Poshmark announced it has paid out over $1 billion to its 7 million sellers in the past year, and $2 billion altogether. Poshmark takes a 20% commission on the sale of goods on its site (or a flat fee of $2.95 for sales under $15).
We found the headline of the announcement a little grating. “Poshmark Pays Out Over $2 Billion To Its Community Of Seller Stylists” seems to imply largesse on the part of the company rather than indicating how much sellers earned.
Press release follows:
Poshmark, a leading social commerce platform for the next generation of retailers and shoppers, today announced it has paid out over $2 billion to its community of seven million Seller Stylists who are reimagining and ushering in a new era of retail. 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. Today’s announcement doubles the $1 billion 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 social commerce platform is built on these shared values, effectively enabling a new generation of sellers to serve that consumer base and bring the human connection back into commerce. This flywheel of consumers, retailers, and Poshmark’s platform 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 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 & CEO of Poshmark. “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:
- Category Growth: Poshmark launched the Home Market in June 2019, expanding for the first time beyond fashion and makeup into a new area of retail. By launching a new category, Poshmark has expanded the opportunity for sellers and shoppers alike to connect, discover, and transact.
- International Expansion: Poshmark expanded the community into Canada in May 2019, the company’s 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.
- Leadership: Poshmark welcomed tennis champion Serena Williams and fashion industry veteran Jenny Ming to its board of directors, rounding out a board with a deep and diverse set of retail, entrepreneurial, and business experience.
Poshmark is a leading social commerce platform for the next generation of retailers and shoppers. Through technology, our mission is to build the world’s most connected shopping experience, while empowering people to build thriving retail businesses. Since launching in 2011, Poshmark has become a vibrant social shopping community with seven million Seller Stylists helping 50 million users discover items they love from over 100 million items. The company is backed by the world’s leading investment firms including Mayfield, Menlo Ventures, GGV Capital, Temasek, Inventus Capital, Uncork Capital, Union Grove Venture Partners, Shea Ventures and AngelList. For more information, please visit www.poshmark.com, or find us on Instagram, Facebook, Twitter, Pinterest and YouTube.
SOURCE: Poshmark Press Release