Poshmark and Poshers move into the Home Decor Market.
Home Decor Photo by Alexandra Gorn on Unsplash
Recently as of June 11th, Poshmark officially moved into the home decor market. Sellers known as Poshers can now sell their home decoration and other similar items on Pohsmark along with second-hand or wholesale clothing.
Poahmark is known for it’s clothing sales, so you may be wondering why Poshmark chose to go into this market. Well with secondhand shopping on the rise of secondhand shopping, home decor is a market that sells well and can sell fast.
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Buyers are looking to find new ways to decorate their homes according to their own unique sense of style. And for someone already interested in fashion, home decor is just another way to express yourself.
The opportunity to expand officially into this category makes sense when you consider other advantages. Home decor is very visual, making it perfect to sell via an app. And it’s easy for users to discover when they’re already considering what to put in their closets.
“With the launch of the Home Market, we’re taking our first step into broader lifestyle categories and expanding our social marketplace beyond the closet,”
Not only that, but expanding into home decor allows Poshmark to venture into other markets later on if they want to expand beyond style.
Breaking into the lifestyle category though will be hard even with a loyal following like Poshmark’s.
Not only do they have to compete with other apps now like OfferUp, LetGo and other secondhand apps, but they also have to compete with Facebook Marketplace, Etsy, Ebay, and Craigslist.
The venture will be lucrative for users already on Poshmark if they can replicate their success. Secondhand home goods are easy to find for cheap and there are numerous ways to decorate a home. While someone might need only 1 little black dress, they might need 3 vases.
Poshmark’s other challenge will be seeing if they can attract more users via this market. Someone might not be interested in fashion, but they might be really interested in decorating a new dorm or a new house with their partner.
But advertising this new vertical successfully when there are already so many options to sell or donate your home decor will be a task. But if Poshmark can compete well and use the power of social connections, social media, and word-of-mouth, they might be able to expand stylishly.
Poshmark has a great opportunity to use social media to promote their new market. Instagram and Pinterest are ideal places to not only post fashion, but home decor as well. Users can interact with potential new users via these platforms and cross promote their fashion and home decor as well.
Giveaways and influencers might be another great marketing campanign that they can leverage. As well as their 4x a day two hour shopping themed hours. If they can cross promote brands that already sell fashion and home decor, Poshmark can promote their new market to users already using the app.
Personally, I think Poshmark should carefully consider their market otherwise they risk turning into another version of Etsy, OfferUp, or LetGo. Poshmark stands out for being a social second-hand fashion app but can they safely take on other markets and not lose what makes them unique?
You can check out the complete list of what Poshers can shop and sell now and decide for yourself if Poshmark’s strategy will succeed.
