Teens Are Getting Rich off a Resale App You’ve Never Heard Of

If anyone needed further evidence that Cool Teens™ are taking over the world, Business Insider is reporting that they’ve not only embraced a sustainable approach to consumption, but are cashing on it as well, thanks to an app called Depop.

Described as a “mix of eBay and Instagram,” Depop is a “social marketplace that offers users an easy way to buy and sell” just about anything, and its simplicity, earning potential, and wide variety of Not New clothing has “made it a hit with young shoppers.”

According to BI, the app “has amassed 13 million customers in 147 countries, hired 150 full-time staff, and raised $43.6 million in funding,” all the while keeping “its sights firmly affixed on its core customer: Gen Z.”

And while the concept is fairly similar to a number of other resale platforms, the audience isn’t: “90% of Depop’s users are under the age of 26,” the story said, noting that the “company’s mission is to empower these shoppers to disrupt the fashion industry and give them the chance to become entrepreneurs.” And it’s working: the company said that “some Depop sellers can pull in as much as $300,000 a year on the app.”

At the same time, the app is also helping satiate the “thirst for newness that previously would have sent consumers into the arms of fast-fashion retailers,” which is great for myriad reasons.

And for those wondering, Depop is reaping the benefits too — not only are they processing thousands of transactions at a 10 percent service charge, they’ve also got a stupid data set for sale.

“We have access to millions of young people in the UK and US and what they are searching for and what they want,” one executive said, which has lead to its community “identifying trends two to three months before they hit mainstream fashion,” data Depop is “not averse to sharing.”

I, for one, welcome our new Cool Teen™ overlords.

You can read more about it at Business Insider.

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