REDWOOD CITY, Calif., July 24, 2018 /PRNewswire/ -- Today, Poshmark, the largest social marketplace for fashion, launches Posh Markets, a new offering of immersive shopping communities within the Poshmark app, enabling millions of shoppers and Seller Stylists to tap into a diverse selection of categories on the platform. Beginning today, the Poshmark community can now choose from a drop-down menu of six in-app user experiences: women's, men's, kids', boutiques, plus-size and luxury.
Posh Markets are an entirely new way to shop and explore different communities on Poshmark, similar to having multiple apps conveniently in one platform. Users can easily switch between Markets, transforming every screen — from the feed to showrooms to parties — to the Market of the user's choice, whether it be women's, men's, kids', boutiques, plus-size or luxury. With over 75 million items available on Poshmark, Posh Markets further simplifies the shopping experience, making it easier to discover people and products to satisfy each individual's style preferences.
"The launch of Posh Markets positions us for massive growth, allowing social commerce to penetrate all areas of e-commerce, taking on an even greater segment of the industry," said Manish Chandra, founder & CEO of Poshmark. "Posh Markets takes social shopping to a new level, building community-driven merchandising engines around consumers' style and interests — further scaling social commerce to all major fashion categories, unlike anything available in today's retail landscape."
What's more, this new experience allows the company to continue scaling the platform further, providing the opportunity for new Posh Market additions in the future — from streetwear to home decor to beauty — with the potential for each community to grow into billion-dollar businesses.
This news comes as the social commerce giant experiences explosive expansion, having grown tenfold in gross merchandise sales and revenue in the past five years, further establishing itself as the leading fashion marketplace. With the vacancy rate of U.S. malls hitting an all-time low,1 Poshmark is leveraging social shopping to create the fashion mall for the social media generation.
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 shares 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.
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.
1According to a 2018 report from real estate research firm, Reis, stating that the vacancy rate at regional and super regional malls in the U.S. reached a high not seen since the third quarter of 2012.
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