US-based social shopping marketplace Poshmark has announced the launch of its social commerce marketplace in the Indian market. The brand specializes in second-hand clothing for women, men, kids, pets, and homes, among others, and aims to capitalize on Indian consumers’ growing acceptance of online and social commerce.
The Nasdaq-listed company has a community of more than 80 million registered users across the US, Canada, and Australia.
“India is our first market in Asia and we are excited about multiple reasons...India is culturally vibrant and I really believe that what Poshmark brings in terms of a social shopping experience and as a marketplace, it's the perfect match...the experience is extremely transparent," Anuradha Balasubramanian, India General Manager, Poshmark said.
Sellers can list products priced at Rs 500 and above, and the platform charges a commission from the seller on the sale transaction. Balasubramanian also highlighted that Indian community members will benefit from Poshmark's buyer protection and authentication services and PoshPost, Poshmark's simple and easy shipping service.
"We're here for the long haul. We've been in India, we have an office, which is based out of India for about 10 years now (in Chennai), which takes care of other markets with services, it's an R&D center," she added.
Manish Chandra, Founder, and CEO, Poshmark, said, “We go through different phases as we are entering geo, the first phase for us right now is very much building out our community, create that foundation...so we expect as we go forward, it starts to really scale and add, over time, meaningful contribution both to growth and then after that to the profitability of the business. So, the focus right now is on investing, getting the community built, and getting that core seller and shopper community that will help drive growth for years to come.”
Poshmark has 80 million users worldwide and the company did a volume of transactions of US$ 1.8 billion run rate at the end of Q2 in the business.