Poshmark’s secondhand sales platform goes to the dogs
Poshmark, the resale platform, last week launched a pet category as it continues to branch out beyond its roots in women’s fashions.
Poshmark, which went public in January, launched in 2011 with a focus on secondhand women’s apparel, shoes and accessories. The retailer followed with men’s and kid’s in 2016, home décor in 2019, and beauty and toys in 2020. Poshmark writes in its IPO prospectus, “We anticipate adding new categories to expand our product offering and continue to serve demand from our diverse community.”
In 2019, apparel represented 45 percent of sales for Poshmark; shoes, 21 percent; bags, 17 percent; accessories, 12 percent; and other, 5 percent.
Poshmark stands out from competitors such as RealReal and thredUP by positioning itself as a “social marketplace.” The prospectus states, “We enable our buyers to grow their personal networks on our marketplace, driving positive social feedback, long-term engagement, and repeat purchases.”
The company employs a variety of social actions, including Posh Parties and styling “Bundles,” to encourage interaction. In 2019, 87 percent of items purchased were preceded by a like, comment or offer on Poshmark, and its community of over 30 million active users spent an average of 27 minutes per day on the marketplace.
Poshmark encourages its sellers to style and promote each other’s items. Poshmark wrote, “Sellers often send personal, handwritten notes to buyers along with their item, while buyers often write digital ‘love notes,’ commenting on the purchase or seller experience.”
Items available under Poshmark’s new pet section include collars, carriers, toys, brushes, bowls and beds. As with other categories, pets will include some new merchandise but mostly secondhand offerings.
Poshmark noted in a statement that 67 percent of Americans are pet owners and that ownership grew “exponentially” over the last year due to a record number of COVID-19-era adoptions.
“It’s important that our social marketplace addresses the needs of the entire family,” said Tracy Sun, co-founder and SVP of new markets at Poshmark. “We’re excited to offer pet owners a fun and social way to shop, sell and connect in a way that builds community, considers personal styles and budgets, and drives sustainability.”
- Leading social marketplace offers millions of pet owners a fun and social way to shop, sell and connect – Poshmark/PRNewswire
- Poshmark, Inc. Announces Pricing of Initial Public Offering – Poshmark
- Poshmark, Inc. – Securities & Exchange Commission
- Are secondhand sales the right branding move for Neiman Marcus? – RetailWire
DISCUSSION QUESTIONS: Does the pet category offer potential for resale platforms? Does Poshmark’s focus on combining social and marketplace features offer more opportunities to support categories well beyond fashion?