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Poshmark Enters Australian Market
Poshmark has just landed Down Under, only weeks after listing on NASDAQ. This is the first expansion for the company outside of North America.
The re-commerce platform will be taking advantage of the Australian e-commerce boom and is now the first non-North American expansion for the company.
Poshmark launched originally in the US in 2011 and expanded its customer base into Canada in 2019.
Marketing itself as a social marketplace platform, consumers can buy and sell pre-loved, vintage and second-hand men’s, women’s, kids, pets, home and beauty products online and on mobile.
“We are a social marketplace that combines the human connection of a physical shopping experience with the scale, reach, ease and selection benefits of e-commerce,” the company explained in its IPO prospectus.
“Poshmark’s community has only become stronger and more dynamic as it has grown, and we are thrilled to welcome Aussies to join us as we shape the future of shopping, together,” said Manish Chandra, the Co-Founder and CEO of Poshmark.
The re-commerce industry has experienced exponential growth in the last few years as consumers develop a taste for second hand and pre-loved goods online.
This expansion is a part of the retailer’s growth strategy. So, why Australia? As consumers have a mature and well-developed op shop culture, it was the perfect fit for its cross-border expansion.
The retailer will continue launching in English speaking countries as its priority.
Currently, the platform houses over 70 million users. In its first launch in Canada, Poshmark grew its platform by more than 1.4 million users.
“We are excited to bring our social marketplace to Australia, extending Poshmark’s simple, social and sustainable shopping and selling experience across the globe,” said Chandra.
“The launch is only the beginning, and we look forward to building a thriving and successful community in Australia.”
According to Poshmark’s IPO prospectus, there’s a sale on its platform every second in the US. Furthermore, in 2019, it doubled its revenue from USD 1 billion to USD 2 billion in 12 months.
While the Australian leg of Poshmark looks a little bare at this time, it will likely expand further as its brand awareness broadens across the country.
It’s not the first second-hand online retailer to make its way to Aussie shores. Other e-commerce platforms and marketplaces, such as Depop, Vestiaire Collective and TheRealReal, have solidified their spots in the Australian landscape, which begs the questions: Is re-commerce here to stay?
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