Data is The New Black Panel – PoshFest 2016

What’s going on fam?!

One of my favorite panels of all of day 1 was “Data Is The New Black” because I am a numbers nerd…well not really, but I like saying that because it makes me sounds smart. For those of you who are looking for the leg up on the market this new info is your treasure trove to know what’s going on in the Poshmark Poshworld and it comes straight from POSHFEST 2016.

So data capture may be a little advanced for just the average posher who is just starting out and casually selling items in their closet, as opposed to the Power Posher who is looking to girlbossing her way to 6-figures. So for those of you who are on the light end of things, this may be a little overwhelming, but rest assured that this will become relevant when you start picking up sales and grow into your own business. This first pic really does kinda give you a rough base as to what you should be logging, so make sure that you take into consideration those points so that you can start tracking your closet progress. Are all of these necessary to track? No. But to really analyze your own closet this is a good launch point.

Now that you’re tracking the data for your closet take note that Poshmark does the same for but the billionth degrees with all 2 million users. Because of the data they capture from all the sales and activity on the app, it helps to drive their decisions with changes to the marketplace.



If you notice any of the parties and shopping on the marketplace, it is highly driven by user activity. It’s what you buy, how you buy, how much you buy it for, really gets picked apart and helps grow Poshmark into the online shopping Mecca that is it right now. It’s also constantly evolving too, based on changes in the market and changes in the media that help drive a shift.


In this example seasonality makes a big difference because people shop based on the seasons (duh). But if you look at the chart, you can see that people will start to purchase jackets and coats starting in July rather than in the months we would think, which would be in October-December time frame (at least in my mind). Although it does peak around November and start to calm down quickly.


If you look at this pic you’ll see the data activity that is actually going on in the app. Here are the times throughout the day where you see user useage and the times with higher amount of users are the times where you should be listing and sharing more (based on Pacific Stabdard Time). This is one of the BEST slides out of the whole segment because this really does help answer the question that’s been raised so many times about when are people on the app the most. This serves as a really good guide so you can base your activity and at the same time, to generate the most sales possible.


This last slide was pretty useful! If you’re looking to stock up your inventory with some NEW material, these are are some brands and items that you may want to consider putting in your closet!

Hope you enjoyed the info that you may have missed from this year’s PoshFest 2016! Make sure to LIKE this post (by Poshmark Law) and comment!
Stay Healthy,
-E

 

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6 thoughts on “ Data is The New Black Panel – PoshFest 2016”

  1. Thanks Edina for this info! It really comes in handy:) I always enjoy reading your blog..keep up the great work!👍-@lakeforest-

    Like

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