The #GROWTH Story of Poshmark

Studying Time: 4 minutes

Poshmark stands out as a beacon of innovation and success in in the present day’s ever-evolving E-commerce panorama. With over 80 million prospects and 200 million listings, this bi-directional social market seamlessly caters to patrons 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 exceptional 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

In contrast to conventional E-commerce platforms, Poshmark is a market that harmonizes the wants of each patrons 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 succeed in out to a a lot bigger buyer base than they’d usually have the ability to. This enterprise mannequin makes it obligatory for the model to take care of a detailed relationship with its sellers and patrons.

Other than Poshmark’s bi-directional market features, the model focuses on nurturing communities and forging relationships with patrons and sellers, often known as ‘Poshers.’

There’s additionally an emphasis on social features, i.e. patrons can actively interact with sellers by way of varied options, corresponding to following sellers’ closets, liking gadgets, sharing, and commenting. These interactions allow sellers to discern patrons and their preferences.

Constructing Buyer Journeys at Poshmark

Other than enabling relationships between patrons and sellers and getting “patrons within the door,” Katie and her workforce give attention to enabling the ‘journey of discovery’ for each buyer teams.

Which means she and her workforce aren’t simply tasked with taking a look at single buyer journeys, additionally they have to take 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 carried out 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 Knowledge Administration

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

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

The Symbiosis of Knowledge and Advertising and marketing

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

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

You have 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 end result you need fairly than how you need it carried out. 
– Katie Lay, Sr. Director of Retention Advertising and marketing at Poshmark

What the Future Holds for Poshmark: Generative AI and Past

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

When introducing a brand new AI instrument, 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 Knowledge Engineering

Key Takeaways for Entrepreneurs Embarking on AI Journeys

Listed here 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 resolve an actual function as a substitute of appearing like a superficial layer. 
2. Take time to know your knowledge earlier than you implement an AI instrument. Guarantee the information is clear, standardized, processible, constant, and unbiased. 
3. At all times hold buyer privateness on the core. Particularly if you undergo this knowledge cleanliness course of, make sure you take away any personally identifiable info and different delicate info. 

Knowledge hygiene and cleanliness is a very powerful step for any AI answer. Earlier than you embark in your AI Journeys, perceive your knowledge 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 Knowledge Engineering

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

Listed here 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 Knowledge

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

• The Digital Evolution of Publishers Clearing Home

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