Vinted: The rise of a second-hand unicorn
1. The second-hand revolution
Discuss these questions:
- Have you ever bought or sold second-hand clothes or items online? What was your experience?
- What platforms or apps for buying and selling used goods are popular in your country?
- Why do you think buying second-hand items has become so popular in recent years?
2. Key business vocabulary
Drag the terms from the word bank to match them with their correct definitions. These words are from the video you will watch later.
3. Video: The Vinted story
Watch the first 2 minutes and 24 seconds of the video about Vinted and fill in the gaps below.
Vinted is a startup that specializes in the of clothing. They've come to really the sector within Europe. Their business model is focused on only charging buyers fees, making it free for sellers to operate. This strategy is creating a new market by making it and super easy to sell and buy second-hand clothing. The global resale market has boomed, partly driven by the cost of living and a in how people want to shop. Consumers are more interested in sustainability and having a unique look, and Vinted has been able to these trends.
4. Comprehension check
Based on the video, choose the best answer for each question.
1. What is Vinted's primary business model regarding fees?
2. According to the video, what is one major reason for the boom in the resale market?
3. How did the current CEO first get involved with Vinted?
5. Grammar focus: Present perfect vs. past simple
We use the Past Simple for actions completed at a specific time in the past (e.g., yesterday, in 2016). We use the Present Perfect for past actions with a result in the present, or for experiences at an unspecified time.
Choose the correct tense based on the video:
1. Vinted _____ in operation since 2008 and has had a few different iterations.
2. The current CEO _____ Vinted as a consultant in 2016.
3. In recent years, the global resale market _____ significantly.
4. He _____ to Lithuania to help out for 5 weeks, but that escalated into him becoming the CEO.
5. The company _____ its business model to make selling free, which attracted more users.
6. Vocabulary in context
Complete the sentences using the vocabulary from the first exercise.
1. To be successful, a new needs a solid business plan and enough funding.
2. The company hopes to the market with its innovative new product.
3. Before investing, we need to ensure the project is commercially .
4. Many businesses are trying to the growing trend of sustainable products.
5. Small businesses can in a supportive community with loyal customers.
6. Apple has created a powerful of hardware, software, and services that keep users loyal.
7. Grammar focus: Conditionals for business strategy
We use conditionals to talk about hypothetical situations.
Second Conditional (if + past, would + infinitive): for present/future unreal situations.
"If we offered free shipping, we would attract more buyers."
Third Conditional (if + past perfect, would have + past participle): for past unreal situations.
"If Vinted hadn't made selling free, it wouldn't have grown so quickly."
Choose the correct conditional form:
1. If the company _____ its fees on the sellers, it might not be as popular today.
2. If you _____ a new startup now, what industry would you choose?
3. Vinted wouldn't have thrived if consumer attitudes towards sustainability _____.
4. If we _____ more in marketing, our brand _____ more recognizable.
8. Discussion: Business model analysis
Discuss these questions with a partner:
- Vinted made it free for sellers and started charging buyers a fee. What are the pros and cons of this model compared to eBay's model of charging sellers? Which do you think is better for growth?
- The video mentions "cost of living" and "sustainability" as key drivers for Vinted's success. What other factors might be important for an e-commerce company today?
- The CEO talks about building an "ecosystem of businesses" (marketplace, shipping, payments). Why is this a powerful strategy? Can you think of other companies that have a successful ecosystem?
