And so I think now we’re syncing those up really nicely, which is, I think driving pretty strong record buyers. And so that same playbook that we have been honing in 2023, I think we’ll use as we get into 2024. And again, it’s just getting buyers and sellers to match. As for the lower end weakness, I mean, I think that it’s – we know that there are some of our buyers that are shopping on Temu, the same reason we know they’re shopping on SHEIN and Forever 21 before that, and all the fast fashion players and so – and wish before that. So we have seen this and I think it’s something that we have navigated for the better part of the decade of fast fashion players coming in and coming out. Primark, was another one a few years ago. And so we’ve seen this and I think our value proposition still resonates very strongly with shoppers across the income spectrum.
So we don’t spend a lot of time worrying about that budget shopper right now.
Alexandra Steiger: Got it. Thank you.
Operator: Thank you. And your next question comes from the line of Lauren Schenk from Morgan Stanley. Please go ahead.
Nathan Feather: Hey, everybody. This is Nathan Feather on for Lauren. I guess continuing on that thread and digging into your comments in the promotional environment. So other players within e-commerce have called out pretty quickly expanding ad rates due to competition from the Asia-based exporters. I guess, are you seeing that more on the marketing side than maybe the demand side? And if so, what steps are you taking to mitigate it?
James Reinhart: Sorry, Nate, you broke up for a second. Did you say ad rates? Is that what you said?
Nathan Feather: Yes. Ad rates.
James Reinhart: Okay. Sorry, I heard bad rates and then I had to – my brain had to go to work, ad rates. Okay. Yes, look, I don’t think we’re seeing any real change on the ad rate side for us given our targeting. I think, again, that’s a deep, deep discount shopper. And given that we no longer are really focused on that deep, deep discount buyer, we no longer actually need to have that product to delight that buyer. And so the ad strategy has evolved quite a bit. And so I actually think we’re in a better position and more insulated from some of that pressure because, the Temu shopper or the SHEIN shopper, or the Forever 21 shopper, they’re really competing with the deepest discount prices, right. Those are folks at Walmart, that’s Kohl’s, right.
Those are products that are $5, $6, $7, $10. I mean, the average price on ThredUp at this point is over $20. So it’s a very different buyer mix, and I think it’s important for people to recognize, where ThredUp shifted up to meeting that more premium shopper. It’s no longer the $5, $6, $7, $10 shopper. And I think that has been a very smart strategy for us over the past year and one will continue to deploy into 2024.
Nathan Feather: Very helpful. Thank you.
Operator: Thank you. Mr. James Reinhart, there are no further questions at this time. Please proceed.
James Reinhart: Well, thank you everyone for joining us on our Q3 earnings call. I appreciate all the great questions, and thank you to the ThredUp team for all the hard work that you all do every day. And we’ll see you next time and have a great holiday season.
Operator: Thank you. Ladies and gentlemen that does conclude our conference for today. Thank you all for participating. You may all disconnect.
