Pinstripe aims to reimagine the used goods market by offering sellers the opportunity to have both a digital storefront and a physical retail store.
The platform, launched in June, offers an alternative approach compared to other marketplaces such as Archive, Depop, Facebook Marketplace, and Poshmark. With Pinstripe, sellers bring their clothing to a local consignment store, vintage shop, or retail store, where store employees handle the delivery process, freeing sellers from the burden of dealing with in-person interactions. It will be released. Pinstripe also recently introduced an automated offer system that uses an AI-powered assistant to manage the bidding and selling process.
Sellers often face stress when setting up booths at flea markets or organizing pop-up sales to sell vintage and used clothing, accessories, and other carefully selected items. People looking to sell the clothes in their closets also face challenges such as the discomfort of strangers visiting their homes and the difficulty of coordinating public meet-ups. Additionally, the hassle of shipping the product can be a major headache.
As the second-hand retail market emerges due to the growing acceptance of second-hand purchasing and the fast fashion industry's contribution to landfill waste, Pinstripe founder Sam Blumenthal and Taro Tomiya recognized the need for a better solution.
“We're both second-hand shoppers and sellers,” Blumenthal told TechCrunch. “The problem we really realized was that it's easy to buy second-hand, but it's very hard to sell. We have landfills that are visible from space, and in the United States, we have 82 pounds per person per year. Clothes are thrown away because it's much easier to throw something away than to sell or donate it.
Image credit: Pinstripe
Pinstripe is currently available only to users in New York City. Finding adequate closet storage is a big challenge in New York City, and stores have plenty of unused space.
“What we're doing is connecting people with excess clothing and stores with excess space. We recognize that there are synergistic exchanges, but the stores want to What they want is more traffic and more profit, and what influencers want is a way to monetize their wardrobe and get rid of it instantly,” Blumenthal said.
Sellers appear to benefit most from this arrangement, receiving 70% of the sales proceeds. In contrast, Pinstripe receives 20% and its retail partners receive the remaining 10%.
Blumenthal is positive because the platform aims to help businesses that lack an online presence or social media marketing team, even if their retail partners make up the smallest piece of the pie. We are reporting feedback. However, he acknowledged that some stores have limited staff and could pose challenges, as additional storage space and manpower are required to facilitate transactions.
Blumenthal and Tomiya also recognized that some customers might be dissatisfied with other marketplaces because they can't try on clothes before they buy. Pinstripe has the advantage of allowing buyers to browse and purchase products online while also experiencing the garments in person. Customers can try on products and request a refund if they are not satisfied.
Additionally, Pinstripe offers next day delivery for $10. However, it is important to note that buyers who select the shipping option cannot try before they buy and all purchases are final. Only direct shoppers are eligible for refunds.
Image credit: Pinstripe
While Pin Stripe stands out from many of its competitors, the app experience is what users typically expect.
As a buyer, we have an algorithm that curates options based on your personal style. Buyers can filter listings by size, price, brand, color, condition, and more. Additionally, there is a map feature where you can find nearby sample sales, flea markets, pop-up shops, and estate sales. The pickup process is standard. Buyers will receive an email or app notification when the item is ready. A verification code is required to receive your purchase.
Sellers can create a listing on the platform, upload photos, write a description, and set prices. One notable difference is the lack of an in-app messenger to chat with buyers.
Pin Stripe’s new AI-powered feature called “Offer” leverages ChatGPT and open source models to help sellers manage the bidding process. Sellers can now request that their AI assistant automatically accept their offers.
Additionally, if an item does not sell after 30 days, sellers can choose to have the item donated, and Pinstripe will send a local charity to pick up the item and donate it on their behalf. .
Pinstripe evolved from a similar startup called Banter, founded by Blumenthal and Tomiya in 2022. Banter is an e-commerce platform that features multiplayer shopping and social elements, allowing consumers to connect with like-minded shoppers. Last February, the startup raised about $900,000 in a small pre-seed funding round from Breakers VC, General Advance, Muchmore Ventures, and Unpopular Ventures.
“My friend, co-founder, and I pivoted when we saw this big new trend of thrifting used fashion, where we were acting from a consumer perspective. Many of these brands and stores [the shift]'' Blumenthal said.
Pin Stripe is available on the App Store and on the web. It has a few thousand monthly active users and works with more than a dozen retail partners, including Club Vintage, Lahn Shop, Leisure Center, and Brooklyn Vintage Club.
The platform also features prominent advisors such as Ben Max Rubinstein (ex-Meta) and Julie Bornstein (ex-Stitch Fix).