What Poshmark Has Done Well & Not So Well
Finally getting a chance to read the Poshmark IPO S-1. I feel like I am in a 2001 timewarp back to #eBay origins. In other words, buyers who are sellers and sellers who are buyers. Here are the things I like about what I'm reading here:
The focus is on interactions, and what it takes to keep the marketplace flywheel moving. They are deeply tracking user behavior. And using them to know when users are succeeding and enjoying their experience, and when they are not.
A few stats stood out:
- 201 million items on the site from 4.5 million sellers
- 9,431 brands represented (big opportunity here)
- 48% of sellers also made a purchase in 2019.
- 34% of buyers who signed up in the last 5 years have also become a seller.
Whether Poshmark will grow to be huge, is not my guess. But I admire the focus on "the process". User acquisition, user activation, and what it takes to move the flywheel half another notch forward.
It shows they understand and are measuring what it will take to be successful long-term. There is a lot of potential here, and a lot of missed opportunities from eBay (which goes without saying) - but even Facebook missed this in a big way relative to the experience they are offering now. Just try selling on both FB and Poshmark. You'll see.
