The #GROWTH Story of Poshmark

Studying Time: 4 minutes

Poshmark stands out as a beacon of innovation and success in right now’s ever-evolving E-commerce panorama. With over 80 million clients 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 Knowledge 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 knowledge, 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 keep stock. By way of its distinctive interface, Poshmark facilitates sellers to achieve out to a a lot bigger buyer base than they’d usually have the ability to. This enterprise mannequin makes it needed for the model to take care of a detailed relationship with its sellers and consumers.

Aside from Poshmark’s bi-directional market features, the model focuses on nurturing communities and forging relationships with consumers and sellers, generally known as ‘Poshers.’

There’s additionally an emphasis on social elements, i.e. consumers can actively interact with sellers by means of varied options, similar 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 staff deal with enabling the ‘journey of discovery’ for each buyer teams.

Which means she and her staff aren’t simply tasked with 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 accomplished each 
• Whether or not the client is aware of the method of changing into a vendor 
• Whether or not the client/vendor is aware of Poshmark is a social market

Poshmark’s Distinctive Challenges With Knowledge Administration

Poshmark’s bi-directional market mannequin presents distinctive challenges for the info engineering staff, similar to:

• Differentiating the listed objects, as the identical merchandise might be on sale by a number of sellers 
• Figuring out distinctive traits, journeys, and knowledge factors for every of the shopper teams, i.e., the consumers and sellers
• Making all the info factors actionable for the advertising staff  

The Symbiosis of Knowledge and Advertising

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

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

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

What the Future Holds for Poshmark: Generative AI and Past

Poshmark is at the moment navigating an experimental section with AI whereas double-downing on retention. They launched “Posh Lens,” a user-friendly function enabling product searches by means of photographs. This innovation has helped streamline the shopper journey, making it extra intuitive and environment friendly.

When introducing a brand new AI device, we take into consideration what we need to add and why, the way it will assist our finish clients, 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 Knowledge Engineering

Key Takeaways for Entrepreneurs Embarking on AI Journeys

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

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

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

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

Listed below are some recaps and recordings of different insightful periods 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 means of Storytelling, Insights, and Knowledge

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

• The Digital Evolution of Publishers Clearing Home

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