The Resale Revolution: A Wake-Up Call for Higher Education

A recent study by Depop, a secondhand fashion marketplace, has shed light on a phenomenon that should concern educators and policymakers: young people are learning more about business from selling their unwanted items online than they did in college. This highlights the shortcomings of traditional higher education.

The research found that 85% of hiring managers believe candidates who have successfully run an online reselling business possess more practical skills than those who graduated from a college program. Running a resale account requires developing essential business acumen, including pricing strategy, sales, budgeting, and customer service.

Employers value this type of experience over traditional internships or retail jobs. When asked what would most impress them in an entry-level candidate, 65% pointed to resale experience compared to just 46% who said the same about internships. This shift towards skills and personality over credentials should be a wake-up call for higher education institutions.

For years, universities have prioritized academic research and theory over practical skills and entrepreneurship. As a result, graduates are entering the workforce unprepared for modern business demands, lacking basic skills like speaking up in meetings, conducting presentations, and communicating professionally. Hiring managers prefer candidates with relevant experience to those with degrees.

The trend has far-reaching implications. With more graduates struggling to make ends meet, owing thousands in student loans, the notion that a degree is key to success is being eroded. A third of graduates now admit their degree wasn’t financially worth it, leaving many unable to save for a first home or retirement.

However, the resale revolution offers hope for young people seeking alternative ways to develop skills and gain valuable experience. By using online platforms like Depop, they can build a portfolio of transferable skills prized by employers. Peter Semple, CEO of Depop, notes that “resale is recognized as experience worth including on a CV.”

This trend raises uncomfortable questions about the role of higher education in preparing students for the workforce. Are universities doing enough to equip graduates with the skills and knowledge they need to succeed? Or are they perpetuating a system that prioritizes academic credentials over practical experience?

While some colleges and universities are innovating, others remain stuck in their ways. It’s time for educators and policymakers to take notice of this shift towards skills and personality and rethink the way we approach higher education.

As the job market continues to evolve, traditional degrees will no longer be the only ticket to success. The resale revolution offers a glimpse into a future where experience and skills matter more than academic credentials. It’s time for us to catch up.