There is always a point where a fad ends and a trend begins. It can bet a grey area that’s difficult to navigate and even harder to move beyond. It would be easy to think that selling clothes out of your closet would fall into this category…
But you’d be wrong.
Our friends at Poshmark made this point clear with the debut of the world’s first Closet-Sharing Economy Report. That the company saw over 1.5 million items sold on their platform in 2013 alone, is a clear indication that closet-sharing has not only moved beyond being a “fad,” but has established itself as a popular way to shop and share.
To understand the weight of the data that Poshmark collected, first check out this infographic:
To put it simply, Poshmark has blown the roof off of the potential of closet-sharing. According to the report itself, the company has “created one of the largest fashion stores in the country powered by the women of America.”
So why is all of this important?
With this information, Poshmark has not only shared their success in the closet-sharing space, but has assisted in cutting through the cacophony of same day shipping, drones and the need-it-yesterday attitude that many retailers are focusing on. Considering that the average number of people at Posh Parties hits 50,000, and with a five day span from the time an item is purchased to the time it’s received, a focus on quality engagement proves to be the most important.
Along the lines of social shopping: in addition to the sales that sometimes reach 70% off, the members of the Poshmark community (affectionately referred to as “Poshers”) are liking, sharing and commenting on items over a million times a day. Though the sales matter, and the money is important, that type of engagement is outstanding for any retailer. If nothing else, the value that this report can be found in that simple fact alone.
As said before, the Poshmark Report on the Closet-Sharing Economy is more than just numbers on a screen. They reaffirm the notion that community is key, and success is driven by the value that brands put on their communities. As a testament to the importance of brand loyalty, Poshmark has raised the bar in terms of expectations of retailers across the board.
It will be exciting to see what 2014 has in store for the entire closet sharing economy.
Third Wave Fashion has been your fashion tech think tank since 2011. We publish the first ever printed fashion tech magazine, Third Wave. Follow us on Twitter or subscribe to our newsletter to stay on top of the latest in fashion tech + wearables.
Jeff Wilber is a guest writer from TheFreelanceRider.