Based on the information provided in the press release, Zara is set to leverage Stripe Connect to move funds between buyers and sellers of pre-owned Zara products.
With Zara Pre-Owned, the retailer looks to provide its customers with a simple resale opportunity to extend the lifetime of their products. Owners take pictures of their unwanted Zara products, following which they are cross-referenced with Zara’s product portfolio, offering potential buyers detailed information on the items they are looking to purchase. What is more, the platform also provides Zara’s customers with separate sustainable choices, such as the option to donate their clothes or request a repair.
The announcement details that Stripe Connect enables Zara to embed Stripe’s global payments platform directly into the Zara Pre-Owned marketplace, offloading all payments-related requirements onto Stripe, while simultaneously keeping the customer experience entirely Zara branded. As of now, Zara Pre-Owned is available to UK-based customers, with the press release highlighting that it is set to expand across other European markets within the second half of 2023.
When talking about sustainability, the news highlights that on average, only 8.6% of the materials extracted from Earth are returned to the economy to be reused. Based on the World Economic Forum calculations, the transition to increasingly sustainable models is expected to generate USD 4.5 trillion of additional economic output by 2030, supported by a change in consumer and retailer habits of the likes of pre-owned marketplaces.
Commenting on this, Eileen O’Mara, head of global sales at Stripe advised that sustainability in retail is finally receiving the deserved attention to help with protecting our planet, and the company is looking forward to partnering with Zara and assisting it in this mission.
Stripe kicked off 2023 with a multitude of developments, ranging from partnerships to product updates and launches. Its most recent announcements mark the May 2023 collaborations with Airbnb, WhatsApp, and Uber.
The collaboration with Airbnb sought to enable the latter’s guests to leverage Stripe Financial Connections and add bank accounts as a payment method for future bookings. The WhatsApp partnership focused on allowing Singapore-based users to leverage the app for in-chat payments, meaning that customers and businesses alike were provided with the option to buy and sell in WhatsApp without having to go to a website, open a different app, or carry out the payment in person. The Uber partnership looked to better payments for the ride-hailing app by decreasing payment costs and offering Uber Rides and Uber Eats customers flexible payment methods.
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