Poshmark, the mobile marketplace that lets women swap and sell items out of their own closets, is launching on Android today. Poshmark, which offers iOS and web apps, launched nearly two years ago and just crossed 1 million items sold this year alone.
As founder Manish Chandra explains, Android was the biggest request from the Poshmark community. Because 95 percent of Poshmark's usage is on mobile, Chandra said that the startup's engineers put considerable thought and time into ensuring that the Android experience allows both sellers and buyers to have a frictionless shopping experience.
Similar to the iOS app, users can start selling items by just taking a photo of the item they want to sell and uploading it to their closet. When they make a sale, Poshmark sends them a prepaid label for easy shipping. Once the buyer receives the item and approves it, Poshmark releases the buyer's payment to the seller.
Buyers can browse and shop millions of items from closets via the app. And Poshmark's Android app includes daily in-app shopping parties called "Posh Parties" where users can browse or market specific items from closets by themes such as Fall Trends and Bold Accessories, or around specific designers such as Marc Jacobs, Rebecca Minkoff or Chanel.
Chandra says that 70 percent of Poshmark buyers are also sellers, so Poshmark has allowed users to create a revolving closet through the app without spending any new money, using only the money made from Poshmark sales to purchase new items.
In fact, women are engaging with the Poshmark iOS app 7-8 times a day for 20-25 minutes, which is impressive for mobile app usage. We're told that Poshmark as a company is on track to see 10X revenue growth year-over-year in 2013.
But Poshmark isn't the only startup to be vying for fashionistas' attentions in this space. Poshmark, which has raised $15.5 million from Rachel Zoe, Ashton Kutcher, Naval Ravikant, Shervin Pishevar, Menlo Ventures, Mayfield Fund, Inventus Capital, and SoftTech VC, faces competition from Tradesy, Threadflip and Vaunte, among others.
It's clear when talking to Chandra that he thinks this is an eBay-sized opportunity or perhaps even more - and eBay is one of Poshmark's competitors as well. eBay has also tried to add more to its fashion vertical. But what eBay hasn't been able to do is create the community feel that Poshmark, and others in the space, have been able to accomplish. It wouldn't be surprising if eBay is already sniffing around these companies for a potential acquisition.