Poshmark, the community-driven marketplace for fashion, has unveiled a new wholesale portal to connect fashion brands to its network of sellers.
Poshmark has a network of users, primarily on its mobile app, who have created virtual boutiques on the site. As other social sites roll out tools including buy buttons to enable social shopping, Poshmark's platform was created to sell consumer goods.
The new wholesale portal gives fashion brands the ability to reach Poshmark sellers. It will connect prequalified sellers to brands to buy inventory at wholesale prices, to then sell in the Poshmark marketplace.
The marketplaces boasts more than 1 million sellers, according to the company. Mobile shoppers spend roughly 25 minutes a day in the app, opening it as much as seven or eight times daily.
|Poshmark retail closet|
Connecting with retailers and brands on social media is a priority for consumers: 42 percent of shoppers said they prefer to shop with retailers that engage with them on social media, according to study by Retail Perceptions.
"With this launch, we are redefining what it means to be a retailer in today's world," said Manish Chandra, founder and CEO of Poshmark. "Poshmark sellers are a new generation of women growing fashion businesses by applying their social media skills and marketing their style in an authentic way.
"We've seen how our approach to peer-to-peer commerce drives sales for some time and we believe this retail expansion will give brands unprecedented access to consumers while we support our community's growth, both with a new source for inventory and the initial funding to get started selling retail."
More than a dozen brands signed on for the launch, including Style Mafia and Snob Accessories.
Additionally, Poshmark has created a fund to offer grants of $500 to 50 Poshmark sellers as seed money to help them get started purchasing inventory from vendors in the wholesale marketplace.
-See this Poshmark press release
Social retail site gives cash for referrals
3% shoppers follow favorite clothing brand on social media
Amazon fastest growing retail brand on social media
Neiman Marcus and Mytheresa launch shoppable Instagram
New website offers deals in exchange for reviews