Create A Secondhand Fashion Marketplace like Poshmark

Introduction

Poshmark was recently acquired by Korean internet giant Naver for a total value of $1.2 Billion. It has established itself as a leading marketplace for social e-commerce for second-hand fashion. With its peer-to-peer model, Poshmark was generating millions of dollars in revenues without any inventory or warehousing. It only facilitated the transaction between two users and charged a fixed fee above $15 or $2.95 for transactions under $15 of value. Poshmark is now expanding into Canada and Australia after a successful operational launch in the US as a social marketplace.

Poshmark does pride itself on being environmentally friendly as used clothes being reused reduces the environmental footprint of producing new clothes. Many users who are environmentally conscious would prefer to buy used clothes instead of purchasing newer ones and increasing their carbon footprint. Other users may opt for the price advantages that a used item offers. Poshmark can be identified as a social commerce marketplace where users gather to buy and sell items from each other unlike a traditional eCommerce platform where the sellers are offering items to the buyers as a business transaction. Here users may sell for a multitude of reasons including commercial and noncommercial reasons such as emptying out cabinets or shifting to a new place.

What is A Social Marketplace?

A social marketplace is a platform where buyers and sellers can make a profile and start selling or buying items or services. Much like social sites where the focus is on establishing connections and sharing content, here the focus is on connecting users to facilitate a transaction. One user will be interested in selling a particular item while the other will be interested in buying it. Also, the platforms allow users to create communities where common interests such as fashion, and home decor can be discussed and items related to the topic in the discussion can be shared.

Social commerce tries to bridge the gap between having a user base for your products and selling them online. With a social marketplace, you have a readymade set of users who will buy your items and provide valuable feedback, and become advocates to other users. It also creates a platform for other users to sell and buy products from other users directly. It also makes the process of buying and selling a bit more interactive than just an online storefront. The key advantage of a social marketplace over a traditional online eCommerce front is the constant communication that takes place between a buyer and seller. This communication allows the seller to improve their products, offer better items and packages, and increase sales by offering customers exactly what they want.

Custom Social Marketplace Development like Poshmark

Poshmark as stated before is a second hand marketplace based in the USA. It allows users to buy and sell second hand items such as furniture and clothing and other accessories and items that might be lying around their house unused. Posh Mark was founded in 2011 and since then it has grown by leaps and bounds.

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Nishant Shah - Lead Marketing Analyst IT Path Solutions is one of the leading web and mobile app development companies.