IPO

Poshmark Prepares To IPO

Poshmark, the used clothing platform, has filed to go public, according to a press release.

The company filed a draft registration statement with the Securities and Exchange Commission (SEC) in order to do so.

The number of shares to be sold and the price range haven't been determined yet, the release stated.

Poshmark has been doing well as of late, with 100 million resale transactions as of February of this year, PYMNTS reported.

In the company's second social commerce report, “2020: The Year of Social Shopping," Poshmark said it drew insights from over 8,000 shoppers in the U.S. and Canada and also from Poshmark's 60 million members. It found that the desire for such social shopping has fueled brand discovery and eCommerce transactions.

Poshmark Founder and CEO Manish Chandra said the explosive popularity of resale is driving a new wave of social commerce, with customers looking at different ways to shop and get the most value.

Although he was speaking before the pandemic, Chandra forecasted 2020 as a year when customers would be ready for new meanings of buying and selling things, and an increasing desire for connectivity with each other.

Research from Raymond James showed 18 percent of online shoppers were already active in the market, while 17 percent planned to try it soon.

And brand awareness is on the up and up, too, with 58 percent of shoppers knowing about Poshmark as of early 2020, the report found.

A separate PYMNTS report noted the widespread digital innovation happening in 2020 as businesses attempt to acclimate to the new pandemic economy. Poshmark, alongside big names like Walmart and Amazon, has become a favorite for businesses to use to reach customers as a new way of revenue while physical sales are down.

But, PYMNTS noted that reaching consumers over digital platforms isn't the whole problem — businesses also want to make sure they get paid through real-time payout options, too.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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