Many of us turn to Poshmark after completing a closet cleanse or ridding ourselves of a questionable purchase. It's a great place to go when you want to give your clothes a new life (your body-con skirt from Nasty Gal graduated college with you, but Poshmark allows it to go back) and when you want to replenish your wallet so you can repeat the vicious cycle of capitalism.
And after seven years of selling off Tory Burch clutches, never-returned Bat Mitzvah gifts and gently-worn Reformation dresses, the site announced on Wednesday that its community of four million sellers have earned a total of $1 billion (!) since its founding in 2011.
"We are creating the next generation of fashion businesses," said Manish Chandra, founder and CEO of Poshmark in a press statement. "Our Seller Stylists have redefined the fashion landscape by leveraging social selling to build a community centered around style and sharing."
In the last five years alone, Poshmark has experienced exponential growth, which is a direct result of the company's unparalleled ability to establish an advantageous marriage between social networking and commerce. This combination has created a highly addictive social shopping and unique selling experience, where people share style advice while buying and selling items through virtual and physical Posh Parties, and where people heavily interact with the platform. Members of the Poshmark community spend approximately 25 minutes per day in the app, opening it seven to nine times.
Subsequently, the users upload over $100 million of inventory to the platform each week and curate 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. What's more, there's even a few sellers out there that are earning seven figures. This only serves as further proof that the resale market will be worth a reported $41 billion by 2022, far outpacing traditional retail — particularly fast fashion.
Here's to the next billion Poshmark!