US-based Poshmark set to disrupt social commerce in India
US-based Poshmark sees India as a new frontier to introduce its social marketplace and build a more circular shopping engine with the Indian community.
Hyderabad: Social commerce has emerged as a massive phenomenon in India and as per Bain & Company’s estimate, it will be worth $20 billion by 2025 and $70 billion by 2030, twice the size of the total e-commerce market. US-based Poshmark sees India as a new frontier to introduce its social marketplace and build a more circular shopping engine with the Indian community. Anuradha Balasubramanian, head, Poshmark India Marketplace, tells Y V Phani Raj how the company plans to expand in India. Excerpts-
Leading shopping trends
We see Poshmark leading three key shopping trends in India: the shift to online, the shift to pre-loved, and the shift to social commerce. Our marketplace has introduced to India the social shopping tools that have resonated in other markets. We are building a vibrant community of sellers and buyers, empowering users to buy and sell with ease, and offering proprietary technology that enables social interactions and transactions at mass scale. At the same time, all generations, particularly young Indian consumers, have become more aware of their environmental impact and are moving toward pre-loved and sustainable clothes. This trend has only accelerated during the pandemic as people continue to embrace pre-loved fashion, accessories and more.
Core differentiator
Poshmark is more than just shopping and selling. People come to Poshmark to be a part of our community — they come to connect and socialise. We have a diverse, highly engaged, and loyal community built on genuine human connection, and a vast curated marketplace along with end-to-end tools that make selling a superpower. And that’s what makes us different. While there are other players in the space, we are the first global leader in social commerce, which is making shopping and selling simple, social, and sustainable. We are accelerating the trend of pre-loved fashion to India through our marketplace in a way that is social, fun, and sustainable.
Social influencers
Since Poshmark is very social in nature, influencers play a big part of the Poshmark community. Many of our individual sellers have become influencers in their own right by building large followings on and off the platform. The collaborative nature of our community lends itself to people sharing not only their style, but also tips for being successful on Poshmark. And across the markets we operate, we do often work with influencers, for example hosting celebrity closets, with well-known artists, actors and more who are authentically using the Poshmark platform to sell their style.
New offerings
Currently, we have new and pre-loved styles for women, men, kids, pets, home, and beauty & wellness. We have localised the offerings on Poshmark India and have seen interest from buyers across all categories since our launch in India recently. Category expansion is a key growth driver for our business, and we will continue to add new categories based on consumer demand and trends in buying behaviour.
Asset-light model
Poshmark is an asset-light platform, which is a big advantage right now as supply chains around the world are being disrupted. Our model is designed to take the untapped, readily available inventory that is already in millions of closets and make it new again. India is a new and important market for us, and growth is a huge focus for us over the next year. Our objective is to build a Poshmark community with levels of engagement equal or higher than communities in other countries.
Data insights
We leverage data and machine learning to build personalised recommendation engines that connect our users to merchandise, as well as to other users with similar tastes and styles. For example, our tools like “Just Picked for You,” leverage machine learning to deliver personalised shopping recommendations based on users’ shopping interests, recommending items based on past likes, offers and purchases. As a result, the more time one spends on Poshmark, the more customised the shopping experience becomes. Data-based insights help us to constantly evolve and improve our offerings.
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