Have you heard about Poshmark yet? If not, then you may be interested in knowing that it is a digital marketplace for selling and buying clothing, shoes, and accessories that are in new or used condition. It's a popular site for both buyers and sellers. Whether you've heard of the business or not there are some interesting facts about them that you need to know, so here are 20 things that you probably didn't know about Poshmark.
1. The company was founded in 2011
Poshmark has only been in business as a company for less than 8 years. The founders are Manish Chandra Tracy Sun, Chetan Pungailya and Gautam Golwala. These four entrepreneurs developed an idea for the online marketplace where people could come to buy new and used clothing at discounted prices to help them save money on shoes, clothing, and accessories. In addition, it would give people interested in selling clothing they no longer used, or for building a business for themselves in the online clothing retail industry.
2. Poshmark got its start from a massive fundraising campaign
If you're wondering how the four co-founders were able to get the Poshmark business up and running and off the ground, they had a lot of help in doing it. They were able to get it started and when it looked like a business that would serve as a safe investment for financial backing, venture capitalists began to take an interest in the company. Support began coming in from Singapore-based Temasek in the amount of $87.5 million. This amount was given in November of 2017 and it gave the company the big boost that they needed to expand the operation. They were joined by other funders including GGV Capital, Mayfield and many others which to date have supported Poshmark with a total amount of $160 million in venture capital.
3. Poshmark is good for the environment
One of the attributes of the Poshmark company that many people do not realize is that it is helping us to take care of the planet. On this site, there are tons of used clothing items and accessories which are still in excellent condition and are sold for others who are happy to use them. This is keeping a lot of refuse out of our landfills. Believe it or not, there are a lot of people who would just as soon throw used clothing, shoes, and accessories away versus donating them to a resale company. People who realize that they can make a profit from them are far more likely to resell than to throw away, so in an indirect way, Poshmark is keeping tons of these items out of the landfills every year.
4. Poshmark is addictive for some people
When we were conducting our research on Poshmark, we discovered multiple forums and review sites where Poshmark buyers and sellers share their opinions about the site. It didn't take long for us to realize that there are a lot of users who get such good deals on items for their entire family on the site that it's their exclusive shopping venue for making these purchases. It's a convenient way to find clothing and accessories to outfit everyone in the family and it takes the hassle out of shopping because all you need to do is place your order, pay for the items online and then wait for your purchases to arrive in the mail. It's easy to understand why so many people turn to the site for all their shopping for family clothing and more.
5. Poshmark is giving eBay and Craigslist a run for their money
Poshmark operates from a platform that is very similar to that of eBay and Craigslist. It allows for local selling as well as long distance selling. It's cutting in on the territory of both of these famous online reselling sites because it offers services that are similar, yet it's a little more user-friendly and it's easier for people to use filters to find precisely what they're looking for and it's a site that's dedicated to clothing, shoes and associated accessories. While there's no danger that they'll run them out of business, Poshmark has become some stiff competition for them both when it comes to this type of sales.
6. Poshmark has an edge because of social media
One of the most unique aspects of Poshmark's marketing strategy is that it emphasizes the use of social media. in addition to this, the site is mobile friendly and fully optimized to load beautifully on all types of devices. This makes it a site that is talked about and advertised on a host of social media sites, reaching potential new customers by the millions through targeted advertising. It's also more user-friendly than most other sites of its kind and these are two aspects of Poshmark that give it a solid edge over many of its competitors in the industry. Poshmark encourages a social environment within their site so buyers and sellers can comfortably and easily connect over brands that they are interested in.
7. SavingFreak and Poshmark have joined forces
Poshmark has developed a unique partnership with SavingFreak.com. They've made an agreement so all SavingFeak.com readers are offered $5 for signing up with Poshmark. The bonus is presented in the form of a code that is simple to remember. It is SAVINGFREAK.
8. Poshmark focuses on higher-end name brands
On the Poshmark site, you'll find more than three thousand different brands in their marketplace. When you look through the names of the brands you'll discover that they all bear the name of brands which are considered to be on the higher-end and known for their quality at a minimum, and some that are outright prestigious. Names you will see include Zales, Adidas, Nike, Calvin Klein, and many more. Most of the listings placed advertising these high-end brands give you the opportunity to purchase them at prices that are below the average price you would pay at a retail store. Some of them are in gently used condition and others are brand new with the tags.
9. Some people were worried about Poshmark's legitimacy
Poshmark isn't a business that everyone is familiar with, at least, not yet. We learned that there were quite a few people asking if it was a legitimate business. With so many scams out there that offer high-end goods at low prices because they're either stolen, knock-offs or they don't exist, to begin with, it's understandable. We can assure you that Poshmark is a legitimate business and there are thousands of satisfied users both buyers and sellers who will be happy to confirm this fact.
10. Is Poshmark Legit?
The quick answer to this is yes. Poshmark was founded in 2011, making it six years old. In Internet years, this makes the company a well-established brand. As with any site where you have individuals buying and selling there are complaints listed online from people who feel they were not treated well. Most of this has to do with the seller not the platform
Overall, the feedback I am seeing is positive and the experience for buyers and sellers seems to be fair and enjoyable.
11. Poshmark has a walk-through feature
If you're a would-be entrepreneur interested in establishing your own buying and selling business in the clothing and accessories industry, Poshmark is a great place to do it. Even if you don't have any experience, skills or knowledge of how the online e-commerce business works, Poshmark has set up an app that walks you through the process. It's not difficult to use and you'll have helpful guidance in setting up your account whether you're interested in buying, selling or both.
12. Poshmark is the easiest site to find your size and haggle over the price.
While most sites offer a great program that filters through their collection of available merchandise, Poshmark has made theirs a highly-efficient process. You can put in sizes for everyone in your family and start shopping for clothing that will actually fit them. They even have an app that allows you to interact with the seller and make price offers if you want an item but would like to offer less. This is a great way to get an even better deal if the seller has merchandise they are willing to let go for a lower price than they've listed it for. The response time is a lot faster than what you'll find on eBay's messaging system.
13. Buyers are given time to cancel a transaction
If you purchase something and you decide that you really don't want to buy it, after all, you have a reasonable amount of time to cancel the transaction. This can help you to avoid suffering from buyer's remorse. It's a handy option, especially when you find the same item listed for a lower price from another seller.
14. You can hold a Posh Party
Posh Parties are something that every buyer needs to know about. Posh parties give you detailed information on certain types of clothing, along with helpful information on certain brands and styles. A posh party can expedite your search and help you to more quickly find the specific items that you're looking for. Posh arty bots from third parties are currently under development to further expand this useful search option from different parties and it's coming in the near future to enhance the current service.
15. Poshmark stores are very easy to set up
Every Poshmark seller has the option of setting up their own boutique or closet. It's really easy to do and all that you need to do is snap a few pictures with your phone, then upload them directly into the Poshmark app. It's a simple way to develop your own online consignment store. You can use social media platforms to advertise to the most interested people on the internet and get viewers and followers in to look at your profile and closet full of items that you have for sale.
16. Sellers can also cancel a sale
Sellers are also given the opportunity to cancel a sale that has been made. The really cool thing about it is that they are not penalized as long as the cancelation is made within the seven days allowed before shipping is required.
17. Poshmark does charge sellers a fee
While Poshmark's fees for selling are not cheap, they're not terribly expensive either. Any item that is sold for $15 incurs a selling fee of $2.95. All items that are sold over this amount are charged a 20% fee for the handling of the sale. While this might seem high, Poshmark provides advertising services along with shipping labels and their platform makes it easy for most sellers to use, so there is quite a value in that.
18. Poshmark offers a straightforward process that people like
There are a lot of pros associated with Poshmark for both buyers and sellers. One of them is how easy it is to use their shopping app. The pictures are crystal clear and easy to see. The filtering mechanism is easy to use and the prices are straightforward and placed in an easy to see area. You can even talk with the seller if they're offering negotiable terms such as a or best offer clause.
19. You can buy brand name clothing and accessories that beat retailer prices
Most buyers have discovered that their savings are up to 70% off the retail prices you would pay at other consignment shops or retailers like TJ Maxx or Plato's Closet. The savings are so substantial that it just makes sense to make your clothing and accessory purchases through Poshmark.
20. There are also a few cons associated with Poshmark
There is no company that is absolutely perfect and all of them have their pros and cons. While Poshmark has a lot of advantages, they do have some drawbacks from the seller's perspective. There are a lot of other comparable selling sites on the internet that charge lower fees, such as eBay, whose fees are far lower. Craigslist doesn't charge any fees at all. The one compensation that Poshmark offers for this is the free shipping label they offer to sellers. This helps to defray the costs to some degree.
The 10 Most FAQs about Poshmark
1. Q: What brands are included in the Posh Luxury Market?
A: The list is long and it includes: 3.1 Phillip Lim, A.P.C., Ace & Jig, Acne Studios, Agent Provocateur, Akris, Akris Punto, Alaia, Alden, Alexander McQueen, Alexander Wang, Alexandre Birman, Alexis, Alice McCall, Anine Bing, Ann Demeulemeester, Anna Sui, Anya Hindmarch, A.P.C., Aquazzura, Armani Collezioni, Audemars Piguet, Baccarat, Balenciaga, Bally, Balmain,, Barbara Bui, Belstaff, Blk Dnm, Bottega Veneta, Breitling, Brioni, Brunello Cucinelli, Bulova, Burberry, Burberry Brit, Buscemi,, Bvlgari, Byron Lars
Camilla, Canada Goose, Carolina Herrera, Cartier, Casadei, Cazal, Celine, Cesare Paciotti Chanel, Charlotte Olympia, Charriol, Chiara Boni, Chloe, Chopard, Christian Dior, Christian Louboutin, Chrome Hearts, Cinq A Sept, Common Projects, Coulbourne, David Yurman, Derek Lam, Dior, Dita, Dolce & Gabbana
Donna Karan, Dries Van Noten, Dsquared, Emilio Pucci, Erdem, Ermenegildo Zegna, Escada, Etro
Fairchild Baldwin, Fendi, Ferragamo, Ghurka, Gianmarco Lorenzi, Gianni Versace, Gianvito Rossi, Giorgio Armani, Giuseppe Zanotti, Givenchy, Golden Goose, Goyard, Gucci, Hamilton, Hermes, Herve Leger, Hogan, Hublot, Hugo Boss, Ippolita, Iro, Isabel Marant Isaia, Issa London, Issey Miyake, Ivy Kirzhner
Janessa Leone, Jason Wu, Jean Paul Gaultier, Jenni Kayne,, Jennifer Meyer, Jeremy Scott, Jerome Dreyfuss, Jesse Kamm, Jil Sander, Jill Stuart, Jimmy Choo, Jocelyn, John Hardy, John Varvatos, Jonathan Simkhai, Judith Leiber, Kenzo, Konstantino, La Perla,, Lago, Lanvin, Lauren Manoogian, Lela Rose, Levian, Linda Farrow, Loewe, Longines, Loro Piana, Louis Vuitton, Mackage, Maison Margiela, Maje, Manolo Blahnik, Mansur Gavriel, Marc Jacobs, Marchesa, Maria Tash, Mario Valentino, Marissa Webb, Marni, Marsell, Maryam Nassir Zadeh, Marysia Max Mara, MCM, Michele, Mikimoto, Missoni, Miu Miu, Moncler, Monika Chiang, Montblanc, Moschino, Movado, Mulberry, Nancy Gonzalez, Narciso Rodriguez, Needle & Thread, Neiman Marcus, Nicholas, Nicholas Kirkwood, Nili Lotan, Nina Ricci, Olcay Gulsen, Oliver Peoples, Omega, Oscar De La Renta
Patek Philippe, Philip Stein, Philipp Plein, Pierre Balmain, Pierre Hardy, Prada, Proenza Schouler, Rachel, Comey, Rado, Ralph Lauren Black Label, Ralph Lauren Purple Label, Raymond Weil, Red Valentino, Reed Krakoff, Rene Caovilla, Rick Owens, Robert Clergerie, Roberto Cavalli, Roberto Coin, Robin's Jean, Rodarte, Roger Vivier, Rolex Rudsak, Sachin + Babi, Saint Laurent, Salvatore Ferragamo, Sam, Sandro, Santoni, Self-Portrait, Sergio Rossi, Shinola, Smythe, Smythson, Solace London, Sophia Webster, Sophie Hulme, St. John, Stella McCartney, Stephen Dweck, Stuart Weitzman Tacori, Tag Heuer, Tamara Mellon, Temperley London, The Row, Thom Browne, Thomas Wylde, Tiffany & Co., Tissot, Tod's, Tom Ford, Ulla Johnson, Valentino, Van Cleef & Arpels, Vaute Couture, Veda, Veronica Beard, Versace,, Vivienne Tam, Vivienne Westwood, Yigal Azrouel,, Yohji Yamamoto, Yves Saint Laurent, Zac Zac Posen, Zimmermann
2. Q: What are Poshmark's Shipping rates?
A: Poshmark ships items at a flat rate that is currently $6.79 and includes expedited shipping on all orders placed. Items ordered are shipped with a 103 day USPS Priority Mail shipping schedule. They buyer pays for the shipping and items are combined in orders whenever possible up to 5 pounds.
3. Q: What is Boutique Certification?
A: If you desire o list boutique items on Poshmark then you need to be Boutique Certified. This is to ensure that customers receive the highest quality of goods in their orders.
4. Q: What is Posh Authenticate?
A: Posh Authenticate is a premium service offered by Poshmark that gives you additional verification and authentication of designer items. Each item is verified and authenticated by experts on luxury and high end items.
5. Q: What is a Posh Party?
A: A Posh party is a virtual shopping event that is offered in real time. Fashion lovers meet in the app to sell clothing and accessories, shop and share with one another. Four Posh parties are offered each day and they feature a variety of different themes.
6. Q: What is a Poshmark?
A: A Poshmark is a fashion destination where people can unite to purchase and sell clothing and accessories from one another with thousands of closets and boutiques featuring gently used fashion items at prices which are up to 70% off the retail selling prices.
7. Q: Can you cancel an order?
A: If you purchase an itm accidentally you can cancel within 3 hours of placing the order. First click on your account tab, then select My Purchases. Choose the Problems/Order Inquiry Tab, next click accidental purchase. You can cancel the order unless it has already been shipped. If you order an item that is on the offer feature list the sales are final and you cannot cancel these.
8. Q: How can I sell my items faster?
A: Take clear pictures with good lighting so your buyers can get the ideal view. Include extra photos and if there is any damage or wear make sure to point this out. Write a complete description of the item including the condition, material, measurements, size, color and highlight any damage or wear. Share your listings on all social media sites where you have accounts.
9. Q: How do you get paid after shipping your sale items?
A: After your item sells, Poshmark sends you an email that includes a prepaid pre-addressed USPS priority mail shipping label attached. Package the item, print the label and place on the package and drop it off at the post office for shipping. Once the buyer receives the item, your money is released within 3 days of delivery and placed in your Poshmark account. You are free to withdraw the money, sending it to your bank account or you may also request a paper check.
10. Q: How do I handle requests to take transactions offline?
A: Poshmark prohibits this activity. Members are required to go through the Poshmark checkout system in order to enforce he satisfaction guarantee for both buyers and selling. This way if there is a problem for either party, the Poshmark rules can easily resolved he issue. It is for everyone's mutual protection. If someone asks you to take the transaction offline you should report the incident to Poshmark.
Written by Garrett Parker
Read more posts by Garrett Parker