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Podcast Retail

StockX on creating a streetwear platform inspired by the stock market

“If you’re dealing with finite supply, then you need to understand demand to figure out what it is people are willing to pay,” says Josh Luber, founder of streetwear online marketplace, StockX, on the latest episode of the Innovators podcast by TheCurrent Global.

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“What brands have historically relied on is the concept of mass chaos and taking advantage of that hype (…) But having a pair of Off-White Jordans that retail for $490 but resell for $2400 and just relying on bots and chaos in order to distribute it is an illogical and broken system,” he explains.

Luber’s platform, which in 2018 took on $44m in investment from Google, among others, launched in 2016 to level the playing field between buyers and sellers in a retail landscape that seems to enjoy feeding off an endless cycle of streetwear FOMO and having the latest, hottest sneaker on the market.

The re-sale market used to be a Wild West, Luber explains, but data and technology are now being deployed in order to better value these products and provide an unforeseen level of transparency and fairness to both sellers and buyers. Inspired by how the traditional stock market works, the platform tracks product demand and pricing across the web in order to sell it in real time. This, as well as a tool that displays an itemized history of transactions of a product, balances the power dynamic between sellers and buyer, which historically sided with the seller and how much they wanted to sell their product for.

Liz Bacelar and StockX’s Josh Luber

StockX’s success is also hugely indicative of how a one-time underground industry that was powered by its community and word-of-mouth access, is becoming increasingly structured in order to cater to more mature and educated consumers. In other words, the larger it becomes, the more it needs the infrastructure to support it.

During this conversation with TheCurrent Global’s Liz Bacelar, Luber explains how his background as an entrepreneur and IBM consultant, led him to StockX, how the platform’s customer is evolving, and why discovery is playing such a huge role in its future plans.

Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by The Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.

Categories
Podcast Retail

MedMen on overcoming the barriers of selling cannabis

Cannabis consumers are not as black and white as medicinal versus recreational, says MedMen CMO, David Dancer, on the latest episode of the Innovators podcast by TheCurrent Global.

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This cannabis retailer is currently valued at over $1.5bn. Its challenge however is to design an experience that removes the anxiety of consuming cannabis that the majority of casual users still carry, as well as appease local authorities hungry to ensure strict legislations.

The consumer piece can be easily facilitated by knowledgeable store associates, who Dancer refers to as sommeliers and who play a huge role in demystifying the experience, from branding to education. “We want to make sure that people feel comfortable and can ask the questions they need answers to,” he explains. It also helps that curiosity around consumption is at an all-time high, largely thanks to the wellness movement.

But the bigger challenge for the retailer is dealing with legislations even stricter than those reserved to selling alcohol and tobacco. Although there may be an intentional Apple-like design sensibility and minimalism to MedMen’s 17 stores nationwide, much of it has to do with regulations: many products have to be displayed under locked casing – hence the beautiful display tables – while it is not allowed to have any signage or marketing on its windows. It is also restricted on locations due to zoning, such as near schools, and instead chooses areas that are friendly and feel safe, including LA’s Santa Monica Boulevard and New York’s Fifth Avenue.

The MedMen experience then becomes a clever ballet of branding and communications, combined with a retail experience that aims to allow customers to discover and try at their own pace, or to meet their own individual needs.

As the US audience begins to become more at ease with cannabis becoming a common part of their everyday lives – from smoking to CBD-infused cocktails and spa treatments – the retailer continues to navigate challenges by listening intently to what its customers and staff have to say. During this conversation, recorded with Liz Bacelar at this year’s NRF Big Show in New York, Dancer also shares the retailer’s heavy investment on the education piece, which includes a published magazine, and how the ever-evolving, and hyper-local, legislations pushes it towards constant innovation.

Catch up with all of our episodes of the Innovators podcast by the Current Global here. The series is a weekly conversation with visionaries, executives and entrepreneurs. It’s backed by The Current Global, a consultancy transforming how consumer retail brands intersect with technology. We deliver innovative integrations and experiences, powered by a network of top technologies and startups. Get in touch to learn more.