The company reported double-digit increases in revenue, new buyers, and total orders during its second quarter earnings call last month. Stock prices have risen steadily this year, reaching around $10 per share after hovering between roughly $1 and $4 per share for about three years.
ThredUp’s core customers are women in their 40s, explained Brophy. Building on the customer growth that ThredUp has seen over in recent months, Brophy said the redesign also aims to create an experience that’s more intuitive and seamless for a slightly younger demographic of 25- to 35-year-old women.
In the past year, ThredUp has already been making strides with that demographic, according to data from market analysis firm Tracksuit. Over the past year, the number of 25- to 34-year-olds who say they’ve used ThredUp has increased by 6%. Those who say they prefer ThredUp over competitors in the market have increased by 8%.
New tools include a personalized “daily edit,” which shows users 100 new items based on their preferences and purchases, at the top of the app or webpage when they log on. The site will also include a weekly trend report, which will generate an analysis of internet search trends and match those trends with relevant ThredUp inventory.
ThredUp is promoting the rebrand with a digital and out-of-home campaign, “Think It, Thrift It,” including posters in New York City and Brooklyn. The company is also waiving the cost of its closet cleanout bags, which customers use to send in their used clothing to be sold on the site, and piloting a service where people can arrange to have those bags picked up from their doorstep.
“We add almost 60,000 new items every day,” Brophy said. “With this vast amount of optionality, if you can think it, you can probably thrift it on ThredUp.”
