Stock Market

Poshmark takes inspiration from old-school retail to create an experience for the future

Poshmark Inc.
POSH,
+141.67%
,
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.

See: Poshmark IPO: 5 things to know about the online marketplace before it goes public

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.”

Also: These technologies allow you to shop with your friends — without leaving the house

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.

Related News  'Home shoppers should be prepared for a bit less calm': Mortgage rates could turn volatile in the coming weeks

“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%.

The Renaissance IPO ETF
IPO,
-0.24%

has skyrocketed 110.7% over the past year. The S&P 500 index
SPX,
-0.38%

is up 15.6% for the period.

For more updates check below links and stay updated with News AKMI.
Life and Style || Lifetime Fitness || Automotive News || Tech News || Giant Bikes || Cool Cars || Food and Drinks

Source

Tags
Show More

Related Articles

Back to top button

usa news wall today prime news newso time news post wall

Close