Company-Controlled vs. Seller-Controlled Resale Platforms: Consumer Trust, Risk, and Purchase Intention in Circular Fashion

The rapid rise of fashion resale platforms has created new pathways for sustainable consumption, yet little research has compared how different governance models, company-controlled versus seller-controlled, shape consumer trust and purchasing behavior. This study addresses that gap by applying the Stimulus–Organism–Response (SOR) framework to examine how information precision, authenticity, and risk aversion influence consumer trust and purchase intention within circular fashion markets. Drawing on an experimental design with 524 U.S. consumers randomly assigned to each platform type, multi-group structural equation modeling reveals that the three stimuli significantly enhance trust, which in turn drives purchase intention. Risk aversion exerted stronger effects in company-controlled contexts, whereas trust translated more directly into purchase intention on seller-controlled platforms. Theoretically, the research extends SOR applications to sustainability by identifying trust as the psychological bridge linking platform design to circular consumption. Practically, it offers actionable guidance for brands and peer-to-peer platforms on authentication, information transparency, and risk-reduction strategies that strengthen consumer confidence and promote environmentally responsible resale participation. The findings advance understanding of how governance structures can accelerate sustainable fashion retailing and contribute to the circular economy.