YouSaid · the spoken record

Tracy Sun

lines on the record: 64
first: 2021-03-30
most recent: 2021-03-30
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Our data does not predict that. I can conjecture not from data that just like anything else in our daily life post-pandemic world is going to look nothing like the pre-pandemic world and is going to look nothing like the pandemic world. And it's going to be some sort of weird hybrid of both. It's such a interesting time for us to live through such a year plus of I don't even know what to call it, like a complete upside down, like everything got changed to the point where I don't think things are going to go back, right? Like the shift to online that was already happening and exploded during the pandemic, it's not going to go back, right? Some sort of hybrid is going to happen. And this is where, you know, innovation is really possible.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“We also saw some strengthening of brands that are already popular but became more popular. So I'm talking about for women, Lululemon, Nike for men, Nike and Adidas. So that was a lot of the pandemic stuff. I think what's really interesting is now we're getting into a phase where the data is changing again. And so what do I mean by that? We're seeing searches for bathing suits go up, summer dresses, jean shorts. And to me, what this means is people are, that's not athleisure, right? That's not hunkering down type of consumer behavior. That's a bit more optimistic. That's like, oh, I might be able to go to a beach this summer. So I want bathing suits. I want dresses because I might be able to be much more social again. And so what I'm reading into the Data is just a lot of optimism in our shoppers.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Don't love the fact that we've gone through a pandemic, but I am a bit of a data junkie. And, you know, I started my career in data and neuroscience. Like, how does data show human behavior? And so this is such a fascinating topic because we did see shifts in our data based on what everyone was going through. And we're commerce, right? So we didn't see really the data of everything that's going on, but we did see how at least this pandemic changed the way people are shopping. So some trends that we saw, we saw a decline in luxury shoes and handbags. Decline in everything makes sense, right? We saw a decline in dresses. We saw an astronomical increase in home goods and athleisure and oddly jewelry, right? And I attribute that to Zoom. It's like you want earrings”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Have. In fact, we worked with Goodwill last year and during the pandemic, we helped them distribute boxes from their physical store. They actually came to us and said, how do I bring my stuff online to your sellers? So we helped them distribute their product to the Poshmark community.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“I think it's a net positive to be able to support a local thrift store and to go in and provide liquidity for something that is not currently being used. And so as things distribute from a physical store to online distribution, I think it would be really interesting to think through how we can evolve as a system to see that as a positive to increase distribution and finding homes for items is a net positive end result. So the more we can innovate and help everyone thrive in that type of system, the better.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“When I think about thrifting to me, that's a very positive consumer behavior. I love how shoppers are embracing secondhand and that we are spending more time thinking about our sustainable choices. And the more we can do that, I think it's better to not waste what's out there and to continue to value what we have”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“It's true. We're finding things right. We're finding things we might not have found before. And so it's enough of a positive result for us to say we need to continue this work and we need to invest in what we're seeing is the smarter we get, the smarter other people get. And so you have to be committed to really fighting this battle in order to stand a chance. And so we have to. What we're seeing is that if we don't pay attention to this, it can really, you know, like I said, it's a violation of our values. And that's the most important thing is to create this safe place where people can connect and transact. So yes, we're very focused on it. It's working, but it by no means it means that, oh, it's working. We can stop investing. We have to continue to invest in this area for sure.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“In the most is really seeing how technology can help us. So we're using machine learning and rules-based detection algorithms that help to go out into our marketplace and proactively identify anything that might be suspicious or in violation of our policies.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“So, when we think about content moderation or any other topic, we really start from a place where we're committed to ensuring that our marketplace reflects something reflects our values and the values of the community we serve. And we start from that place as we've scaled our content moderation strategy is something we've put a lot of time and energy into, as you're alluding to. The first thing we do is we really harness the power of our community to help us. It's a growing problem. And as you grow, it grows. So what we do is we enable our community to flag any items that they think might violate our policies or our values. And then we have a team that monitors those flags and resolves them. So it's a three-prong approach. It's community. We have a team. And the third, which is the place we're innovating.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“How do I be part of this solution? Whereas in the early days, it might have just been moderation. I think the future of working with brands is really bright in a way where we can combine forces and figure out how we can really help their customers connect with the brand more.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“In the world of content moderation, if any brand big or small flags for us that were in some way violating any of their trademark policies, we take that very seriously and work with them. So our relationship has been positive even from a content moderation standpoint or like a trademark standpoint. On the flip side, I think what we're seeing is a shift as we grow and as online is becoming more important and resale is becoming more important and our engaged community is thriving. We're actually seeing a whole bunch of inbound interest from brands on a positive note. Oftentimes we're seeing that the brand's community on Poshmark is one of their largest online communities ever. So we're getting a lot of inbound interest saying, hey, how do I?”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“So, whatever the situation might be, and let them know that this is a problem, you know, fill in the blank and we expect something to be corrected. And if it's low urgency and the problems get resolved, it could end there. But there are instances where a team does get on the phone with a buyer or seller and really talk to them and try to understand this is a repeated problem. It's now escalated, what's going on. So we do have a team that reaches out and talks to people because sometimes you can't tell in the data what's going on. And in an extreme case, we will cut a seller off or a buyer off if they're violating our guidelines.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“you There's infinite combination of things that sellers can do where they start to sometimes slowly, sometimes quickly provide a terrible buyer experience. And we have a team of people that focus on that and created nuanced schedules of how we might deal with that. So an example is someone who ships slow has a different course of action versus someone who is violating our community guidelines, right? Like we have, we think one is tolerable and can be rehabilitated. The other one is such a terrible experience for our community that we have less tolerance for it. So each of these instances have different courses of action, but generally what can happen is once we sense that it has hit some sort of threshold, we will reach out to the buyer or the seller.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“No, we post any comments as love notes that were published by buyers and gave a five-star reading out of five, right? Now, if someone's giving a one-star rating and they post a comment, we don't expose it, so we don't penalize the seller. But internally, we use all that data to make sure that the buyers are having a positive experience. And so if we have a seller that's misbehaving or not providing the customer service that we would like, we can take corrective action, but we do it behind the scenes.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“They leave a comment like, Wow, I love this seller. She gave me some freebies and she was super fast shipper. I'll buy from her again. What we do is we post that comment to the seller's page and we call it a love note. And so what happens is these are just positive comments that people are leaving. So you can go to any seller's page on Poshmark and just read all of their love notes that were given by people who shopped with them.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“In a lot of other sites, you filter, or the sellers who have the most five star ratings, they get preferential treatment. And as a buyer, why wouldn't you want to gravitate towards those sellers? It guarantees a certain level of they're going to ship, they're not going to steal by money or whatever. At Poshmark, what we have is we collect ratings on every sale. So we know if a buyer has complained about slow shipment or product quality or something like that, but we don't expose it to the marketplace. What we expose is if a buyer gives us a seller a five-star”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Think when you're trying to build a community of sellers, we were very intentional to try to create a world where anyone can enter today to become a seller and really have a great selling experience. You can imagine over time, and this happens in other places where over time the sellers who are high volume and do really well tend to dominate the entire platform because they have a million five-star reviews and they filter to the top and all these things. And so we do want our high volume sellers to succeed and we want to create a world where anyone can start selling today and be successful. So that's been something we've intentionally thought about from the beginning. An example of something we might that we've done a little bit differently to help manage that tension is how we approach reviews. So like I mentioned,”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Attention to your sellers, they have a preceding track record. There's an element of this that Instagram creators don't have like star rankings. eBay merchants do wear on the spectrum of that are you keeping track of your your sellers”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Seller who has a pristine track record and then all of a sudden they make a human error which happens. We can see their history and factor that into our decision making and our systems do that as well.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“And it's just such an honest mistake for a busy person who's trying to ship packages. So it would create such havoc in the early days because we'd have to track down this package and track down that package. And now everything is automated. So we actually have built it into the flow where the seller can say, oops, I swapped a package and then automatically our system takes care of it. We auto generate emails to the respective buyers with an apology. And in that email is a label that's prepaid, pre-addressed. So all that the buyer has to do is put it on. And in the cases of, in any case where there's any sort of like bad buyer experience or bad seller experience because everything is centralized and managed by poshmark, we can pay attention to our levels of service for various people. And so we know when someone's”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“That's right. So I'll give you an example of something that we've had to deal with that no one else would have to deal with, right? So early on, we would realize that people would, you know, oftentimes you come and you engage with people and then you go away. But that engagement often leads to a sale. So you answer questions about how it fits. You do some price negotiation, whatever. So as what you find is that especially for casual sellers, their sales can come together in one day, right? So what we would see is people would make like three or four or five sales in one day and they might by accident swap the labels, right? So they would send the wrong thing to the wrong person. It would go across the country and we would get our customer service team would get an email and be like, I didn't order this. And then simultaneously someone on the other side of the country would be like, I didn't order this.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Processing if there's a problem with an item and a buyer's not happy, we take care of that. So there's a lot of not so fun logistics things that our team has solved. And then how we do it, honestly, is we understand it. We put people on it, but then because at the end of the day, we're a software company, we create software to help make it more efficient for us so we can scale.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“To their stores from other social networks, and that's just good for them. They're practicing good customer acquisition strategies. However, we do have millions of buyers on Poshmark as well. We take care of shipping through a partnership with USPS so that as a seller makes a sale, they just have to print out the label. And it's already been paid for and it's already been pre-addressed. They just put it on and it's priority mail so it gets there super fast to their buyer. We take care of all customer service disputes and we protect both the buyer and seller through a posh protect program. So there's just a whole bunch of the world of chargebacks, for example, is a very painful reality for a lot of sellers out there in the world. And our sellers do not really know what a chargeback is because we take care of it. We take care of all credit.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“We take 20% of each sale and getting started on Poshmark is completely free, opening up your store, engaging with people, building your following. So the key to Poshmark is as more and more people discover you in your store and they follow you, your reach gets bigger and bigger. So building that reach is part of the Poshmark experience. And the only thing we monetize right now, if you're successful, we take a cut. What's included in that, a whole host of things. So starting from store setup, you set up your store, your catalog, all of that is managed and included. We maintain a growing community of shoppers. So like I said, you don't need to drive traffic to your store unless you want to. We have a whole bunch of sellers who organically drive traffic.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“I think we tend to gravitate towards the things we enjoy, especially if you spend that much time doing it. So I have to imagine people who create content on YouTube love creating content, video content. And like you said, you're not one of them. I'm not one of them.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Do that in fashion who rents a store because freshness is what drives the shoppers in and talking to your customers is what converts them. So I don't think the analogy is exactly the same. But having said that, once you set up your store, so for example, this boutique seller, she has her store going. Now it's about, I'd say less about running the store and more about talking to people who come in and converting them. And then that's where the energy goes. If you have a past customer who comes in again, being able to say to them, hey, you bought this size last time, do you want to buy the same thing in a different color? Or I think this necklace would go great with it. Those are the things that really were the energy and attention make sense. And that's just very much part of commerce. I think what's really great about that type of energy is typically for people who love, I mean, the people who”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Well, in the world that we see today, it is possible for like a boutique seller who has a store to put up fifty listings and kind of let it run itself. I don't think that's great merchandising strategy and I don't think anyone would.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“When you get to a place where you're running, I mean, there's such a difference on Poshmark. We have some sellers who have twelve listings, right? And then we have some sellers who have 12,000 listings. And what's required to run these two stores is vastly different. And if we can segment our sellers and really look at each persona and say, okay, the person who has 12 listings, they need this. And let's keep going on that. But the person who has 12,000 listings, they have a completely separate suite of needs. And that 12,000 listing person, they would definitely fall under this high volume seller that we've identified. And it is one of our focus areas right now because that's where we think that we haven't done enough work. We were built for the 12 listing seller. We have a lot of tools to serve him or her. The one who is more high volume, that's”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Okay, I don't think that should be our goal, right? Like we are in the business of. Helping people be successful. We want that person who is making $20,000 on Poshmark if they want to make more. We want to give them the tools to enable them to do that. Well, if I think about Poshmark, right, if we want to grow, we need to grow our team. We need to grow our infrastructure. We need to build. There's work to do to grow. And so we'll always focus on ROI and try to make the effort as efficient as possible. But I don't buy the, I must hire someone there for I'm not successful. It's like, no, I think that's amazing if you're hiring someone to run your store. We just have to make sure we make it worthwhile for you. And we help direct your attention so that that person knows what to do and make it easier and easier for you, right?”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“I don't think they'll work for all of them. And we do want to be mindful and goal towards seller efficiency and make sure the ROI is there. But I'm not sure if the goal should be, I want to do less work and make more money.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“And now there's 15 things I can do. To me, that is a good choice to have. I don't think that every tool we create is appropriate for every type of seller. The drops that I mentioned work really well for people with deep inventory, so boutiques that have 50 t-shirts, they used to have to create 50 listings. Now they create one listing and they can market it to everyone who's liked it and say, I have 58 SKUs behind this, and so I won't sell out in a second. And so for them, the drops is an efficiency tool. And we can measure that over time. That's not going to work for an everyday, like I just want to flip some of my closet items that I'm not wearing anymore. That tool doesn't work. So we have different seller segments that require different types of tools.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“That's a good point. So there's two things that come to mind. So, first of all, as you add more features and it gets more complex, particularly for a new user, it can get very daunting, right? A new seller comes to Poshmark today for sure they're seeing so many more features than someone who joined eight years back. So I do think putting extra attention to really guiding the seller today if they're starting their journey today to not get overwhelmed with all the advanced features and really just like laying it out for them. Here's how to be successful and let's not overwhelm you as a way of just supporting you and empowering you. So that's the first that I recognize as something we're putting energy into, but we'll have to continue doing that with time. And then going to the other part, for those that are not confused by features but are just like, man, you know, it used to be two things I have to do.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Legged family member. So as a seller, we have and will continue to increase the universe of the store that you can build. And therefore, the customers you can build. And then the last thing I would say is there's been a lot of innovation. So there's video, there's drops, there's a whole bunch of new tools that we're inventing for people to play with and see if it works for them and their store. So I would challenge your assertion that an individual seller over the course of years is fixed. I think that we've made it our mission to grow the platform so they can grow. And I hope that they're using these tools as they see fit.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Increase our personalization tools, we're bringing qualified traffic to you. And so that's a way in which there are more buyers to acquire for each of our sellers. And as they get buyers, there's more people that they can engage with and try to get as repeat buyers. So that's the first. The second is we have increased our categories. So we used to be only a women's fashion site. And we have since a few years back launched our men's category, which actually both genders are participating in buying and selling. We've launched a home category, which last year during this crazy time we've been in has skyrocketed as people are in their homes and finding more and more things to buy and sell. We launched beauty last year as well and just recently last month we launched pets for the four”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“I don't think that an individual seller on Poshmark if they joined many years ago their experience is fixed. There's a few major ways in which their experience has grown. The first is what's been really personally a beautiful career experience for me with Poshmark is everything we do, we're on the same side of the table as our sellers. So we're constantly trying to make their world unfixed and we do it a few ways. One is the community's grown. The number of users on Poshmark has grown astronomically over the years. And what that means for our sellers is fresh eyeballs, fresh buyers, more people to connect with. And this is something, it's a service we provide that we don't often talk about. You're building a business on Poshmark, but you don't have to look for traffic. Not only do we bring traffic to you, we bring traffic to you every day. And as we aim,”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Reason I wanted to connect it to your journey and the public company conversation is we've been talking about the path you've been on how you make decisions over the course of the past 10 years. It's very clear that there have been periods of just exponential growth for you as a person, as a person who runs a company, as an executive. The company going public, that's an exponential growth moment in terms of investor dollars in in terms of the size and influence of the company. As you think about an individual seller on your platform over the course of 10 years, the dynamic between the people who use the platform is and the platforms that serve them, it feels like it can remain very fixed. Are you thinking that, okay, if you are on Poshmark and you dedicate yourself to it for 10 years, you will have opportunities to scale the business the same way that you had the opportunity to scale Poshmark itself.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Them more and more tools so that those who want to take the leap find more comfort and find more support. And those who have taken the leap find that they have more and more tools to be successful with this decision is something we're really focused on. It's one of our key growth strategies going forward.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“It's both. So definitely there is a large group of sellers on Poshmark who are here to do it part-time or as a hobby. And the reasons they might do that is either make extra money, it's entertainment, it's sustainable, there's lots of different reasons why someone would want to casually sell in Poshmark. What we do see is a growing number of people who are either full-time, professional, or wanting to be full-time right on that precipice where they want to make that plunge, but they're not sure how. And that's a growing constituency on Poshmark, and that's something that we've seen. And I think it's really exciting to be able to run a platform that could support people full-time. So, you know, when I think about what's ahead, there's many things we're focused on building and supporting high volume sellers and getting”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“But it's part of it's weaved into everyday conversation. So, you know, when earnings call happens or when these things happen, they don't get internally. It's not like, oh my gosh, crisis, everyone, drop everything we're doing earnings. Like, no, this is one more thing we have to do as a company, but we have 50 other things we're doing. So let's keep going on the 50 things. And, you know, we'll have to do this 51st thing as well.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“I wouldn't say we had a meeting specifically to that. It was more like we care a lot about our culture and our team, and we know the pressure of what happens when things go up and when things go down, it can be very confusing for a company and for a team. And so because we care so much, we thought ahead of time, well before we listed, how might this impact our team and what can we do to provide stability? And so we came out with consistent messaging well before we had to that we made sure that people's North Star were clear to them and you have to show by example, you know, things go up, things go down, but our strategy remains the same. And we reinforce that messaging through our all hands and through individual conversations. So I wouldn't say it was like everybody attend a”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“And the way we operate, which is the culture with which we operate, will remain the same. And so we've really focused, we put a lot of energy into providing stability in the team and within ourselves to go through this transition and not have it rock your world. It shouldn't rock your world, right? We're still operating as Poshmark. It's just now we have a new set of investors.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Well, we certainly see the stock price. We certainly see people talking about the company in hourly, daily, quarterly mindset. So we see it. We saw this coming and I'd say that have been building a culture of long-term mindset within the company for multiple years now. So as we prepared for this process, we really had to take our own mindset and make sure that we stay focused, be really clear on what you want to achieve and what it takes to achieve it, and spent some time working with our executive team and our overall team to just say, look, we're making this change. We're going from a private company to a public company. Here's what's going to happen. And here are the changes we have to make to be good stewards of the company to all of our stakeholders. However, our mission and our strategy”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“As that transitioned, I would feel urgency to move quickly because I might not have processed that these questions are slightly different and require slightly different decision-making frameworks.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“We're soliciting input from different departments, different levels inside the company, outside the company, and we're taking our time to process and synthesize this information. This is a type of decision making we didn't make in 2011, right? You didn't have the time to, it's like contemplating your like, it's like existential, you know. So more of this is coming. And what I'm learning is to have some peace and not rush things. I think I'm telling you an example at the extreme endpoints of my Poshmark journey from day one versus today, but the truth is somewhere along the middle, like year five or so, is when things slowly started to shift and more important strategic decisions or questions started to come up. And I think, you know,”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“So it's like I was saying before we make hundreds of decisions every day. Some of them are very tactical and they're small and they're between maybe three people. So anyone in that foursome, if they have the same amount of information, they understand the same amount of risk and urgency. Any one of those people can make a decision. So someone raises their hand and goes and we move on. What's become newer at Poshmark and in my world is as we look at what's next. Where do we want to be in five years? Where do we want to be in 10 years? These are types of questions we're asking that everybody's coming in with at different context, different amount of information, different opinions. They're so important to the future of the company, but not super, super urgent. They don't have to be answered today. And so this decision making involves a lot of people.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Strategic questions that aren't urgent but super important. So that's how decision making has changed. It's just, I guess what I would say is I now have to be more intentional to think about all these factors and then incorporate that into what type of decision making am I going to employ today versus the early days. It was usually kind of one type of decision.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Getting there as a team together. The urgency is so clear, and so all of that context enables really fast decision making. Small number of people, everyone has the same amount of information. The urgency is extremely high, so you can't really sit and contemplate it for a very long time. And so innately, that small team makes decision making in a fast, urgent way. What I see now when we've got many, many stakeholders, many more than the early days is now you have to really intentionally ask yourself when you're making a decision, who can help you based on the information they have? Do they have the context to help make the decision? What's the level of urgency? There are some decisions we're making that need an answer that minute. And then there are other questions we're asking that we've been asking for a year now and still contemplating, right?”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Know it's been a really interesting journey for me to go from being a really, really small founding team to now being executive at a public company. I've never gone through that career journey before just seeing a company evolve. And I love this question because it's really true that decision making, I might have said it gets more complicated as you get bigger, but now that I reflect on your question, I don't think it gets more complicated. I think that the inputs just change. So let me give you an example. In the early days, when there's a handful of people, you just assume that everybody has the same amount of information, the same amount of context. And because it's a startup and you're an entrepreneur and it's like, you know, find product market fit or die, your North Star is so focused. And it's there's energy and adrenaline.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“At your physical boutiques on Main Street when they start to open, there's many places to shop and there's many places to spend your time. It used to be more TV. Now it's more online and TikTok. So there's many places to shop and spend time online. There's very few places where you can socially engage and have it translate every engagement point you do translates into a better shopping experience for you. And that's where, yes, you know. If you decompose posh mark into pieces, we're not inventing shopping. But what we're doing is we're everything you do, it changes your experience on Poshmark. So it's like you have this virtual mall that's ever changing. And that's what we're focused on building.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Well, let me tell you what our competitive advantage is. We built Poshmark grounds up with commerce in mind. So when we say social marketplace, they're not just I don't think all social features are equal. This is something that we think about a lot in the early days of building Poshmark is you have to laser focus on innovation and you can't just take innovation elsewhere and plop it onto a new customer without really understanding your customer. So where we really focus is not just social, but how does social enable and unlock commerce? And so for us nouns that we see elsewhere, like video or like follow, these are very standard social actions. On poshmark, there's always commerce intent behind them. So, you know, you're pushing me on competition. Sure, you can shop on Instagram. You can shop on Amazon. You can shop.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT