Hyderabad: Social commerce has emerged as a massive phenomenon in India and according to Bain & Company estimates it will be worth $ 20 billion by 2025 and $ 70 billion by 2030, twice the size of the total e-commerce market. The US-based Poshmark sees India as a new frontier to launch its social market and build a more circular shopping engine with the Indian community. Anuradha Balasubramanian, head of Poshmark India Marketplace, tells YV Phani Raj how the company plans to expand in India. Extract
Top shopping trends
We see that Poshmark is leading three key shopping trends in India: the shift to online, the shift to pre-loved and the shift to social commerce. Our market has introduced to India the social shopping tools that have found appeal in other markets. We build a vibrant community of sellers and buyers, empower users to buy and sell with ease, and offer proprietary technology that enables social interactions and transactions on a mass scale. At the same time, all generations, especially young Indian consumers, have become more aware of their environmental impact and are moving towards pre-loved and sustainable clothing. This trend only accelerated during the pandemic as people continue to embrace beloved fashions, accessories and more.
Nuclear differentiator
Poshmark is more than just shopping and selling. People come to Poshmark to be part of our community – they come to connect and socialize. We have built a diverse, highly engaged and loyal community on true human connection, and a large composite market, coupled with end-to-end utilities that make selling a superpower. And that’s what makes us different. While there are other players in the space, we are the first world leader in social commerce, making shopping and sales simple, social and sustainable. We are accelerating the trend of preference fashion towards India through our market in a way that is social, fun and sustainable.
Social influencers
Since Poshmark is very social in nature, influencers play a large part in the Poshmark community. Many of our individual vendors have become influential in their own right by building huge following on and off the platform. The collaborative nature of our community lends itself to people not only sharing their style, but also tips for being successful at Poshmark. And across the markets we operate, we often work with influencers, for example the host for celebrity castes, with well-known artists, actors and more who authentically use the Poshmark platform to sell their style.
New offers
Currently we have new and beloved styles for women, men, children, pets, home and beauty and wellness. We have located the offers on Poshmark India and have seen interest from buyers in all categories since we were recently launched in India. Category expansion is a key growth driver for our business, and we will continue to add new categories based on consumer demand and trends in buying behavior.
Asset model
Poshmark is an asset-light platform, which is currently a huge advantage as supply chains around the world are disrupted. Our model is designed to take the untapped, readily available stock that is already in millions of closets and make it new again. India is a new and important market for us, and growth is a big focus for us over the next year. Our goal is to build a Poshmark community with levels of engagement equal to or higher than communities in other countries.
Data insights
We use data and machine learning to build personalized recommendation engines that connect our users to merchandise, as well as to other users with similar tastes and styles. For example, our tools like “Just for you,” use machine learning to deliver personalized shopping recommendations based on users’ shopping interests, to recommend items based on previous likes, offers, and purchases. As a result, the more time one spends at Poshmark, the more customized the shopping experience becomes. Data-based insights help us to continually evolve and improve our offerings.
Source: Telangana Today