Poshmark Inc. POSH, + 141.67%, the e-commerce platform that went public on Thursday, has the heart of a traditional retailer, but its eyes set on the future of digital shopping, according to CEO Manish Chandra. “The experience is simple, extremely social, and reminds you of what it used to be,” Chandra told MarketWatch shortly after the company’s stock went public.
Poshmark draws inspiration from old school retail to create an experience for the future
“You go into a store, talk to someone and do the shopping.” A “social marketplace” that sells new and second-hand items, buyers can interact with sellers through social media features such as “likes” and comments. See: Poshmark IPO: 5 Things To Know About The Online Marketplace Before It Goes Public Video has also become an important tool for marketers, as it has been for everyone during the coronavirus pandemic. “Video has taken on a new meaning in 2020,” said Chandra. “The last decade started as the birth of mobile devices. Over the next decade, there will be a lot of innovation, certainly that includes video. “Plus, these technologies allow you to shop with your friends, without leaving home. The past year has also demonstrated the value of flexibility, which is key to Poshmark’s business, Chandra said. When COVID-19 brought shoppers home and put more comfortable clothes on them, Poshmark’s offerings quickly changed thanks to agile sellers doing business in the marketplace. Poshmark doesn’t actually own any inventory “When you think of a social market like ours with a model of high diversity, light assets … the adaptability is very high and the seasonality is much lower. That is why we are so excited in terms of the future of shopping,” he said. Poshmark’s first trade was $ 97.50 after setting a price of $ 42 a share. The stock closed the day up nearly 142%. Renaissance IPO ETF IPO, -0.24%, has skyrocketed 110 .7% over the past year. The S&P 500 SPX Index, -0.38%, was up 15.6% during the period.