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Read: Best Retail Companies To Work For 2017: Top 5 Apparel And Home Goods Companies Among the reports key findings, ThredUps Resale Report charted the growth of resale. The secondhand apparel industry is said to be worth $18 billion accounting for both online and offline and is estimated to reach $33 billion by 2021, according to ThredUp. thredUP1 More ThredUp releases its Annual Resale Report for 2017. Photo: Courtesy of ThredUp When it came to purchasing secondhand online and onsite, online resale was a preferred option for shoppers, growing four times faster than offline thrifting. So what are resale shoppers purchasing? The report revealed that shoes, clothing and apparel accounted for 49 percent of purchases, while books accounted for 14 percent and electronics were 10 percent. Finally, when it came to reigning resale trends, the report looked at specific categories: The fastest-selling category was footwear, while the fastest growing category was active wear. The report also covered resale interest by age group. Compared to Baby Boomers and Generation-Xers, millennials and mature women were both of the likely age groups to purchase secondhand.
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The company sells apparel, footwear and accessories for men and women targeting the millennial consumers. Abof's goal is to provide a highly convenient and distinctive customer experience, driven by a strong technology backbone and 100% curated merchandise. In a first for India's retail market, abof customers can use natural language questions within abof's enhanced eCommerce platform to receive greater personalization and product recommendations. With this new discovery tool, shoppers can now interact and ask natural language questions about abof's unique product assortment, and then receive custom responses to their inquiries. For example, a customer could type, "where can I find a red floral dress?" or type a combination of price and product inquiry such as, "show me black shoes below INR 2000." These inquiries are recognized and understood by the system on abof's website to recommend top matches to the shopper. The customer engagement is conducted through a simple question and answer interface leveraging Watson's Natural Language Classifier , as well as Retrieve and Rank delivered on the IBM Cloud . IBM Global Business Services and IBM Research worked with abof to introduce the service and help create a more engaging and intuitive shopping experience for customers. "The business of fashion has experienced extreme change in recent years," said Prashant Gupta, President and Chief Executive Officer, abof.com. "Our aim is to create seamless and convenient shopping experiences for our customers in the digital world.
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