Poshmark, the social commerce site, has introduced a new paid marketing tool. This tool allows sellers to promote their entire shop in one go, giving them more visibility and reach.
“Promoted Closet,” a new feature from Poshmark, uses machine learning to automatically promote specific product listings from a seller’s entire inventory. This feature identifies the search terms used by shoppers and matches them with the promoted items.
Promoted Closet operates on a similar model to “cost per click” platforms such as Etsy, Amazon, and Google Ads. Users can set their own weekly budget and only incur charges when a customer selects the advertised listing. There is a choice: manually set the budget or receive a recommendation from Poshmark. The recommendation takes into account factors such as the size of the closet, the type of listings, and the value of the brands featured. This helps determine the demand and competition for those items.
Additionally, sellers have access to an analytics dashboard that provides valuable insights such as impressions, clicks, sales, return on ad spend, cost per click, and clickthrough rate. Our company has recently increased the amount of historical data available to sellers. Previously limited to 30 days, sellers can now access a full year’s worth of sold listing data.
Poshmark’s latest feature has undergone extensive testing with a large number of sellers since early 2023. The results have been impressive, with testers experiencing a significant 43% boost in sales, as reported by the company. It is now accessible to all users in the United States on both desktop and mobile devices. Poshmark is currently running a special promotion where you can enjoy a complimentary seven-day trial.
Poshmark did not provide a specific timeline for the release of this feature in Canada, the only other market where the platform is currently accessible. (It previously operated in other markets, but the company decided to close its international business in October.)
Since Naver acquired it last year, Poshmark has made numerous improvements to its resale marketplace. For instance, “Posh Shows” and “Share Shows” allow users to host live auctions and collaborate with other sellers to unite their audiences. Additionally, there is “Posh Lens,” a cutting-edge visual search tool that utilises AI technology. With this tool, buyers can simply snap a photo of an item and instantly discover relevant listings.
Poshmark offers additional marketing services, including “Bulk Listing Actions,” that streamline the process of listing multiple products for sale with just one click. They also provide “My Shoppers,” a data-driven tool that enables sellers to extend offers to multiple shoppers simultaneously.
“We have a lot of ongoing projects in the areas of social and community engagement, as well as generative AI,” shared Manish Chandra, the co-founder and CEO, in an interview with Eltrys. “In the next six to eight months, we will unveil a number of exciting announcements closely related to generative AI.”
Poshmark boasts an impressive user base of over 130 million in the U.S. and Canada. Sellers on the platform have earned over $7 billion.
