Swap.com
TypePrivate
IndustryConsignment
FoundedAugust 2012 (August 2012) in Woodridge, Illinois[1]
Founders
  • Juha Koponen
  • Jussi Koskinen
Headquarters
Downers Grove, IL[2]
,
United States
Key people
  • Antonio Gallizio (CEO)
  • Juha Koponen (Co-founder & Chief Data Scientist)
  • Jussi Koskinen (Co-Founder & Chief Technology & Product Officer)
[3]
ProductsPre-owned Baby, Kids’, Maternity, Men's and Women’s Clothing and accessories[3]
Websiteswap.com

Swap.com is an online thrift and consignment store offering pre-owned baby, kid's, maternity, men's and women's apparel and accessories. The company operates out of the Chicago suburb of Downers Grove, Illinois[4] with a fulfillment center based in Rocky Mount, North Carolina.

Sellers price their own items and Swap.com handles the fulfillment and returns process for items sold. [5][6]

Company

Swap.com is a platform for buying and selling used items. Sellers send their items to the Swap.com fulfillment center in Rocky Mount, North Carolina. After checking the items for quality, Swap.com individually packages holds the items in their warehouse for sale to a shopper on the platform. Swap.com charges a service fee of $1.50 + 30% of the selling price of each item, as well as a $11.99 per box inbound fee for processing and listing items that are sent to its logistics center.

The service started in late 2012 when Netcycler Inc. acquired Swaptree, operating on the Swap.com domain. The company closed Swaptree and launched what is now Swap.com in 2013 in 12,000 square foot facility in Addison, IL and relocated to a 67,000 square foot facility in Bolingbrook, IL in 2014, and in September 2015 relocated to a larger 360,000 square foot facility in Bolingbrook.

In March, 2014, Swap.com launched a women's apparel service with 25,000 women's apparel and accessory items, and launched men's apparel in June 2016. The service is now the largest online consignment retailer with more than 2,000,000 items available for purchase.

In 2019, Swap.com reported an overall turnover of $15 Million. The company is growing with an average quarterly growth rate of over 30 percent, which is expected to continue. [7]

On 17 February 2023, Eagle Filters Group, a company holding a 15% stake in the firm, wrote down its book value of Swap.com shares to zero.[8]

References

  1. ↑ "European Swapping Site Netcycler Confirms Acquisition Of U.S. Rival Swap.com; Launches New Service For Parents To Offload Kids' Kit". techcrunch.com. Retrieved 17 August 2015.
  2. ↑ "Swap.com". linkedin.com. Retrieved 17 August 2015.
  3. 1 2 "About Swap.com". swap.com. Retrieved 17 August 2015.
  4. ↑ Kirsner, Scott (September 5, 2012). "After spending more than $11 million, Boston-based Swap.com acquired by Finnish startup for undisclosed amount". Retrieved 4 December 2014.
  5. ↑ Vantz, Ashlee (2006-05-24). "Six startups from the Web 2.0 swamp". The Register. Retrieved May 20, 2009.
  6. ↑ Copeland, Michael V. (2006-05-11). "The eBay of swap, but better". CNN. Retrieved May 20, 2009.
  7. ↑ "Swap.com, a Finnish 'Amazon for second-hand', is quietly taking over the US - Business Insider Nordic". nordic.businessinsider.com. Archived from the original on 2018-03-31.
  8. ↑ "Eagle Filters Group to record impairments of approximately EUR 2.3 million related to its Venture Holdings". 17 Feb 2019. Retrieved 13 Apr 2023.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.