Poshmark is continuing its expansion, and this time around, it’s a family affair.
The peer-to-peer resale app today adds both children’s wear and men’s wear categories to the platform. This means that users can buy and sell pre-owned clothing and accessories, as well as wholesale merchandise, for women, men and children.
Poshmark started as a peer-to-peer resell marketplace in 2011, and has since added a web version and a wholesale portal that connects fashion brands with its top sellers, which allows them to create a virtual boutique of sorts.
This move, said founder and chief executive Manish Chandra, was in response to a longtime need from Poshmark’s community, but it wasn’t until he was confident in the capabilities of the platform to accommodate each user’s preferences that the expansion occurred. Poshmark has an estimated 1.5 million sellers, or one in 50 women in America, and college students and Millennials are the largest demographic, although there are “plenty of moms” using the platform as well.
He said that it was important to keep the experience as clean and simple as possible. He emphasized that key to this expansion was a focus on deep personalization, discovery and the social experience. “The entire experience of shopping, selling and discovery is pristine, and you can enjoy that dimension if you don’t want kids or men’s,” he said. “Similarly, if you are a mom and you want to buy and sell stuff for your daughter, your experience will transform.”
Chandra said that it is women who mostly use the platform, and he anticipates that they will continue to be primarily the ones buying and selling these new categories. Kids, specifically, are an area he sees as having appeal.
“I think the bigger thing is that kids is an undiscovered category,” he said. “People don’t know the brands to shop. The social discovery is very powerful — to connect people to kids’ brands and to give people advice on sizing and styling — we feel that is really missing beyond the ability to list items for sale.”
Poshmark has raised more than $70 million in funding from GGV Capital, Mayfield, Menlo Ventures, Inventus Capital, UnionGrove Venture Partners, Shea Ventures, AngelList and SoftTech VC, and in addition to this expansion, has plans to become an international company.
Last month, the company was named a top retail brand to watch and one of the top three shopping apps for college students in Goldman Sachs’ 2016 dotCommerce Report.
This was unexpected, Chandra said. “They were researching primarily retail brands, and as they were doing their own surveys with Millennials and college students, Poshmark was a top name over and over again.”
He noted that it was named a top brand to watch among those such as Asos and Revolve. “It’s not just about resale or retail, but about social commerce,” he said. “It’s finally starting to get recognized by folks like Goldman Sachs who look at the economy in a different way.”