Poshmark, Inc. Unveils Vision for Seller Growth and Success with New E-commerce Innovations

Rhea-AI Summary

Poshmark, Inc. (Nasdaq: POSH) announced product innovations at its annual conference, PoshFest, aimed at enhancing the seller experience. A new Seller Experience team, led by co-founder Tracy Sun, will support sellers across various regions. Key features include My Shoppers, a clienteling tool that personalizes seller engagement, and Closet Insights, a dashboard for real-time sales and inventory analysis. These initiatives reflect Poshmark's commitment to empowering sellers to thrive in a competitive retail environment, catering to both casual sellers and established brands.

Positive

• Launch of My Shoppers tool enhancing seller engagement and conversion.
• Introduction of Closet Insights for real-time business performance tracking.
• Establishment of a dedicated Seller Experience team to support growth.

Negative

• None.

REDWOOD CITY, Calif., Oct. 8, 2021 /PRNewswire/ -- Poshmark, Inc. (Nasdaq: POSH), a leading social marketplace for new and secondhand style for women, men, kids, pets, home and more, today announced product innovations and a newly established team dedicated to support its millions of sellers across the U.S., Canada, Australia and India. At its annual community conference, PoshFest, Poshmark unveiled its vision for how it will become the number one destination for sellers around the world. This includes a suite of seller-focused innovations that bring the insights and personalization of the in-store retail experience online and at scale. The company also named co-founder, Tracy Sun, its Senior Vice President of Seller Experience, a new role dedicated to serving Poshmark's diverse and engaged seller community. Through these investments, Poshmark is making it easier for sellers to engage with more shoppers and buyers — which, in turn, empowers them to build better businesses in an ever-evolving retail ecosystem.

"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," said Manish Chandra, founder and CEO of Poshmark. "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."

Poshmark's newly established Seller Experience team is focused on supporting and innovating for sellers at all levels — from casual sellers to larger boutiques and brands — to make sure anyone who wants to sell on Poshmark can quickly and easily get a closet online and, depending on their motivations, grow and scale over time. The product releases announced today — My Shoppers and Closet Insights — transform the seller experience by arming sellers with powerful customer and closet insights akin to capabilities typically reserved for larger-scale retailers, helping to take their businesses to new levels.

My Shoppers: Poshmark debuted My Shoppers, a revolutionary clienteling feature that serves as Poshmark's version of the world's most skilled in-store retail associate. Just as an in-store retail associate might engage with a potential customer — from suggesting relevant products, to personal styling based on what a shopper is browsing or liking, My Shoppers enables sellers to apply the same, highly personalized experience online and at scale. With My Shoppers, sellers can first pinpoint, then close compelling leads with razor-like precision, all in one tool. Entirely backed by social commerce, sellers can quickly and simply move through the sales funnel — whether it is sending promotional discounts or personalizing merchandise. My Shoppers makes it more seamless than ever before to engage with shoppers and turn them into buyers.

Closet Insights: The company also introduced Closet Insights, a dynamic dashboard that provides sellers with valuable, real-time inventory and sales data. Closet Insights allows sellers to easily and efficiently understand business performance over time to inform strategy, leverage relevant tools to drive action and improve sales.

"Our sellers are the heart and soul of the Poshmark community and we are committed to helping them thrive at every step of their journey — whether that's an individual selling in their spare time or a larger brand looking to embrace a circular model," said Tracy Sun, Co-founder and Senior Vice President of Seller Experience at Poshmark. "We want to enable everyone to participate in the digital economy by making it simple and easy to sell online and in doing so, upend the entire e-commerce experience as we know it. We believe the future of shopping is in the hands of millions of people who seek a simple, social and sustainable way to shop and we want to be their number one destination." 

These new seller innovations come on the heels of a host of features released in the past year designed to enhance seller productivity and scalability: Bulk Listing Actions, which allows sellers to quickly and efficiently share listings, make closet-wide pricing changes and execute multiple offers to likers at once; Listing Videos, which offer the ability to embed short videos within listings; Style Tags, which allows users to shop by trend and improves shopper discovery and matching; and Seller Discounted Shipping, which gives sellers the flexibility to adjust the shipping price to help close the sale.

About Poshmark
Poshmark is a leading social marketplace for new and secondhand style for women, men, kids, pets, home and more. By combining the human connection of physical shopping with the scale, ease, and selection benefits of e-commerce, Poshmark makes buying and selling simple, social, and sustainable. Its community of more than 80 million registered users across the U.S., Canada, Australia and India, is driving the future of commerce while promoting more sustainable consumption. For more information, please visit www.poshmark.com, and for company news and announcements, please visit investors.poshmark.com. You can also find Poshmark on Instagram, Facebook, Twitter, TikTok, Pinterest, YouTube, and Snapchat.

Media Contact
pr@poshmark.com

Investor Contact
ir@poshmark.com 

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SOURCE Poshmark

FAQ

What new features did Poshmark announce on October 8, 2021?

Poshmark announced My Shoppers and Closet Insights as new features aimed at enhancing the seller experience.

Who is leading Poshmark's new Seller Experience team?

Co-founder Tracy Sun has been appointed as the Senior Vice President of Seller Experience.

How does Poshmark plan to support its sellers with new tools?

Poshmark's innovations aim to provide personalized engagement and real-time sales data.

What is the purpose of the My Shoppers feature?

My Shoppers is designed to help sellers create personalized shopping experiences akin to in-store retail.

What insights can sellers gain from Closet Insights?

Closet Insights offers valuable, real-time data on inventory and sales performance to inform strategy.