REDWOOD CITY, Calif., Jan. 31, 2019 /PRNewswire/ -- Poshmark, a leading social commerce platform for the next generation of retailers and shoppers, today announced the findings of its latest report, "A Year in Social Commerce." The report illustrates how social commerce has emerged as a powerful new retail model, creating highly engaged communities around shopping and selling. Gathering data from billions of social interactions and millions of transactions that take place on the platform, the report also reveals the most sought-after social shopping trends from the past year.
DEFINING SOCIAL COMMERCE: A RETAIL RENAISSANCE
Empowered by mobile and social technologies, consumers today are driving retailers to new standards. E-commerce is only able to deliver on a fraction of what these demanding consumers are looking for—a breadth of options that are easily discoverable and transactions that are quick and seamless. Social commerce leverages the human interactions prominent on social networks to power more personal, immersive transactions and drive an unparalleled shopping experience. While brands are already testing social commerce features, true social commerce moves beyond buy buttons and shoppable social posts, delivering on everything today's consumer demands.
"I've always believed shopping to be an inherently social exercise, yet human interactions are largely absent from the way we shop today. Consumers want to be seen and heard — they need human interactions combined with social discovery to find the right products to fit their needs, and that's what social commerce delivers on," said Manish Chandra, founder & CEO of Poshmark. "By combining the best of e-commerce with a vibrant online community, social commerce is emerging as an effective model to deliver incredible experiences to this new generation of shoppers, and keep them coming back time and time again."
A YEAR IN SOCIAL COMMERCE: THE HIGHLIGHTS
- Momentum numbers from Poshmark's social commerce platform, revealing details about the activities, connections and transactions that occur daily.
- Unique data and insights from the past year from Poshmark's social commerce platform, including leading influencers, trends from coast-to-coast, how people are engaging around fashion, and top selling brands.
Key Pillars of Poshmark's Success:
Since 2011, Poshmark has continuously innovated its platform to build an engaged community powered by people—sellers thrive on connections, and have sold over $1 billion in merchandise to date, and buyers discover and engage around new trends and styles.
- 78 percent of transactions on Poshmark involve a social interaction. Every day, Poshmark's 40 million community members generate 1.2 million likes, 18 million shares and 350,000 comments.
- More than $100 million worth of inventory is uploaded to Poshmark every week, and a sale is made nearly every second.
- Over 80 percent of Poshmark's daily shoppers are repeat buyers.
- Poshmark community members typically spend over 20 minutes per day in the app.
- Over one-quarter of all shares come from Poshers sharing each other's listings.
Key Poshmark Trend Insights:
- 2018's biggest celebrity style influences: Cardi B and Meghan Markle. Cardi B's partnership with Fashion Nova contributed to a 210 percent increase in purchases of the brand's apparel, while purchases of Aquazzura heels, frequently worn by the duchess, increased 151 percent.
- Dresses were one of the most shared items of 2018, with over 862 million shares. Poshers also frequently shared top trends such as ankle and cropped jeans, sneakers and midi skirts.
- Most-purchased items of 2018 include Off-White sneakers, teddy coats and acrylic earrings.
To read the full report, visit bit.ly/PoshSocialCommerce. For more information, please visit Poshmark.com and to download the latest version of the app for iOS and Android, visit the App Store or Google Play.
Poshmark is a leading social commerce platform for the next generation of retailers and shoppers. Through technology, our mission is to build the world's most connected shopping experience, while empowering people to build thriving retail businesses. Since launching in 2011, Poshmark has become a vibrant social shopping community with five million Seller Stylists helping 40 million shoppers discover items they love from over 75 million listings. The company is backed by the world's leading investment firms including Mayfield, Menlo Ventures, GGV Capital, Temasek, Inventus Capital, Uncork Capital, Union Grove Venture Partners, Shea Ventures and AngelList. For more information, please visit www.poshmark.com, or find us on Instagram, Facebook, Twitter, Pinterest and YouTube.
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