August 18, 2022 I Technology
Sweetwater Launches Gear Exchange Platform
On July 15, Sweetwater launched Gear Exchange, an online marketplace that connects those looking to buy used musical gear with those selling it.
The marketplace, which only features used listing, boasts a wide range of gear — from guitars and synths to percussion and horns to mics and DJ equipment.
Making the platform stand out from other is its zero processing fee when a seller chooses a Sweetwater gift card as their payout.
“This boosts the seller’s buying power,” said Andy Rossi, vice president of Gear Exchange. “Someone can sell their used guitar on Gear Exchange, which creates a gift card, and then they can replace that used guitar with a new guitar on Sweetwater.com. It’s a circular environment, and the first in the industry. It’s trade in and trade up, basically.”
For those wanting their payout in cash, there’s a 7.5% fee, which includes processing.
In addition to the gift card option, Gear Exchange offers multi-layered fraud protection for both sellers and buyers with a team monitoring the platform to ensure all listings are genuine, photos posted are of the actual product for sale and all buyers get exactly what they ordered.
While the platform isn’t open to MI retailers selling used gear on the site yet, Rossi said that the Gear Exchange team is looking at other ways to expand the platform.
“Response has been fantastic,” Rossi said. “We’re adding sellers and inventory everyday, and we’ve been getting inquiries from all corners of the market — from artists to press to retailers.”
As for what’s currently selling on the platform, Rossi said the trends of the industry in general are also reflected on Gear Exchange.
“We’ve been seeing lots of guitars and amplifiers selling well, just like in the industry as a whole,” he said.
