India’s social commerce sector alone will double the current e-commerce market within 10 years
The latest entrant in India’s booming e-commerce industry is the social commerce market . A marketplace to buy and sell clothes, accessories and toys – new and used – Poshmark started operations in India recently in October.
Poshmark makes it simple and easy for anyone to sell items from their closet, with a comprehensive suite of end-to-end selling tools and services, including seamless listing, merchandising, promotion, pricing and shipping.
It also offers fun and engaging social tools under equally fun tags like Posh Parties, Posh Stories, and Reposh, making it easy to resell items with one click. In addition, members of the Indian community of Poshmark will benefit from its buyer protection and authentication services and PoshPost, Poshmark’s simple and easy shipping service.
The social commerce market recently extended its community and strategy beyond North America, launching in Australia in February 2021.
Poshmark began to expand outside of the United States into Canada in May 2019, and it now has a community of over 2.5 million Canadians who together have listed products worth more than half a billion dollars. Poshmark’s evolving model and infrastructure enables continued expansion to new countries and categories in the future.
In a conversation with YourStory, Manish Chandra, Founder and CEO of Poshmark and Anuradha Balasubramaniam, Head of Poshmark India Marketplace, talk about their projects in India.
YourStory (YS): Why consider India as a market for pre-loved fashion, when historically it has not been opened to the sector? Please share some examples
Manish Chandra (MC): Historically, India has always been a culturally rich place where everyone thrives in togetherness and community.
I used to go to Chandni Chowk market in Delhi with my grandfather when I was a kid in India. This experience inspired me to create Poshmark with a focus on community and empowering buyers and sellers to not only transact, but also connect online in an authentic way.
India has a history of saving and reselling, from the ancient practice in villages where saree vendors walked around with a basket of silk saris in the localities, and women traded their kitten’s sari for one. in the basket. Bartering would continue and everyone would benefit. Passing down traditional fashion pieces over generations is a behavioral standard in India, and Poshmark is bringing this experience online.
In India, people’s tastes, perceptions and buying habits have evolved and there is a movement towards sustainability and pre-loved fashion. The online fashion industry is responding to this as well. This change will allow millions of consumers and sellers in India to identify the nascent possibility of second-hand fashion and to reuse a wide range of brands, from high-end to casual.
Anuradha Balasubramaniam (AB): India has always been a value conscious market. Embracing pre-loved fashion and sustainable consumption has been a constant movement and it has gained momentum, especially among young Indians during the pandemic. Social commerce is a global phenomenon and Poshmark sees the Indian market as an exciting new frontier to showcase its social market model with its young user base and focus on the community.
At present, there is no organized social market where Indians can buy and sell new, pre-loved and sustainable fashion directly from each other. Poshmark offers its users this attractive and secure platform where buyers and sellers can connect, build businesses and relationships, and thrive as a community.
With a strong focus on community, Poshmark’s mission is to put people at the heart of the business, allowing everyone to thrive. By combining the human connection of physical shopping with the advantages of scale, ease and selection of e-commerce, Poshmark makes buying and selling simple, social and sustainable.
YS: There have been others in space, what are you doing that is different that makes you think you can break into the market?
MC: Poshmark is more than just an e-commerce site, it’s a social marketplace. People come to Poshmark not only to buy and sell, but also to be a part of our community and to connect with others. We have a diverse, highly engaged and loyal community built on genuine human connection and a large organized marketplace along with end-to-end tools that make selling a superpower. This is what sets us apart from other ecommerce sites.
In addition, we are entering India at the right time as the demand for resale is increasing at a rapid rate. At the same time, e-commerce is positioned for continued growth. Social commerce is expected to do particularly well as people seek to find a human connection online.
When you combine these strengths, India is the perfect market for Poshmark.
A B: Poshmark India will bring technology and values, making it easy for users to buy and sell, organized feeds for a focused shopping experience, a diverse community and proprietary technology enabling large-scale social interactions and transactions.
We have also localized the Category Deals on Poshmark India so Indian consumers can buy and sell the fashion India loves. Our catalog includes a diverse set of traditional Indian clothing for men and women – from lehengas and kurtas to saris, dupattas and more. And most importantly, Poshmark offers a complete buyer and seller solution that improves security and simplifies payments, shipping and more to enable the community to truly engage with the platform.
YS: What are your plans for India?
A B: International expansion is a key pillar of our growth and India is an important market in this business. We already have an established office in India with an R&D center which has various teams in the fields of engineering, support, data science, operations and much more.
We will continue to strengthen our teams for the India business and focus on fostering a vibrant and engaged community in India. Poshmark’s Social Marketplace for New, Pre-Beloved and Enduring Fashion is a stimulating and engaging offering for a diverse and multicultural community of buyers and sellers in India and is poised to lead a one-of-a-kind revolution.
YS: How do you see this market evolving and growing?
A B: There is a double-digit increase in the average spend of online shoppers. The global pandemic has accelerated growth, and the e-commerce market is expected to jump 84% to $ 111 billion by 2024.
Indians spend around 17 hours online / week (around 2.5 hours / day) on social media / networking sites / watching videos. According to a recent report by Bain and Co. and Sequoia India, social commerce in India is now a market of $ 1.5 billion to $ 2 billion and will be worth up to $ 20 billion in just five years, and will likely reach nearly $ 70 billion by 2030.
In short, the social commerce sector in India will be twice the size of the current e-commerce market within 10 years.
In addition, the Indian market has a rapidly growing base of consumers concerned with sustainability and value. We are in the right place at the right time with a unique offer.
