With $15.5 Mn Funding, Poshmark lets you Shop, Share and Sell Fashion via Smartphone
Poshmark was Co-Founded by Manish Chandra, Tracy Sun, Gautam Golwala and Chetan Pungaliya in February 2011. The company has received a total funding of $15.5 Mn through investors Mayfield Fund, Inventus Capital Partners, SoftTech VC, SV Angel and Menlo Ventures.
Poshmark is a mobile fashion marketplace built around real-time social experiences. Its parties are themed, real-time shopping events where people gather to shop, share, and sell fashion right through their smartphones. Poshmark’s community brings fashion lovers together to share their individual style, effectively turning every closet into a unique shopping experience.
This video gives you an overview of the app:
How do you sell on Poshmark?
- Use Poshmark’s Covershot technology to make your listing really stand out.
- Once your item sells, sit back and let Poshmark do the rest of the work. They will send you a pre-paid pre-addressed shipping label for your order.
- The company’s labels are good for shipping to anywhere in the US (as long as your package is under 2 lbs).
- All you have to do is print it out, package up the item, and drop it off at the corner mailbox (if it fits) or at the nearest US Post Office.
- Credit card processing fees are already pre-paid for you by Poshmark.
- You can withdraw your earnings in cash from the Poshmark app whenever you desire. They do not charge any fees for withdrawing your earnings.
How do you get Paid?
- You can withdraw your earnings anytime you’d like directly from the app! Go to your account tab in the app and tap on ‘My Balance.’
- Next, tap on ‘Redeemable’.
- From here you have the option to redeem via Bank Direct Deposit or Check Request.
As for pricing, Listing is free on Poshmark. The company takes a 20% cut from a sale made by the user via Poshmark app. This leaves the user with 80% of his sale price as earnings. The money is kept as escrow with Poshmark until the user sends the item to the buyer. Once delivery of that item has been confirmed, Poshmark will send the 80% earnings to the user. Poshmark’s standard shipping rate is $4.99 for all orders $25 and above and $6.99 for all other orders. This applies for orders to anywhere in the US. Shipping amount is paid at the time of purchase by the buyer.
Users can update their Poshmark profile from within the Poshmark app by going to the account tab – Edit Profile. From here, they can modify their email, profile picture, password, and other info. The one thing that cannot be changed is the username. A time limit of 1-2 weeks is given for the order to arrive. Progress of the package is tracked by Poshmark.
The company also has special promotions now and then wherein users can obtain Poshmark credits. These credits cannot be redeemed for cash but can be utilized for buying items. They are not transferable however. Poshmark is Available on Google Play store as well as iOS app store.
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