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Poshmark, an US based social commerce company has made their foray into the Indian market official, via a press statement. The brand is well known for its new and pre-owned fashion, accessories and shoes for men, women and children. 

According to their official statement, now Indians customers will be able to join Poshmark’s community of more than 80 million users and have access to a network of millions of shoppable closets. The statement also added that buyers will discover a highly engaging, interactive and social shopping experience that is curated and personalized by Poshmark’s seller community.

Manish Chandra, Founder and Chief Executive Officer, Poshmark commented on this matter “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”. He also added “ As an Indian who grew up exploring the marketplaces of Old Delhi, I know first-hand 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”.

The company stated that the marketplace will be user-friendly for both buyers and resellers as anyone can sell an item from their closet with seamless listing, merchandising, promotion, pricing, and shipping. Apart from India, Poshmark also extended its reach beyond North America, and has recently entered Australia.

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“V-Mart is concentrating on quicker mind-to-market strategies as far as fashionable apparels are concerned. For instance, our range of streetwear, sweatshirts, hoodies, and top-of-the-line ladies’ dresses. This is being done to meet the rising aspirations of the youth and younger families.” he added.

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High population density, increasing Internet penetration, economic growth and the increased spending ability of the consumers offer huge growth potential for menswear and womenswear sales in the Asia-Pacific (APAC) region. As a result, the APAC market is forecast to account for over 40% of the global sales by 2024, reveals GlobalData, a leading data and analytics company.

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“As on date, we have 7.8 million trusted Loyal Members. In our premium Annual Membership Program “Black Card”, enrolment grew by 172% — this is a subscription service at Rs. 4,500. We continue to engage with our loyal customers through our personal shoppers’ program. During the quarter, the personal shopper program contributed 14.7% (+80 bps),” Nair said.

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“The strong order volume growth supported with higher GMV growth has led to a 6% increase in average order value. As compared to websites, marketplaces have reported 45% order volume growth and 33% GMV growth, with an 8% decline in the average order value for FY-2021. This is testimony that fashion brands are investing aggressively to build a stronger DTC presence,” it adds.

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India’s leading retail company Shoppers Stop Ltd. has reported rapid business recovery in Q4 FY21. For the quarter, the company logged 90% of FY20 sales, the strongest recovery in the last four quarters.

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