Social commerce platform Poshmark has paid out over 2 billion dollars to its community of seven million Seller Stylists. The milestone illustrates how Poshmark uniquely serves as a springboard for sellers to build thriving businesses and brands, using a robust set of e-commerce tools to support the end-to-end social shopping experience. The announcement doubles the 1 billion dollar milestone that Poshmark reached just over one year ago.
The retail landscape is shifting as consumers demand more from brands than ever before. Consumers reward sustainability and transparency, they value access to goods over ownership and are looking to develop meaningful connections with the retailers –– or resellers –– they engage with. Poshmark's platform of consumers and retailers has helped democratize retail as a whole –– making it easy for anyone to buy and sell coveted items, engage with like-minded people, or grow a thriving business. Poshmark's community has scaled to over 50 million users nationwide, including seven million Seller Stylists, who drive massive engagement on the platform. Today, Poshmark users spend 23 - 27 minutes on the platform, share 30 million listings daily, and have access to over 175 million dollars worth of inventory uploaded to the platform every week, ranging from luxury fashion to streetwear to home decor.
"This is an incredible moment for resale and social commerce. As a leader of these two burgeoning retail models, we are proud to have created a platform where anyone can build a business doing what they love, and become part of a diverse and hyper-engaged community," said Manish Chandra, founder and CEO of Poshmark, in a statement. "Today, Poshmark is the foundation for thriving retail and resale businesses and brands, who have amassed engaged followers, thousands of dollars of income, and a supportive, entrepreneurial community. The extraordinary success of these retailers, who are uniquely equipped to serve today's consumer, is indicative of the widespread growth and future promise of social commerce."
In a momentous year, Poshmark has surpassed a number of critical milestones, further delivering on its mission to democratize retail by enabling anyone to sell, shop, or share their style. In June they launched Home Market, expanding for the first time beyond fashion and makeup into a new area of retail. The company also expanded into Canada in May, marking their first international launch, enabling more people to participate in social selling. In the four months since launch, the Canadian Poshmark community has grown to over 300,000 users –– a milestone that took over 15 months to reach when Poshmark first launched in the app store in 2011. Tennis champion Serena Williams and fashion industry veteran Jenny Ming also joined the company's board of directors this year.