Social commerce giant Poshmark on Wednesday said it has paid out more than $2 billion to its business community of seven million seller-stylists, as it calls its retailers and resellers. The figure is double the $1 billion Poshmark announced just over a year ago.
Poshmark sees the retail landscape shifting, with consumers wanting more than ever from brands, including sustainability and transparency. Consumers value access to goods over ownership and they’re looking to make meaningful connections with the retailers, or resellers, they engage and transact with.
The platform allows anyone to buy and sell items, engage with like-minded people, or grow a business. Poshmark said it’s helped democratize retail and has brought a human element back to commerce.
Poshmark’s community has grown to more than 50 million users in the U.S., who spend 23 to 27 minutes on the platform daily and share 30 million listings. That translates to more than $175 million worth of inventory that’s uploaded each week to the platform, ranging from luxury fashion and streetwear to home decor.
“Today, Poshmark is the foundation for thriving retail and resale businesses and brands, which have amassed engaged followers, thousands of dollars of income, and a supportive, entrepreneurial community,” said Manish Chandra, founder and chief executive officer of Poshmark. “Their success is indicative of the widespread growth and future promise of social commerce.”
Chandra cited other milestones for Poshmark in the past year, including expanding beyond fashion and beauty for the first time and entering the home arena with a Home Market in June 2019. Launching the category expanded the opportunities for sellers and shoppers to connect, discover products and transact.
Poshmark in May 2019 flexed its nascent international muscles by expanding its community to Canada. In the four months since the launch, the Canadian Poshmark user base has grown to more than 300,000. It took Poshmark more than 15 months to reach the same level when it launched its app in 2011.
The social commerce platform in the past year strengthened its leadership by naming Serena Williams and Jenny Ming, former ceo of Charlotte Russe, to its board, rounding out a group with a deep and diverse set of retail, entrepreneurial and business experience.