Taking advantage of the second-hand economy, Poshmark opens live shopping function

It is learned that due to the continued sluggish consumer demand, the US resale e-commerce market is booming. In this trend, the US version of "Xianyu" Poshmark announced the launch of live shopping functions in the United States and Canada, focusing on the online sales of second-hand clothing products.

The second-hand economy is booming, and e-commerce channels account for the majority of the market share

According to eMarketer's forecast, total U.S. resale volume is expected to grow 7.6% year-on-year to $110.92 billion this year, more than twice the predicted growth rate of 3.3% in total retail sales. Last year, the U.S. resale market fell 2.6% year-on-year. E-commerce sales are expected to account for 74.6% of total U.S. resale volume this year, and this share will continue to grow slightly by 2026.

thredUP also predicts in a new report that online fashion resale sales in the United States will reach $38 billion by 2027. The rise of the resale market is driven by a variety of factors, including the impact of inflation, concerns about sustainability, and the increasing inventory of second-hand goods for sale.

In the clothing category, buying second-hand goods has become mainstream. According to thredUP, 52% of consumers purchased second-hand clothing in 2022.

Second-hand e-commerce platforms are competing to make efforts, and Poshmark takes the lead in promoting live shopping

According to MorningConsult, eBay and Facebook are the two most popular platforms for consumers to buy second-hand goods, but other platforms are also continuing to make efforts to compete for the second-hand e-commerce market share, such as Poshmark, which recently launched the live shopping function PoshShows in the United States and Canada.

PoshShows is a live shopping solution designed specifically for fashion resale, allowing sellers to set the starting price and duration of a quick auction, and consumers can discover products, communicate with sellers in real time and place orders through live broadcasts. In the field of resale e-commerce in the United States, the application of live shopping is relatively rare.

In fact, Poshmark began testing PoshShows in the fourth quarter of 2022. Sellers on the platform have hosted more than 100,000 live broadcasts to date, and consumers have placed more than 4 million bids in live auctions.

Poshmark will add new features to PoshShows in the coming months, with a focus on expanding the SellTogether feature, which is designed to help match sellers and customers based on trends and brands that match shoppers’ interests, and finding new ways to sell through livestreaming.

The company also offers a digital marketing product called BrandCloset, which allows brands to directly connect, converse and sell to customers through a suite of specially designed social marketing tools, including listing videos.

Editor✎ Ashley/

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