger shoppers who are leading retail’s resale boom that is expected to more than double to $64 billion by 2024, according to a report by online consignment store ThredUp.Goodwillfinds launched at the beginning of October with roughly 100,000 items available online.
CBX Vibe: “Thrift Shop” Macklemore & Ryan Lewis
