TrueFacet's CEO reveals the blueprint for building a high-trust, luxury goods marketplace. Learn how to meticulously vet products, prioritize sellers to solve the 'cold start' problem, and leverage deep data analysis with a personal touch to cultivate unwavering customer satisfaction and marketplace security.
TrueFacet is a New York-based online marketplace for authentic pre-owned designer watches and jewellery from the most luxury of brands like Cartier, Bulgari, Patek Philippe, and Van Cleef and Arpels. Tirath Kamdar, CEO and Co-Founder of TrueFacet discusses how himself and his team are building a 'controlled' eCommerce marketplace for luxury physical products. Tirath has over a decade of experience in the jewellery industry in retail and manufacturing, as well as comes from a family of jewellers. Tirath went through TechStars Seattle, and just completed a $7 million dollar round of funding from Maveron and Joe Montana's Liquid2Ventures. On this episode, we talk about: How TrueFacet has had to blend elements of physical product online retail into a marketplace model i.e. they handle and vet products sold through their marketplace for authenticity How vetting the authenticity of every single item sold through TrueFacet delivers customer satisfaction and marketplace trust Marketplace chicken or egg situation: what did Triath's growth marketing team chase first? Buyers or Sellers? How Tirath organise sellers first before attracting buyers to TrueFacet How TrueFacet found initial traction without any paid advertising. How his team made use of Google Analytics to run a manual demographics study. How they approached their customers and made sure that they are building trust between the buyers and sellers and the marketplace as a whole. How to be strict and provide security while still giving your customers an incredible experience. How to build trust and security with buyers and sellers. Guest’s Top Tips: Tirath, recommends the following three steps to building a business. Solidify and make sure you have the most optimal user experience. Get some real partners - the ones around the table that really matter. Get some capital. It is also important to build trust and provide security to your customers, that delivers the best experience possible. He believes in deep data