- Shopping apps like Poshmark have made it potential for nearly anybody to begin a resale enterprise from residence.
- Founder and CEO, Manish Chandra, stated the app’s elementary enterprise mannequin has enabled the firm to function by means of the coronavirus pandemic with out intensive adjustments.
- He predicted that the future of retail will likely be extra personalised and immersive, with resale at the forefront.
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Long earlier than most Americans started working remotely throughout the pandemic, there was a complete crop of solopreneurs constructing six-figure companies from residence — which they began with little greater than their telephones and the garments of their closets.
Popular procuring apps like Poshmark have made it potential for nearly anybody to begin a resale enterprise. Poshmark founder and CEO, Manish Chandra, constructed the app to be simply that — an accessible approach for thousands and thousands of individuals to promote, ship, and store from their properties.
“Our peer-to-peer model and extensive suite of seller tools makes it easy for anyone to earn extra income,” he informed Business Insider. A consumer-to-consumer mannequin, if you’ll.
Chandra has over 20 years of expertise constructing and scaling corporations together with Kaboodle, a social procuring enterprise that was acquired by media big Hearst Corporation in 2007.
Poshmark has over 60 million customers in the US and simply launched a tales function on the app, just like Instagram and Snapchat.
Chandra stated a powerful logistics and stock community is what makes Poshmark’s enterprise mannequin extra resilient to disruption than others in its area. The firm’s elementary benefit throughout this time is that it does not rely on producers and it already had a system in place to supply transport for all customers.
“Because of this foundation, Poshmark has been able to continue to operate without extensive changes,” he stated.
Before coronavirus, the retail business was already battling a number of disruptive forces — a faster direct-to-consumer cycle, the loss of life of procuring malls, reinventing brick-and-mortar, and a brand new period of advertising and marketing that advocated actual over horny. Now, as we develop accustomed to doing extra from the consolation of our properties, it may benefit from the future of retail changing into extra private.
“Our innate architecture supports this new way of life and I believe the kind of personalized and immersive retail experience fostered on our platform will be the ‘new normal’ going forward,” Chandra stated.
Poshmark customers reward its tight-knit group of buyers and sellers, which in some ways acts as its personal social media platform. “The intergenerational movement that resale has ignited is fueling the acceleration of social commerce at scale, delivering on consumers’ need for connections and a newly awakened sense of community,” he stated.
And resale may very well be at the forefront of this newly social retail business, as Chandra stated shoppers wish to platforms that prioritize monetary and environmental sustainability. “If one thing is true, this pandemic has exacerbated people’s need and desire for genuine connection,” he stated.