Poshmark is expanding beyond fashion with the launch of its latest “Market,” dedicated to home décor. The Home Market is the latest in a series of new category launches for Poshmark, joining women’s, men’s, kids, luxury, kicks, prom, maternity, petite, plus-size, activewear, makeup, gifts, boutiques and wholesale.
The mobile app-driven community of five million sellers and 40 million users operates similarly to a social network, in that shoppers can interact with each other and give product reviews while they shop the app’s listings, which are presented in an Instagram-like feed. The new experience emphasizes:
- Discovery of new brands and items;
- Connection with other “Poshers” who share interior style preferences and inspire purchases; and
- Tailored content designed for shoppers to easily explore specialized markets and find new products.
New inventory supported in the Home Market includes accents, wall art, holiday, bedding, bath, party supplies, office, and storage and organization supplies.
“As Poshmark continues to grow its market offerings, there’s going to be more and more categories and continuous crossover between market segments,” said Steven Tristan Young, CMO of Poshmark in an interview with Retail TouchPoints. “However, all of these categories naturally lend themselves to each other, since yesterday’s consumer segmentation based on price points and demographics are blurring. Our goal is to make sure the Poshmark platform allows our shoppers to quickly find exactly what they want.”
The expansion comes as Poshmark targets annual revenue of nearly $150 million, according to CNBC. Already having raised $160 million, Poshmark reportedly is preparing to file an IPO in fall 2019, and recently launched a beta version of the marketplace in Canada. One of Poshmark’s global competitors, Mercari, already went public in a $1.2 billion debut in Japan last year, while TheRealReal filed for an IPO in May.