Poshmark expands into a $582 billion category
Poshmark, a leading marketplace for used apparel, is broadening its reach beyond fashion and accessories.
The retail resale platform has entered the estimated $582 home décor market with the launch of Home Market, a marketplace where shoppers and sellers can buy and list a wide selection of home decor products, ranging from wall art, bedding and bath to party supplies, holiday and storage. Calling home goods one of the most highly requested categories from its community, Poshmark said that this is the first time it has expanded inventory beyond fashion and makeup.
Poshmark, which was founded in 2011,launched Posh Markets in 2018, which are designed to provide an easier (and more immersive) way for its community of 50 million registered users to tap into the categories featured on its site. Home Market is the latest in a series of Market launches and joins such other Poshmarket markets Women, Men, Kids, and Boutique, where users can browse featured listings presented in an Instagram-like feed. Describing itself a platform for “social commerce,” Postmark users are encouraged to leave comments under listings and talk among themselves about listings.
In expanding into home décor, Poshmark will be going up against online home décor sites such as Wayfair as well as such newer players as Rent the Runway which, in a partnership with West Elm, recently started renting home goods.
“With the launch of the Home Market, we’re taking our first step into broader lifestyle categories and expanding our social marketplace beyond the closet,” said Manish Chandra, founder and CEO of Poshmark. “This Market launch reiterates the power of Posh Markets to scale social commerce and enables Poshmark to continue transforming the e-commerce experience.”