Yesterday Poshmark announced that they were launching a new set of tools to help you grow your business. The first one is Expanded Sizes which allows you to realistically post the actual size of the garment your selling. The new sizing’s are Plus, Petite and Junior. This is something that has been a long time coming and will make it that much easier not only for searching but to make sure your actually buying the correct size.
Second is Multiple Item listings. This will allow you to list more then one item or size in a listing. Perfect for all those wholesale accounts that opened up recently.
TechCrunch is reporting that they recently received another $25 million in funding and below is an excerpt of the article as to what their plans for the money are. You can read the whole article here.
“In addition to its focus on used clothing, the company has now expanded to include new fashion items from popular brands. Merchandisers offer Poshmark’s most popular accounts the opportunity to purchase items at wholesale and use their clout to sell the clothes. Chandra says the company is looking to expand this business.
In the near future, Poshmark plans to introduce men and children’s fashions to its lineup. The team is also looking to introduce home furnishings and expanding beyond the U.S. to Canada, Europe and Australia.
Poshmark operates in a competitive landscape, which includes Thredup, Tradesy and The RealReal. Some of the thrift shop apps have found it difficult to stand out. While Threadflip recently shut down, Poshmark seems to be faring ok, though. The “business has been steadily marching toward profitability,” Chandra tells TechCrunch. Since Poshmark doesn’t own the inventory — unlike some of its competitors — it costs less to run the business.
Hans Tung told TechCrunch that he’s optimistic that the company will stand out from the herd, too. “Poshmark is definitely offering something different than what’s available,” adding that “to do fashion well with a lot of followers and curators and influencers is not easy.”
What does this mean? Not much for the day to day seller except you now have more sizing options (awesome) and if your looking to start a business, wholesaling items to sell just got a lot easier.