the e-commerce platform that went public on Thursday, has the heart of a traditional retailer but an eye turned to the future of digital shopping, according to Chief Executive Manish Chandra.
“The experience is simple, extremely social, and reminds you of what it used to be,” Chandra told MarketWatch shortly after the company’s stock began trading.
“You walk into a store, talk so someone, and make the purchase.”
A “social marketplace” that sells both new and secondhand items, shoppers can engage with sellers through social-media features such as “likes” and comments.
Video has also become an important tool for sellers, as it has for everyone during the coronavirus pandemic.
“Video has taken on a new meaning in 2020,” said Chandra. “The last decade started as the birth of mobile. For the next decade, there will be a lot of innovation, certainly that includes video.”
This past year has also shown the value of flexibility, which is key to Poshmark’s business, Chandra said. When COVID-19 drove shoppers into their homes and into more comfortable clothing, Poshmark’s offerings quickly shifted thanks to nimble sellers who do business on the marketplace. Poshmark doesn’t actually own any inventory.
“When you think of a social marketplace like ours with a high diversity model, asset light… the adaptability is very high and seasonality is much lower. That’s why we’re so excited in terms of the future of shopping,” he said.
Poshmark’s first trade was $97.50 after pricing at $42 per share. The stock closed the day up nearly 142%.