Exciting news! + Thryft: Online Thriftstore🛍
Our first speaker series and a startup for used clothes | Drop #17
✍️ Letter from the editor:
Daily Dropout is excited to announce DropIn talks with leading startup voices.
Our first DropIn is with Michael Seibel, CEO of Y Combinator, Founder of Twitch, and board member of Reddit. As a subscriber, you are the first to know!
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🛍 Drop #17: Thryft
The average American throws away about 81 pounds of clothing every year. This week’s startup has a thritfy solution to this problem, while staying fashionable. Let's check them out 👇
⚾ The Elevator Pitch:
Only got $20 in your pocket? Look no further than the thrift shop. The popularity of thrifting (buying used clothes) has skyrocketed - growing 21 times faster than the retail market over the past three years. Thrifting is now in vogue, fueled by TikTok and influencers.
Thryft brings the thrift shopping experience online, complete with best-priced, highest-quality, and sustainable secondhand clothing. Thryft builds its shopping experience in three steps. First, the Thryft team goes and vets sellers to establish that they are "verified". This prevents scammers & drop-shippers from conning their customers (which is a huge issue in secondhand item markets). Second, after vetting the seller, Thryft checks the products are environmentally friendly. Finally, Thryft ensures that the prices of products on their platform are reasonable by cross checking prices. Users can buy clothing on Thryft just as they would on any other store.
👇 The Drop Down
Site: https://letsthryft.com/
Founded: 2020
Stage: Incubator (YC W21)
Tech trend: Sustainable Commerce
Traction: Admitted to YC '21, 14,000+ unique products in inventory, web + mobile apps
Team: Engineer & Product Oriented Founders out of UC Berkeley
Capri Wheaton - Co-Founder
Samuel Yang - Co-Founder
🔍 Our Analysis
💸 Pandemic has popularized e-commerce
We already know thrifting is gaining momentum from customers across the globe. But now, COVID-19 has booted e-commerce a decade into the future. In this past year, we've seen companies like Amazon, Square, Shopify, and more grow almost exponentially because millions of people were buying stuff online. Both trends in thrifting and e-commerce make this startup a win.🌱 Sustainable Shopping is the Future
Today, more than ever, people are conscious of what they are buying and where it's coming from. If someone could opt into making a sustainable purchase while maintaining the quality of product, they'd do it! Thryft knows about this shift in consumer mentality, and is really orienting their branding around 'sustainability' to leverage this shift.🦶 Can they compete with big players?
One thing that we're interested in seeing is if Thryft can maintain its advantage into the future by doubling down on the secondhand & sustainability appeal. Bigger companies, like Amazon, could hypothetically come in and add a "Sustainable Product" filter to their sidebar (and already have a used product category). We’re curious to see how Thryft can build out its online experience to serve the frenzied thrift market, whether with unique styles, influencer marketing, or something else.
🎤 Founders Corner
🤝 Get involved with Thryft
Checkout some amazing secondhand items on Thryft
Follow Thryft on Instagram
Reach out to Capri if you'd like to chat about their vision for Thryft