Poshmark, a free app that can be used by anyone to buy, sell, or trade unwanted clothes, has just announced that they’re scheduled to generate $100 million in revenue this year, according to this article.
This is a huge accomplishment for an app of this type because they typically have a harder time surviving and thriving than other apps due to an insufficient amount of users. Poshmark sets itself apart from the rest of the startups by doubling as a fun social network and not buying any inventory. Instead, they profit by taking a 20% cut from each sale.
I have been using Poshmark for years after hearing about it from a friend, who had traded an unwanted pair of shoes for a brand new, name brand purse. Since then, I’ve sold a handful of my own items and found tons of designer clothing for a highly discounted price. If you’re like me and always buy things that end up sitting in your closet for a year with the tag still on, I suggest you check it out and help this app reach its goals and stay afloat!
“One man’s trash is another man’s treasure.” – English Proverb