Latest news with #JamesReinhart
Yahoo
4 days ago
- Business
- Yahoo
Seller Experience Is ThredUp's Next Frontier for AI
ThredUp's attributing some of its success to artificial intelligence. That it boasts about its myriad tools is far from a surprise—James Reinhart, the company's CEO and co-founder has taken an all-in mentality on the technology for about 18 months now. To date, most of ThredUp's innovations have focused on its buyers, rather than its sellers. More from Sourcing Journal Byte-Sized AI: Debenhams Launches Employee Upskilling Program; Aetrex's New AI-Enabled Foot Scanner NY AG Asks Court to Dismiss NRF's Algorithmic Pricing Lawsuit Six in 10 Transportation Management Leaders Believe Agentic AI Will Act on Their Behalf by 2030 According to Reinhart, that strategy seems to be paying off when it comes to customer acquisition and conversion. In its earnings call this week, the company indicated it had increased new buyer acquisition by 74 percent year on year, while also increasing conversion by 18 percent year on year. While Reinhart said on the earnings call that the company doesn't have an exact breakdown of which tools drive the highest conversion rates, he told Sourcing Journal that he believes the company's Shop Similar feature, which provides similar recommendations powered by AI, has been 'a big driver' for the conversion increase. He called the company's Image Search tool and other AI-powered features 'incrementally positive.' '[Shop Similar] nails the experience. You're looking for a shirt, and you find a shirt that you like and you're like, 'Ah, I want it in a different color.' You used to have to start over, but now it's like, 'Show me it in different colors,'' he said. 'It's really created this nice way for people to stay in the shopping journey, versus having to always start over.' Reinhart said Style Chat, ThredUp's conversational AI interface, which helps users put together occasion-based outfits and responds to longer, natural-language queries, and its social commerce tool, which ingests users' Pinterest feeds to help provide recommendations, are both 'advanced feature[s].' He noted that users who engage with the tools regularly convert at 'much higher rates' but said that many users have yet to discover the power of those tools. 'It's something that people, I think, are just starting to use in their lives, the way they might be using ChatGPT,' he said. And though ThredUp has a conversational interface of its own, Reinhart said he's keenly aware that the company's inventory needs to be publicly accessible to third-party AI models, like OpenAI's ChatGPT, which offers users a shopping function. He said the team is investing in resources to make the backend of ThredUp's site fully crawlable for other companies to keep pace with consumers' preferred ways of shopping.'I think [LLMs are] as big, or bigger than, the impact of SEO. In the SEO world, if you appear at the top of the rankings, you got all the traffic…I think the same is true [here]. I think if you don't appear in ChatGPT or Anthropic—whatever the agent is, if you're not appearing in that list, I think you're going to get left behind.' Much of the company's AI movement in recent months has been targeted at raking in new consumers; Reinhart said that, while that's always a goal for the business, longer-term ThredUp buyers also seem to have less interest in integrating AI into their shopping experiences. For instance, he said, this year, the company launched on-model photography by leveraging AI. In an A/B test, new customers flocked to items with listings showcasing on-model photos, but existing customers didn't seem moved by the test.'Our existing customers were like, 'I don't need that,' because they're all in on ThredUp. There's not a lot we can do on the innovation side where they're going to be blown away, because they're already committed,' he said. For Reinhart, that means it's time to leverage technology to go back to the basics. He said he knows repeat customers simply want to find quality pieces at an affordable price; many have already mastered the art of sifting through the millions of listings ThredUp offers on any given day. 'The biggest way to delight our heaviest users is to have ever better assortment, because they already know how to shop it,' Reinhart said. 'They just need more stuff to buy from us that meets their needs, and so that's why I'm balancing seller innovation as well as new buyer innovation.' To do that, he contends, it's time to shift the organization's focus a bit toward developing AI that can better serve sellers, rather than fixating on buyers. 'The seller experience on ThredUp had, for the prior few years, taken a backseat to focus on the buyer journey—literally, every single AI tool is focused on buyers. So, I think now, we're thinking, 'Okay, well, how can we use AI to improve the seller experience? What types of products can work better for sellers?'' He said the company plans to 'tighten up' how sellers view items, how they handle cleanout kits and more. Reinhart said the process of redefining the seller experience has already begun with ThredUp Premium, which charges a higher fee for listing items but typically yields higher return and longer selling window times for the seller. On the earnings call, he said those ordering premium kits increased 44 percent quarter on quarter. But seller innovation and buyer innovation could soon dovetail more seriously; Reinhart hinted at a tool that would allow human creators and influencers to leverage AI to promote specific products on the ThredUp site. While that could help buyers select items, it could also help sellers move products quicker. 'You're going to continue to see us invest in [what] I would describe as using AI and human creators together to tell powerful merchandising stories. If I were to, for example, give you some of the internal tools at ThredUp to put together outfits or curations…you could build something that people would want to shop,' he told Sourcing Journal. 'What would it look like to enable creators and influencers to tell stories, to curate their own list of great content? We're going to work a bunch on that.' ThredUp's ambitious AI goals require some manpower to build, test, iterate on and push to market. In 2024, the company laid off about 25 percent of its staff, and Reinhart later disclosed that a penchant for investing in AI was part of the reason for those cuts. Now, he said, the company has added heads in a targeted way. 'We have been hiring, really with a focus on people who have skill sets that can utilize either the emerging tools in AI or they're naturally curious about how it works,' he said, noting that the company has 'a few more key roles to hire for' before pausing its hiring. 'Our pace of hiring will probably slow a little bit into [2026]. I think we have staffed up to a level where we're launching new products and innovating at a pretty healthy rate, and I'd like to see us breathe a little with the resources that we have,' he added.
Business Wire
11-08-2025
- Business
- Business Wire
ThredUp Releases Fourth Annual Impact Report
OAKLAND, Calif.--(BUSINESS WIRE)-- ThredUp (NASDAQ: TDUP, LTSE: TDUP), one of the largest online resale platforms for apparel, shoes, and accessories, today released its fourth annual Impact Report. The report provides a comprehensive and transparent look into ThredUp's overall impact, including its environmental, social, and governance (ESG) strategy, detailing the progress made on key initiatives throughout 2024. "What began 16 years ago as a simple belief in a better way to experience fashion has evolved and grown into a powerful, undeniable movement,' explains James Reinhart, ThredUp's Co-founder and CEO. 'This fourth annual impact report is a testament to our deepening impact, showcasing how our relentless focus on operationalizing circularity at scale is not only helping us expand our vast marketplace, but also shaping the future of fashion for good." The Impact Report highlights key initiatives from January 1, 2024 through December 31, 2024, focusing on 12 areas identified through a materiality assessment as having the greatest potential for impact. The company's 2024 highlights include: Recirculated 2.3 million secondhand items through ThredUp's Resale-as-a-Service (RaaS); expanded to 50 brand clients, including Reformation, Torrid, Madewell, Gap and Athleta. Sold 771,043 items through our Rescues channel, with a total of 6.3 million items sold to date. Participated in the launch of the Slow Fashion Caucus, where Chief Strategy Officer Alon Rotem delivered remarks on the critical need for public policy to accelerate the transition to a sustainable fashion future. In partnership with The AZEK Company, recycled 182,400 pounds of materials in 2024 (a 62.9% increase from 2023), turning 100% of Clean Out bags into TimberTech composite decking. In partnership with American Circular Textiles (ACT), launched the Sales and Use Tax petition to oppose the double taxation of secondhand goods. ThredUp remains committed to releasing an annual Impact Report, providing transparency into its operations and holding itself accountable to continuously measure and advance its progress. About ThredUp ThredUp is transforming resale with technology and a mission to inspire the world to think secondhand first. By making it easy to buy and sell secondhand, ThredUp has become one of the world's largest online resale platforms for apparel, shoes and accessories. Sellers love ThredUp because we make it easy to clean out their closets and unlock value for themselves or for the charity of their choice while doing good for the planet. Buyers love shopping value, premium and luxury brands all in one place, at up to 90% off estimated retail price. Our proprietary operating platform is the foundation for our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems and data science expertise. With ThredUp's Resale-as-a-Service, some of the world's leading brands and retailers are leveraging our platform to deliver customizable, scalable resale experiences to their customers. ThredUp has processed over 200 million unique secondhand items from 60,000 brands across 100 categories. By extending the life cycle of clothing, ThredUp is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.
Yahoo
04-07-2025
- Business
- Yahoo
Q1 Earnings Review: Apparel and Accessories Stocks Led by ThredUp (NASDAQ:TDUP)
As the craze of earnings season draws to a close, here's a look back at some of the most exciting (and some less so) results from Q1. Today, we are looking at apparel and accessories stocks, starting with ThredUp (NASDAQ:TDUP). Thanks to social media and the internet, not only are styles changing more frequently today than in decades past but also consumers are shifting the way they buy their goods, favoring omnichannel and e-commerce experiences. Some apparel and accessories companies have made concerted efforts to adapt while those who are slower to move may fall behind. The 17 apparel and accessories stocks we track reported a strong Q1. As a group, revenues beat analysts' consensus estimates by 1.3% while next quarter's revenue guidance was in line. Thankfully, share prices of the companies have been resilient as they are up 6.6% on average since the latest earnings results. Founded to revolutionize thrifting, ThredUp (NASDAQ:TDUP) is a leading online fashion resale marketplace offering a wide selection of gently-used clothing and accessories. ThredUp reported revenues of $71.29 million, up 10.5% year on year. This print exceeded analysts' expectations by 4.4%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts' EBITDA estimates. 'We are proud to deliver Q1 out-performance, including a record quarter for new buyer acquisition,' said ThredUp CEO and co-founder James Reinhart. ThredUp scored the fastest revenue growth of the whole group. Unsurprisingly, the stock is up 80.1% since reporting and currently trades at $7.98. Is now the time to buy ThredUp? Access our full analysis of the earnings results here, it's free. Rising to fame via TikTok and founded in 2013 by Heather Hasson and Trina Spear, Figs (NYSE:FIGS) is a healthcare apparel company known for its stylish approach to medical attire and uniforms. Figs reported revenues of $124.9 million, up 4.7% year on year, outperforming analysts' expectations by 4.8%. The business had an exceptional quarter with an impressive beat of analysts' adjusted operating income estimates and a solid beat of analysts' EBITDA estimates. Figs pulled off the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 16.4% since reporting. It currently trades at $5.85. Is now the time to buy Figs? Access our full analysis of the earnings results here, it's free. With its watches displayed in 20 museums around the world, Movado (NYSE:MOV) is a watchmaking company with a portfolio of watch brands and accessories. Movado reported revenues of $131.8 million, down 1.9% year on year, falling short of analysts' expectations by 7.3%. It was a disappointing quarter as it posted a significant miss of analysts' EPS estimates. Movado delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 5.5% since the results and currently trades at $16.49. Read our full analysis of Movado's results here. The parent company of Tommy Bahama, Oxford Industries (NYSE:OXM) is a lifestyle fashion conglomerate with brands that embody outdoor happiness. Oxford Industries reported revenues of $392.9 million, down 1.3% year on year. This result topped analysts' expectations by 2.1%. Aside from that, it was a slower quarter as it produced full-year EPS guidance missing analysts' expectations. The stock is down 13.5% since reporting and currently trades at $43.30. Read our full, actionable report on Oxford Industries here, it's free. Originally founded as Coach, Tapestry (NYSE:TPR) is an American fashion conglomerate with a portfolio of luxury brands offering high-quality accessories and fashion products. Tapestry reported revenues of $1.58 billion, up 6.9% year on year. This print surpassed analysts' expectations by 3.7%. It was a very strong quarter as it also logged an impressive beat of analysts' constant currency revenue estimates and full-year EPS guidance exceeding analysts' expectations. The stock is up 20.7% since reporting and currently trades at $90.20. Read our full, actionable report on Tapestry here, it's free. As a result of the Fed's rate hikes in 2022 and 2023, inflation has come down from frothy levels post-pandemic. The general rise in the price of goods and services is trending towards the Fed's 2% goal as of late, which is good news. The higher rates that fought inflation also didn't slow economic activity enough to catalyze a recession. So far, soft landing. This, combined with recent rate cuts (half a percent in September 2024 and a quarter percent in November 2024) have led to strong stock market performance in 2024. The icing on the cake for 2024 returns was Donald Trump's victory in the U.S. Presidential Election in early November, sending major indices to all-time highs in the week following the election. Still, debates around the health of the economy and the impact of potential tariffs and corporate tax cuts remain, leaving much uncertainty around 2025. Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Mayor
15-05-2025
- Business
- Business Mayor
ThredUp overhauls resale service, slashes fees
Listen to the article 3 min This audio is auto-generated. Please let us know if you have feedback. With an open-source approach to tech, ThredUp is overhauling its resale-as-a-service offering with new features and a new fee structure, the recommerce platform announced last week. With the update, upfront and monthly fees for branded resale shops on ThredUp have been eliminated entirely, and the company is lowering the usage-based fees for its closet Clean Out and customer cash out programs. The resale company is also giving brands access to its cleaning and repair partners, connecting them with end-of-life service providers and integrating returns more deeply into branded shops. ThredUp will launch a peer-to-peer resale platform by the end of the year and now also allows brands to list menswear on their resale shops. The changes came as ThredUp reported a 10% jump in Q1 revenue , to $71.3 million. Active buyers grew 6% and net loss narrowed to $5.2 million, per a press release. Describing its enhanced brand resale service as a 'universal recommerce layer,' ThredUp envisions that it could change the way brands sell used items, much like Amazon Web Services reshaped cloud services or Shopify changed e-commerce for small businesses, the company said in a statement. ' ThredUp has decided to take an open-source approach and make our RaaS software layer available to our partners for free, knowing that their ability to launch scalable and profitable resale channels will serve our strategic goals for this sector in the long run,' ThredUp CEO James Reinhart said in a LinkedIn post . 'We believe the future of retail is circular, so we're lowering the barriers for brands to not just participate, but to lead. This strategic evolution of RaaS will fundamentally change how apparel and accessory companies build truly impactful circular programs,' Reinhart said. ThredUp is also touting the offering as a potential tariff defense, giving brands a supplemental revenue stream that relies on domestic goods. As trade policy continues to shift, ThredUp in a recent report forecast an increase in demand for secondhand goods and growing interest among executives in using resale to their advantage. As it revamps its retail-as-a-service offering, ThredUp remains optimistic about the near future. For both the second quarter and the year, the company anticipates revenue will grow 10% at the midpoint, reaching between $281 million and $291 million for fiscal 2025.
Yahoo
14-05-2025
- Business
- Yahoo
ThredUp overhauls resale service, slashes fees
This story was originally published on Retail Dive. To receive daily news and insights, subscribe to our free daily Retail Dive newsletter. With an open-source approach to tech, ThredUp is overhauling its resale-as-a-service offering with new features and a new fee structure, the recommerce platform announced last week. With the update, upfront and monthly fees for branded resale shops on ThredUp have been eliminated entirely, and the company is lowering the usage-based fees for its closet Clean Out and customer cash out programs. The resale company is also giving brands access to its cleaning and repair partners, connecting them with end-of-life service providers and integrating returns more deeply into branded shops. ThredUp will launch a peer-to-peer resale platform by the end of the year and now also allows brands to list menswear on their resale shops. The changes came as ThredUp reported a 10% jump in Q1 revenue, to $71.3 million. Active buyers grew 6% and net loss narrowed to $5.2 million, per a press release. Describing its enhanced brand resale service as a 'universal recommerce layer,' ThredUp envisions that it could change the way brands sell used items, much like Amazon Web Services reshaped cloud services or Shopify changed e-commerce for small businesses, the company said in a statement. 'ThredUp has decided to take an open-source approach and make our RaaS software layer available to our partners for free, knowing that their ability to launch scalable and profitable resale channels will serve our strategic goals for this sector in the long run,' ThredUp CEO James Reinhart said in a LinkedIn post. 'We believe the future of retail is circular, so we're lowering the barriers for brands to not just participate, but to lead. This strategic evolution of RaaS will fundamentally change how apparel and accessory companies build truly impactful circular programs,' Reinhart said. ThredUp is also touting the offering as a potential tariff defense, giving brands a supplemental revenue stream that relies on domestic goods. As trade policy continues to shift, ThredUp in a recent report forecast an increase in demand for secondhand goods and growing interest among executives in using resale to their advantage. As it revamps its retail-as-a-service offering, ThredUp remains optimistic about the near future. For both the second quarter and the year, the company anticipates revenue will grow 10% at the midpoint, reaching between $281 million and $291 million for fiscal 2025. Beyond introducing new recommerce features for brands, ThredUp also curated a vintage and vintage-inspired pop-up this month in collaboration with Beyond Retro. The online pop-up featured more than 17,000 womenswear items priced between $10 and $200. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
