REDWOOD CITY, Calif., May 23, 2018 /PRNewswire/ -- Today, Poshmark, the largest social marketplace for fashion where anyone can buy, sell and share their style with others, announces a milestone of distributing $1 billion to its community of over four million Seller Stylists. In the last five years alone, Poshmark has grown tenfold in gross merchandise sales and revenue, further establishing itself as the leading fashion marketplace.
Every seller on Poshmark is a Seller Stylist, not only selling their personal style, but also curating looks for their customers. These Seller Stylists are selling from their closets, boutiques and even building new brands distributed through the company's Wholesale Portal, effectively creating a new retail ecosystem that is upending traditional supply and demand chains.
"We are creating the next generation of fashion businesses," says Manish Chandra, founder and CEO of Poshmark. "Our Seller Stylists have redefined the fashion landscape by leveraging social selling to build a community centered around style and sharing."
Social Selling at Scale
Social selling goes beyond posting products to social networks. It's an entirely native experience within Poshmark where people share style advice while buying and selling items through virtual and physical Posh Parties — real-time shopping events where people meet up to shop, share, and sell clothing and accessories.
By combining social and commerce, Poshmark has created a highly addictive social shopping and selling experience, where its community spends approximately 25 minutes per day in the app, opening it seven to nine times. Subsequently, the community uploads over $100 million of inventory to the platform each week and curates 14 million items daily, resulting in a sale made every second and packages shipped to 30,000 zip codes, covering more than 70 percent of the U.S.
Personal, Not Personalized
Retailers today are making a significant push around personalization when it comes to merchandise and shopping experiences. Rather than simply making shopping personalized, Poshmark connects people to people to make shopping personal, allowing Seller Stylists, some of which are earning six to even seven-figure incomes, to connect one-on-one with their shoppers.
"Thanks to Poshmark, I've been able to turn my love of fashion into a seven-figure retail business," says Suzanne Canon, Poshmark's first Seller Stylist to make $1 million. "I'm able to get to know my shoppers on a personal level and curate looks to meet their needs, resulting in a loyal community of shoppers that can't be found elsewhere."
To see a complete infographic illustrating the milestone, please visit the Poshmark blog.
Founded in 2011, Poshmark is the largest social marketplace for fashion where anyone can buy, sell and share their style with others. Poshmark's mission is to make shopping simple and fun by connecting people around a shared love of fashion while empowering entrepreneurs to become the next generation of retailers. Recognized as the go-to shopping destination for millennials, Poshmark's community of over four million Seller Stylists help shoppers discover the perfect look from over 75 million items and 5,000 brands. The company is backed by the world's leading investment firms and venture capital institutions 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 Snapchat.
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