Online clothing sites have significantly changed the fashion market. The next wave of innovation to the industry is mobile apps. A leading new corporation is this movement is Poshmark, which recently raised $3,500,000 of early round capital at the end of 2011.
The company’s new app permits browsing, buying, selling, and exchanging of clothing and accessories. The Poshmark app is sold at Apple’s AppStore for download to iPhones. Users meet at real-time digital events called “Posh Parties.” They upload photos of clothing or accessories to promote for trading or selling.
When buyers respond to an item, Poshmark processes the users credit card information and sends a shipping label to the seller. After the buyer receives the item from the seller, payment is released to the account of the selling party. Poshmark takes a 20 percent commission.
Poshmark is similar to other new companies seeking to socialize the online shopping experience. A basic mobile app is all that’s required to create a healthy stream of business income. Poshmark is constantly seeking to enhance the user experience in order create persistent transactions. Posh Parties have themes such as “Designer Handbags” or “Bold Accessories” that inspire ongoing participation.
The Posh Parties allow participants to conduct online discussions. Users who find someone on the app with a similar style can easily return to the closet area of that person on Poshmark.
Poshmark was founded in early 2011 in Menlo Park, California. The company presently has eight full-time employees. The investors include angel investor groups and venture capital firms. New funding is earmarked for creating enhancements to the app that attract new users and expand product features.