He explains that the goal was to sell a feature – and get feedback from the people who will be using it – before actually building the feature.
“We’re cautious before we invest in new projects or new lines of business to test things before we go the long mile of creating those things,” Jake says.
The best performers for resale usually have a few things in common, Jake says. They tend to be DTC-leaning. Also, they’ve been in business for a couple of years, so there’s plenty of inventory available. Lastly, an ideal resale candidate would have average order values of $50 or above.
“Kidswear is one of the fastest-growing categories in resale, and I think the reason is pretty obvious – kids grow out of their clothes, so let’s make sure that they can be passed on,” he says.
Treet’s loyalty numbers have been noteworthy. Most customers choose credit instead of cash for their items and then return to spend even more at the retailer.
“Customers are spending about 2 to 3 times more than their credit when redeeming it on the main site,” Jake says. “That’s part of why we haven’t lost a brand yet. It’s this idea that it’s becoming more than just a sustainability initiative for brands. It is quite valuable when it comes to loyalty and bringing customers back into the fold.”
In Part 2, Jake talks about:
* The need for testing and feedback before committing to the final build of a new feature.
* Why you should obsession over the problem you’re solving.
* An explanation about how the Treet system works.
* What the ideal resale candidate looks like.
* Which pieces of article perform best in resale.
* Feedback from the resale community.
For more on Treet, visit: https://www.treet.co/
This episode is brought to you by Ordergroove.
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