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Social and participatory fashion commerce mobile and online with Poshmark…
Manish Chandra (Founder and CEO – bio) and Tracy Sun (Co-Founder, VP of Merchandising & Strategic Initiatives – bio) for Poshmark (a mobile and online marketplace for primarily women’s fashion), join Pavan Bahl, Marc Raco, and guest host Liz Bacelar on location in Las Vegas for Shoptalk 2017. This episode is powered by Olapic.
Seller/stylists, connecting to fashion pieces, and participatory commerce
Chandra and Sun share why Poshmark is a mixture reflective of part Facebook, part gaming company, part eBay, part Nordstrom, and part Zara, and how it exceeds the size of most retail chains in America. The surprising activity of the Poshmark community users, opening the app an average of 7-9 times daily. How anybody can buy/sell with a huge focus on social, Poshmark’s more than 2 million seller/stylists, and that fashion brands can partner with Poshmark. The beginning of Poshmark, realizing connecting to customer is difficult. How the seller stylist is the last bridge, creating a wide range of ways the product can be used, and transforming the brand in a live way. Inventory transformed and styling different ways allows customers to connect to that piece, how Poshmark is participatory commerce instead of social commerce, not focused on excess fashion.
Being everywhere, consumers as sellers, and the heart of Poshmark
A user base of mostly women, with men a more recent addition, Poshmark as a broadly distributed opportunity with many stylists in almost every US zip code. Conversations within the app drive a lot of activity and engagement, 75% of business comes from repeat business, “Posh Now” finding favorite faces on Poshmark, Posh Parties, and what it meant when the Poshmark team realized that when they focus on people they win. More than 100 brands, leveraging consumer to be the seller, and looking at a physical experience for Poshmark (pop ups?). How introducing the notion of sharing to make inventory fresh was derived from prior media experience, the consideration of concerns of it making things get noisy, and how it has become the heart and a great source of discovery and customer acquisition.
Discipline, what might be next, and grit and gut
Working on getting people to walk into conversations already happening, looking to expand into beauty and home, and how it takes time. It’s working like a machine, being disciplined, knowing your business and that you are at a proverbial tipping point, surrounding yourself with great people, the possibilities of drop ship, Rebecca Minkoff on Poshmark, and a dream brand partnership. Off the Grid Questions cover grit, gut, Tinker Toys and Walkman, team conflict and the stress of shelving great ideas.
References:
Tracy Sun [Episode 42]
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