January 1, 2014
Poshmark was Co-Founded by Manish Chandra, Tracy Sun, Gautam Golwala and Chetan Pungaliya in February 2011. The company has received a total funding of $15.5 Mn through investors Mayfield Fund, Inventus Capital Partners, SoftTech VC, SV Angel and Menlo Ventures.
Poshmark is a mobile fashion marketplace built around real-time social experiences. Its parties are themed, real-time shopping events where people gather to shop, share, and sell fashion right through their smartphones. Poshmark’s community brings fashion lovers together to share their individual style, effectively turning every closet into a unique shopping experience.
This video gives you an overview of the app:
How do you sell on Poshmark?
As for pricing, Listing is free on Poshmark. The company takes a 20% cut from a sale made by the user via Poshmark app. This leaves the user with 80% of his sale price as earnings. The money is kept as escrow with Poshmark until the user sends the item to the buyer. Once delivery of that item has been confirmed, Poshmark will send the 80% earnings to the user. Poshmark’s standard shipping rate is $4.99 for all orders $25 and above and $6.99 for all other orders. This applies for orders to anywhere in the US. Shipping amount is paid at the time of purchase by the buyer.
Users can update their Poshmark profile from within the Poshmark app by going to the account tab - Edit Profile. From here, they can modify their email, profile picture, password, and other info. The one thing that cannot be changed is the username. A time limit of 1-2 weeks is given for the order to arrive. Progress of the package is tracked by Poshmark.
The company also has special promotions now and then wherein users can obtain Poshmark credits. These credits cannot be redeemed for cash but can be utilized for buying items. They are not transferable however. Poshmark is Available on Google Play store as well as iOS app store.