The #GROWTH Story of Poshmark

Studying Time: 4 minutes

Poshmark stands out as a beacon of innovation and success in at present’s ever-evolving E-commerce panorama. With over 80 million prospects and 200 million listings, this bi-directional social market seamlessly caters to consumers AND sellers (whereas sustaining zero stock!). 

To unravel the secrets and techniques of Poshmark’s success, we sat down with Katie Lay, Sr. Director of Retention, and Aziz Vahora, Director for Development Information Engineering at Poshmark, at our first-ever #GROWTH Summit in NYC. 

Main the dialogue, Rachel Bergman, GM – North America at MoEngage, explored the distinctive roles of Katie and Aziz at Poshmark and the outstanding methods they leverage information, cross-functional collaboration, and AI to raise buyer expertise at Poshmark. 

Let’s dive into the important thing takeaways from this enlightening dialogue:

Poshmark’s Distinctive Enterprise Mannequin

Not like conventional E-commerce platforms, Poshmark is a market that harmonizes the wants of each consumers and sellers. It acts primarily like a secondhand re-seller, which doesn’t preserve stock. By way of its distinctive interface, Poshmark facilitates sellers to succeed in out to a a lot bigger buyer base than they might usually be capable to. This enterprise mannequin makes it obligatory for the model to take care of an in depth relationship with its sellers and consumers.

Aside from Poshmark’s bi-directional market capabilities, the model focuses on nurturing communities and forging relationships with consumers and sellers, often called ‘Poshers.’

There’s additionally an emphasis on social points, i.e. consumers can actively have interaction with sellers by way of numerous options, akin to following sellers’ closets, liking objects, sharing, and commenting. These interactions allow sellers to discern consumers and their preferences.

Constructing Buyer Journeys at Poshmark

Aside from enabling relationships between consumers and sellers and getting “consumers within the door,” Katie and her group deal with enabling the ‘journey of discovery’ for each buyer teams.

Because of this she and her group aren’t simply tasked with taking a look at single buyer journeys, in addition they have to have a look at:

• Whether or not or not a vendor has listed an merchandise on {the marketplace} earlier than
• Whether or not or not somebody is promoting 
• Whether or not or not somebody is shopping for 
• Whether or not somebody has finished each 
• Whether or not the customer is aware of the method of turning into a vendor 
• Whether or not the customer/vendor is aware of Poshmark is a social market

Poshmark’s Distinctive Challenges With Information Administration

Poshmark’s bi-directional market mannequin presents distinctive challenges for the information engineering group, akin to:

• Differentiating the listed objects, as the identical merchandise could possibly be on sale by a number of sellers 
• Figuring out distinctive traits, journeys, and information factors for every of the client teams, i.e., the consumers and sellers
• Making all the information factors actionable for the advertising and marketing group  

The Symbiosis of Information and Advertising and marketing

The session highlighted the robust partnership between Katie and Aziz’s group, which is the linchpin of Poshmark’s success. Their collaboration ensures that information drives advertising and marketing efforts with precision. 

Elaborating on cross-functional collaboration, Katie emphasised the necessity for advertising and marketing groups to border issues reasonably than pre-determining options whereas permitting information to steer decision-making. 

It’s essential to deliberately construct these sorts of cross-functional relationships [in the organization]. Advertising and marketing’s job is to border the issue, not the answer, and to border the result you need reasonably than how you need it finished. 
– Katie Lay, Sr. Director of Retention Advertising and marketing at Poshmark

What the Future Holds for Poshmark: Generative AI and Past

Poshmark is presently navigating an experimental section with AI whereas double-downing on retention. They launched “Posh Lens,” a user-friendly characteristic enabling product searches by way of pictures. This innovation has helped streamline the client journey, making it extra intuitive and environment friendly.

When introducing a brand new AI device, we take into consideration what we wish to add and why, the way it will assist our finish prospects, the way it will change their journey, and the way it will make it extra seamless by eradicating a step from that journey. 
–  Aziz Vahora – Director of Development Information Engineering

Key Takeaways for Entrepreneurs Embarking on AI Journeys

Listed below are some greatest practices for entrepreneurs coping with AI options, mentioned throughout the session: 

1. Incorporating AI into your product/service ought to really feel pure and resolve an actual goal as an alternative of appearing like a superficial layer. 
2. Take time to grasp your information earlier than you implement an AI device. Guarantee the information is clear, standardized, processible, constant, and unbiased. 
3. At all times maintain buyer privateness on the core. Particularly whenever you undergo this information cleanliness course of, make sure you take away any personally identifiable info and different delicate info. 

Information hygiene and cleanliness is a very powerful step for any AI resolution. Earlier than you embark in your AI Journeys, perceive your information and guarantee it’s clear and standardized. Standardizing the information permits your AI to course of it rapidly and cost-effectively, producing a constant and trackable output. 
–  Aziz Vahora – Director of Development Information Engineering

That’s all from our dialogue with Poshmark! We hope you’ve gotten some worthwhile insights to remove from the session. 

Listed below are some recaps and recordings of different insightful classes that we had at #GROWTHSummit NYC :

• Buyer Journey to Nowhere: The Humorous Facet of Buyer Engagement With Marketoonist

• Driving Buyer Engagement With Hyper-personalization and Automation

• Delivering Immersive Experiences by way of Storytelling, Insights, and Information

• Constructing the Trendy MarTech Stack: The Ins and Outs, and the Function AI Will Play

• The Digital Evolution of Publishers Clearing Home

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