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

“Wherever people are spending their time, it is where we focus on, right? Because for us, we really want to help our sellers be successful and really engage them. So we want to build as many of those engagement tools as possible so that they can stay on Poshmark and achieve as much of the social needs as well as commerce needs as they want. So we're just heads down just focus on building out our social marketplace and making sure that we really serve our sellers.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Stream of just what people are selling, they're styling it, they're telling you how to wear it, what it looks like. So it's a really well-received engagement mechanism that are being consumed by both sides.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Of our efforts around, we do have a lot of creators on Poshmark, and most of them are coming in through organic means. We're creating more and more tools to help people express themselves in this way. So for example, last year we launched our short form video called Posh Stories. And what it enables anyone to do on Poshmark is really tell a story behind something you're selling or your closet or your inspiration. And that was received really well by our community because as you know video is just so much more vibrant and so much easier to create. And then just last week we added to that product by launching listing videos. So now as a seller you can add video product to every single item in your closet. But even more interesting as a consumer, you can just consume”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Everything is converging. The idea, the rise of creators and creator economy, Instagram, TikTok, what a lot of what we're entering into is an era where content is easily created and accessible. And you don't have to be what we used to call influencers who have millions and millions of followings. You can be a creator and be a star in your own right. So I do think worlds are colliding and it's a really interesting time where people are just creating a lot of content. And we're seeing that, Poshmark, where the idea of creating a closet and putting it up for sale, that was something, you know, 10 years ago people only did if they wanted to make a career out of it. And what we're seeing now is it's now very easy through Poshmark to come in and within a few minutes you get.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Of things I think is really interesting about that approach is you're talking about your sellers, your creators on your platform is like primary users of your platform, people who are Poshers, right? Which is really a great word. Other platforms like DPOP, like I see a lot of TikTok stars who are just selling some stuff over on the side of DPOP and they're using that platform to monetize their main platform. How do you think about that relationship to Instagram and TikTok, all these places where there are other kinds of influencers who are looking for alternate revenue streams?”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Our seller can schedule it, it fans out to everyone who has signed up to be notified, and then buyers come in and then they purchase and have a great time. So, you know, this tool is we build it for sellers, but the sellers are using it to engage with their buyers. And that's the approach we've taken for so much of the product strategy on Poshmark is we enable people and the people that we're enabling are our sellers. And then our sellers go and talk to our buyers through our tools.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“We typically spend most of our time thinking about our sellers because they, as you call them, they are the creators, and we've focused our product strategy on helping these sellers become more and more successful. So we're always thinking about what are additional tools we can give them to further engage their buyers. So in a way, we do focus on buyers as well, but through the lens of our sellers. An example of that is we recently launched a feature called Dropping Soon. And what that does is it enables sellers to notify interested parties and say, hey, I have this special product and it will drop tomorrow at 9 a.m. And our buyers love that. So they get notified and they're so excited. They like the item in order to receive this notification. They wait for the drop to happen. The drop happens.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Ah, we went and talked to some fashion bloggers who are not shy to take photos of themselves. Because again, Instagram had not really become big yet, so the idea of a selfie was not in our lexicon. So we really found just digitally savvy, fashion-loving people who loved to get together and talk about style. And we actually had physical events that brought them together. And during these physical events, we taught them how to use the app and they really, really took off and started making it their own. So what we found to answer your question about flywheel is these people became buyers. They became sellers and they switched back and forth. And so what we focused on is really recruiting. And the flywheel took care of itself.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“That's such a good question. And I actually remember back in 2010, Manish and I, so Manisha is a co-founder. I sat there and I asked him, like, do we get buyers first? Do we get sellers first? Do we get inventory? Because, you know, in 2010, not only were there not social marketplaces, people did not embrace reselling on a mass scale yet. So in addition to Flywheel, we had to convince everyday people that you really do have items in your closet you can sell. So what we ended up doing is kind of inadvertently going after all three at once. We met people. So not buyers, not sellers, not people with inventory, but just people who we thought would want to connect over commerce. And these are everyday people. So people that, you know, you feel like you could walk down the street and see them on the street.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“You follow people as a means for discovery, as a means for connection. So what we see on Poshmark is people are on the app 27 minutes a day. And that's not an engagement stat that you typically see in commerce. It's an engagement level you see when there's more things to see, more people to talk to. Content's changing. There are conversations going on. That's what that level of engagement we really see today. And that's what's happening on Poshmark. People come, they look at their feed, they talk to people who are selling things, asking them questions like, where did you get that? How do I pair that skirt with a pair of shoes? How does this fit? There's a whole bunch of conversations going on.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“That human connection in your app is people, right? You sign up for Poshmark, you open the app, you follow some brands. That's the first prompt. But really you're following people who, there are strong echoes of Instagram in this entire experience, right? Is that the main focus for you? Is you're going to follow actual people on the app?”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“Sure. So it is a bit of a different experience. Poshmark is a social marketplace which combines the human connection of a physical shopping experience with the scale, reach, ease, and selection benefits of e-commerce. If you think about it, shopping has been around for a very long time. And if you think back to the markets and more recently malls and more recently, no more malls, people just like to connect, right? Like you go to local farmer's market and you like to know who grows your lettuce or you like to speak to the shopkeeper at a store to find out how to style things. And with the rise of e-commerce, what's happened is a lot of that human connection gets stripped out. And what you get is just, like I said, like ease selection, all that stuff, but what Poshmark does is it brings back a lot of that.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“To the United States. This means Poshmark has a unique set of challenges Tracy has to manage regular e-commerce issues like shipping logistics and customer service, as well as influencer economy problems like burnout and people trying to game follower counts. Not to mention the universe of problems that come with selling fashion, like dealing with fashion labels. But if Poshmark can get it all right, Tracy thinks community is the future of retail. Tracy about all these problems, how she's thinking about solving them, and how she thinks Poshmark can grow as the overall creator economy grows and matures. And, of course, I also asked for some post-pandemic fashion advice at the end. Okay, Tracy Sun, co-founder and SVP of New Markets at Poshmark. Here we go.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT
“And welcome to Decoder. I'm Neil I Patel, editor in chief of the Verge, and Decoder is my show about big ideas and other problems. Today I'm talking to Tracy Sun, the co-founder and SVP of New Markets at Poshmark, a fashion resale company that just went public earlier this year, riding the huge wave of e-commerce growth during the pandemic. But Poshmarks app is kind of a different riff on e-commerce. It's part catalog, part social network, and part creator platform. It competes with similar apps like DPOP and Etsy, but also things like Instagram and eBay. The user base Skews Young and it's growing. By the end of 2019, there was a sale on Poshmark every second in the United States. And as of September 2020, the site had 6.2 million active buyers, 4.2 million active sellers, and 201 million total items for sale. The company is also expanding. They just launched in Australia in addition.”
2021-03-30 · Decoder with Nilay Patel · Poshmark’s Tracy Sun on stitching e-commerce with social media · IDENTIFIED FROM THE TRANSCRIPT