digital disruptors | Jun 11, 2019 |
Poshmark is breaking into home

The $582 billion home decor industry has a new admirer. Poshmark, the digital peer-to-peer style marketplace, has expanded into decorative territory with launch of Home, which was unveiled today.

Poshmark is now selling home decor
Poshmark is now selling home decorCourtesy of Poshmark

The category will include a wide variety of decor merchandise—everything from bedding, bath accessories and frames to storage, office, wall art and party supplies. “The big move is we are going from your closet to your home,” says Tracy Sun, co-founder and senior vice president of new markets. “It opens up a huge new industry for us and our sellers. It’s a massive one, so it’s one we’re really excited about.”

Poshmark, for the uninitiated, is a social commerce platform—online and via an app—where buyers and sellers do business. Best known for fashion, the platform hosts 50 million active users, 5 million of whom are sellers. Exact revenue numbers are hard to come by, but last year the company announced a milestone: It had paid over $1 billion to sellers.

While similarities are often drawn to eBay, Sun points to social engagement as part of the discovery process—a point of distinction for the company. “We believe, especially for style-based categories, there is a very strong need for consumers to connect over their shared love for a certain area, and in that connection comes inspiration and conversation,” she says. “So when you come to Poshmark, you’re coming not just to buy or to sell, but you’re also coming to discover and connect and learn.”

For the moment, the company places no restrictions on who can join, inviting both individuals and businesses to have a presence. Sellers can offer a range of home products, but currently Poshmark isn’t supporting large furniture like sofas and dining room tables.

Currently on offer: Comforters from brands like Betsey Johnson and Christian Siriano, a vintage wine caddy, elephant-shaped shower curtain hooks, a gold Swingline stapler, and a set of metallic framed prints of Notorious B.I.G. and Tupac Shakur (which is listed at $49). Sun says Poshmark is looking forward to seeing its community define the category. “I wonder how much our existing sellers will adopt home versus new sellers coming in, and how the home market will materialize,” says Sun. “Will it be a whole new group of people [or] will it be our existing [members]? As we learn the answer to that question, it will help us develop our roadmap.

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