On Wednesday, Poshmark, a social commerce marketplace for fashion where anyone can buy, sell and share their personal style, announced that its community of four million + sellers have earned a total of $1 billion since its launch back in 2011.
In a statement, Manish Chandra, founder and CEO of Poshmark says:
“We are creating the next generation of fashion businesses.”
“Our Seller Stylists have redefined the fashion landscape by leveraging social selling to build a community centered around style and sharing.”
The statement also reveals that within the last five years alone, Poshmark has experienced exponential growth, allowing the platform to further establish itself as the leading fashion marketplace.
Poshmark’s ability to combine social and commerce has allowed the company to create a somewhat “highly addictive” social shopping and unique selling experience.
Here are some stats to prove it:
- Poshmark members are known to spend approximately 25 minutes per day in the app, leading to about seven to nine opens.
- Users also upload over $100 million of inventory to the platform each week.
- A sale made every second and packages are shipped to over 30,000 zip codes, covering more than 70 percent of the U.S.
- Some sellers even earn within the seven-figure range.