Dive Brief:
- With the resale market growing, Poshmark has appointed its co-founder Tracy Sun to serve as its senior vice president of seller experience, a newly created position that oversees the platform's merchant experience, according to a Friday announcement.
- Poshmark has formed a seller experience team in charge of "supporting and innovating" for sellers of all sizes on the platform.The company also introduced two tools geared at sellers on Friday.
- My Shoppers, a clienteling feature, allows merchants to provide product recommendations, promotional discounts and other personalized services. The platform also introduced Closet Insights, a merchant dashboard that provides real-time inventory and sales data, per the announcement.
Dive Insight:
The rollout of new merchant features is part of Poshmark's ongoing effort to improve the seller experience by adding new shopping and seller tools to its platform. The company unveiled its listing videos feature, which lets sellers create videos for their product listings, in March and collaborated with Snapchat on Poshmark Mini, a social shopping experience within the social media app, in May.
As Poshmark creates a new division dedicated to helping its sellers, the resale platform has undergone several other changes recently. In January, the company launched its IPO at a stock price of $42 per share, which jumped to $101.50 by the end of the day. Following its IPO, Poshmark's CFO departed the company after five years.
"Our seller community has transformed from a decade ago with many scaling well beyond casual selling to new levels of success, and we are committed to fueling their ambition and aspirations for growth," Manish Chandra, founder and CEO of Poshmark, said in a statement. "Paramount to this is placing a trailblazer at the helm of the seller experience, ensuring best-in-class technology and robust support for our sellers. I can think of no one more poised for the task than our co-founder, Tracy Sun. Her passion for the community drives her vision and we look forward to helping our sellers reach new levels of growth with this next iteration of the Poshmark experience."
Other signs indicate that the resale market is gaining steam. In June 2020, resale platform ThredUp released a report predicting that the used apparel market will reach about $44 billion by 2029. The report also noted that four in five survey respondents wanted to buy used clothing to save money. This year, the platform projected the market would reach $77 billion in the next five years.
