After noticing a need to disrupt the online consignment industry, how have you leveraged your location to build upon your consumer base while growing sales month over month in the year plus that you’ve been in business?
The word “consignment” has always had a negative connotation to me. It reminds me of the day I dropped several of my most prized, yet ill-fitting possessions off at a store in Santa Monica. There, I was promised several thousand dollars in exchange for the once beloved designer frocks and handbags. Two months later, I received a check on my doorstep that amounted to enough to buy my family dinner at a chain restaurant. After sharing this experience with family and friends, I realized I was not alone. I set out to change the world of re-commerce. While my brilliant cofounders brought our vision to life, I was hard at work sharing my story with women that had had similar experiences to mine. I am most proud of the response we hear from our sellers. They are genuinely happy after an item sells at a price that they are comfortable with. One sale always leads to another and another. As revenue grows month over month and milestones are reached, I am most proud of the platform we have created for women by women. We are slowly revolutionizing the way women shop.
While in the process of acquiring multi-million dollar funding rounds, how do you still find the time to build and grow the foundation of Shop-Hers?
I’m probably the first entrepreneur to quote The Notorious B.I.G in an interview but his words could not be more perfect when answering this question, “Mo money, Mo problems.” While funding is vital, it’s also not indicative of success. Many companies have raised multi-million dollar rounds of funding, only to go out of business shortly after. The foundation of your company, your team, and your vision is more powerful than any sum of money.
As a modern entrepreneur working in a service-based landscape, what measures does your team take to target consumers who are increasingly mobile?
While we didn’t launch our mobile app right away, we have always thought of ourselves as a mobile-first company. The majority of our user base are women with extremely busy, full lives. They don’t want to miss anything, so the ability to both buy and sell on our mobile app is crucial. We have been featured in the app store, which has really helped us to engage a larger audience.
You launched the Shop-Hers app earlier this year. How has that changed the way you’ve approached your business as it moves into a more modern, mobilized environment?
The launch of our mobile app has simplified the already sleek Shop-Hers platform, helping us understand what is necessary and what is not for both buyers and sellers. It has opened our eyes to several new ground-breaking features that we have introduced recently and others that will be introduced soon. The Shop-Hers community is one of the most amazing groups of women in the world. They live in 100 countries worldwide, and connect for one reason and one reason only — fashion.
What’s next for Shop-Hers?
Every month a new feature or improvement is added on Shop-Hers. Every day is another chance to realize your fashion dream. This next quarter will be magical. My team is brilliantly cooking up new features that will make buying and selling luxury fashion virtually seamless.
What are three things that you cannot travel without?
- My Macbook Air®
- Shiseido Sunscreen UV 40
- Powerbeats Wireless Bluetooth Earbud Headphones
Tell us about some of your favorite apps for keeping your team organized/connected while on-the-go?
What destination are you off to next?
Off to Carmel today for a 24-hour crash wedding planning session. I’m getting married at Pebble Beach in October and with my schedule, I have to make fast decisions.
Jaclyn Shanfeld is CEO & Founder of Shop-Hers.
This article was written in partnership with the Marriott Rewards® Premier Business Card.