US-based social shopping marketplace Poshmark, which specialises in second-hand clothing, on September 15 launched its operations in India to capitalise on Indian consumers’ growing acceptance of online and social commerce.
The Nasdaq-listed company that has more than 80 million users globally allows people to sell used or unused items from their closets, enabled by a suite of end-to-end seller tools and services, including listing, merchandising, promotion, pricing, and shipping.
“I am thrilled to launch Poshmark in India, one of the fastest-growing e-commerce markets in the world and a country with a vibrant culture of thrifting and appreciation for sustainability,” Poshmark founder and CEO Manish Chandra said.
In India, the company will charge a 20 percent commission on products sold above Rs 500 and a flat Rs 99 for items sold below Rs 500, Anuradha Balasubramanian, Director, International Expansion, Poshmark India, told media at the company's virtual India launch.
Poshmark also offers engagement and social tools that include Posh Parties, Posh Stories, and Reposh, which makes it easy to re-sell items.
“As an Indian who grew up exploring the marketplaces of Old Delhi, I know firsthand how important it is to come together and connect as part of the shopping experience. I am confident that our social marketplace will resonate with Indian consumers and allow us to build a thriving and successful community here,” Chandra added.
Poshmark launched its operations in Australia earlier this year. Its first foray outside the United States was Canada in May 2019, and it now has a community of over 2.5 million Canadians who have listed products with over half a billion dollars in value, the company said.
Even as thrifting is acceptable in Western markets, India hasn't taken to it, so far. In the last few years, multiple startups such as Klozee either shut shops or are struggling due to lack of scale in the segment.
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