Retail

Poshmark Enters Home Goods Market

In a move that takes on companies such as Rent The Runway and Wayfair, Poshmark is expanding into home décor.

The effort comes as consumers look to buy items like Nike sneakers and Louis Vuitton handbags in secondhand marketplaces such as Rebag, TheRealReal and Poshmark at less expensive prices, CNBC reported.

Poshmark CEO and Founder Manish Chandra said, according to the outlet, “As we launch into home goods, a lot of that is centered around the fact that our community is leading us there. Our vision is to become the social commerce platform of choice.”

The new vertical for the company is said to encompass items such as candles, pillows and wall art as well as smaller home goods. Poshmark, which started in 2011 and is based in California, enables shoppers to try to sell unwanted belongings or to purchase products from other users. The firm said last May that sellers had earned $1 billion since its inception.

Postmark has taken in nearly $160 million in funding; its November 2017 Series D round raised $87.5 millio, valuing the company at almost $600 million.

Union Grove Venture Partners, GGV Capital and Menlo Ventures, among others, are investors in the company.

In other recent home goods news, news surfaced in March that Rent the Runway was teaming up with West Elm to help customers rent home goods such as throw pillows, linens and blankets. Shoppers will be able to rent some items through Rent The Runway’s site beginning in the summer, per news at the time.

Rent The Runway CEO Jenn Hyman said, per reports in March, “We see home goods as similar to your closet, where there are investment pieces along with design-based seasonal changes you are always wanting." Hyman continued, "I think that the customer today wants flexibility to decide when to invest and when to play.”

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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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