Fast-growing secondhand marketplace Poshmark is making a play for a piece of Australia’s accelerating e-commerce market, one month after listing on the Nasdaq.
The resale platform launched its Australian offering earlier this week, marking its first expansion beyond North America.
Poshmark sells both new and secondhand products across a number of categories, including fashion, beauty, pet accessories, and lifestyle and homewares.
The e-commerce player was established in California in 2011 and expanded to Canada in mid-2019.
It went public in January and is currently valued at US$5 billion ($6.4 billion), with a userbase of 70 million in the US and Canada.
Australians can now access the platform from the web or via the Poshmark app to buy and sell from both local and international users.
Both individual sellers and small businesses can use Poshmark, in a similar way to other e-commerce marketplaces such as Amazon and eBay, with sellers able to access end-to-end selling tools, including an integrated shipping service.
However, the business bills itself as a more sustainable alternative to other players, with its emphasis on the secondhand economy, and its competitors in the US include the likes of ThredUp and RealReal.
The platform also calls itself a “social marketplace”, and allows users to sell their products via a number of social selling functions, including ‘Posh Parties’, ‘Posh Stories’ and ‘Reposh’, which allows items bought on Poshmark to be re-sold with one click.
Buyers and sellers can also take part in social and educational events on the platform, including ‘Posh N Sip’, ‘Posh N Coffee’ and ‘Posh N List’.
In a statement, the company said its move into Australia is part of an international growth strategy that will begin with English-speaking countries.
“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 co-founder and chief executive Manish Chandra.
Poshmark reportedly picked Australia for its next market because of the country’s well-established op-shop culture, environmentally conscious consumers and high rates of e-commerce use.
Australia’s e-commerce sector grew substantially during 2020 as the coronavirus pandemic accelerated the adoption of online shopping across the board.
Get SmartCompany FREE to your inbox every weekday.
According to data from Australia Post in January, almost 9 million Australian households made an online purchase last year, which represents a 10% increase on the year before.
On average, an additional 1 million households shopped online each month in 2020, according to Australia Post.