Product I Love: Poshmark
April 13, 2022
Great products are something we can’t help but love here at Connected. From products that keep your information safe and secure to ones that help capture memories to last a lifetime, we have eclectic taste, and this edition is no exception as we dive into Poshmark. What is Poshmark? Good question, and to answer that is our very own Samantha Slinko, Manager of Business Strategy Operations and Internal Communications, as she shares why it’s the perfect pairing of sustainability and her passion for second-hand buying and selling in this edition of Product I Love.
When most people think about new, exciting, and potentially disruptive products, what doesn’t immediately come to mind is secondhand goods. However, the truth is, online consignment and secondhand platforms have been growing in popularity in recent years – and then the pandemic hit. This resulted in the market growing 21 times faster than conventional commerce did.
But more than just good business, this growing movement is good for the planet, especially when you consider that the carbon emissions of the textile industry alone are more than the airline and maritime industries combined. This is just one of the reasons Poshmark, one of the digital platforms to grow in popularity recently, is a fan favourite of Connectors, but for one, in particular, it truly is a Product She Loves.
So what’s so great about Poshmark?
To answer that, we need to go back about a decade to when I bought my first car. It was a 2001 Mazda Protege I found on Kijiji in my second year of university. I paid $1700 for it, and it not only served me for years but sparked my interest in the “hunt” for secondhand goods and the importance of sustainability.
Since then, my passion for sustainability and interest in secondhand selling on Apps has been something I live by. I’ve been buying and selling as a way to reduce and reuse in fashion, home decor and of course, big-ticket items like a used car. I even scored my husband a brand new left-handed Scotty Cameron putter for $300 last summer. Most recently, I sold my wedding dress through StillWhite. The thrill of finding a good deal, making a little extra cash, and doing something good for the environment is hard to pass up.
I have used almost all the major secondhand selling apps, and each has its own niche. That is to say; I have a critical eye for what works and what doesn’t. Depop is international, Metas Marketplace’s lack of anonymity makes people feel secure – I could keep going.
Poshmark is a different story. There are so many things that add to their value proposition; an authentication feature for luxury goods, a beautifully curated homepage with brands that I am interested in, the ability to bundle multiple items for a discount and much more! It’s clear that Poshmark obsesses over every aspect of its user experience, recognizing that its customers are not just the end-user, but are both the Buyer and the Seller.
What’s one of your favourite features?
The entire end-to-end experience is well designed down to the smallest detail making it not only seamless but enjoyable. And whether you are buying or selling, there are a few notable features worth mentioning.
As a buyer, a few of my favourite features include:
- Standardized Negotiation Process. It’s “Accept or Offer-Decline” with no need to try and charm the other party through an endless stream of chats.
- Intentional Anonymity. Unlike Meta Marketplace where you could have 30 mutual friends with the sellers (making haggling harder) this platform saves you the embarrassment of your friend knowing what a hard bargain you drive.
- Apple Pay. It could be a little too easy, but I love when retailers have this option integrated.
As a seller, a few of my favourites are:
- Seller Protection. Once the Seller accepts, the buyer cannot back out of a deal.
- Printable Labels. Created upon sale of an item, no matter the size of the package, ability to buy and sell in a pandemic.
- Easy Cataloging. You can organize and categorize items by brand, size, colour, and more.
- Buyer Pays for Shipping. Why should the Seller be forced to find the most efficient way of getting the product to the buyer?
*Kudos to Tracy Sun – Co-Founder & SVP of Seller Experience for just nailing it.
Any areas where you think there’s room for improvement?
I admit that I have been viewing Poshmark in a positive light, and rightfully so. However, does this mean that it’s the perfect product? Of course not – no such thing exists. And if you’re going to force me to, here are a few areas I think could use a little improvement.
First, and as a Canadian, I’d like to purchase items from the United States. It’s a significantly larger market south of the border and to be fair, I’m only an hour away from the border.
Secondly, I find the “invite-only parties” do more harm than good. They are very annoying and deter B-list sellers from getting the most out of the platform. I think they could steal a page from TikTok, who are able to foster communities without the need to follow individuals or engage in specific features of the app.
My last critique is something I learned from StillWhite, which I’ll call the ‘pre-pay to play’ feature. Pre-Pay to Play is where the Seller pays a fee to publish their item. This would eliminate the 20% fee Poshmark takes from the Seller upon sale of an item. This feature is particularly appealing for Sellers who want to post big-ticket items without the steep cut Poshmark takes on their items. Personally, I would be more inclined to resale my big-ticket items on Poshmark’s platform if I were able to lock in the selling fee. It would also put the money in the hands of Poshmark without the need for a transaction to occur, which is immediate revenue for Poshmark and would eliminate Poshers going around the app and meeting up in person to avoid absorbing the cost themselves.
Despite that criticism, I can’t say enough about Poshmark. From a social, economic, and environmental perspective, it checks all of my boxes. If I could recommend an app that you should download if you are looking to make a little extra cash, this would be the one.
Subscribe to Our Newsletter
Join the Connected newsletter list to receive curated content that exemplifies our Product thinking approach.
Thu Sep 22
Defining Better Product Metrics
How do you accurately measure the success of a product launch? What information do you use to pivot your product strategy? How do you keep teams aligned on the mission? The answer to all three is product metrics. That is, of course, if you’re doing it right. Metrics are a critical element of product success, and our own @Robin shares how you and your team can ladder your goals, define your metrics, and avoid some common pitfalls along the way.
Tue Sep 20
Viewing Post-Secondary Education Through a Product Lens
Job descriptions are becoming looser around education and experience. Beyond showing a list of degrees and certificates, businesses are considering personal project portfolios as proof that they have the required skills for a job. With the rise of alternative educational options - bootcamps, certificate programs, and professionals on YouTube - there are cheaper and more effective ways to learn practical and up-to-date information. Considering these signals, can we still justify the value and cost of traditional higher education? Is it time to reconsider higher education with a product lens?