The report draws on insights from over 8,000 shoppers surveyed across the U.S. and Canada, in addition to data from Poshmark’s 60 million community members, uncovering the impact of social shopping on brand discovery and eCommerce transactions, while identifying how resale is fueling larger industry changes.
“2019 was a pivotal year for social commerce due to the surging popularity of resale. The retail landscape shifted drastically, as consumers embraced new ways to shop and think about their closets,” said Poshmark Founder and CEO Manish Chandra. “Looking ahead to 2020, consumers are emerging with an inherent desire for connection, redefining what it means to buy and sell, making social shopping synonymous with retail itself.”
Poshmark and other resellers have seen a jump in brand awareness, according to research from Raymond James. It finds that 18 percent of online shoppers are already active in the resale market, and 17 percent expect to try it soon.
In terms of brand awareness, 58 percent know about Poshmark, 35 percent about thredUP and 20 percent about The RealReal.
Its new research finds “the circular economy” is vital to its 60 million members and that 76 percent of users consider an item’s resale value while making a purchase.
That news follows Gap’s recent partnership with thredUP, in which customers can turn in used clothes in exchange for credits redeemable at Gap, Banana Republic, Athleta or Janie and Jack. Macy’s and J.C. Penney are already selling thredUP items in smaller shops-within-shops at some stores.
But Gap claims this makes it the largest clean-out participant so far in thredUP’s Resale-as-a-Service program, an online platform designed to support the circular fashion economy.
In June, Poshmark entered the home goods market. The new vertical for the company is said to encompass items such as candles, pillows and wall art as well as smaller home goods.