California-based Poshmark, Inc. (POSH), a social marketplace for new and second-hand products, has announced product innovations and set up a team to support its sellers across the U.S., Canada, Australia and India.
The products available on the platform include men’s, women’s and kids’ jackets, shoes, bags, shirts, accessories, sweaters, pants, shorts, bedding, party supplies, phone cases, sunglasses and kitchen items, among others.
The company’s suite of seller-focused innovations aims to bring personalization and insights of in-store retail experience online. Shares of the company declined 3% to $22.97 on Friday.
Furthermore, Poshmark has appointed Tracy Sun, its Co-founder, the Senior Vice-President of Seller Experience. (See Poshmark stock chart on TipRanks)
The CEO of Poshmark, Manish Chandra, said, “Our seller community has transformed from a decade ago with many scaling well beyond casual selling to new levels of success, and we are committed to fueling their ambition and aspirations for growth.”
Notably, the company’s newly established Seller Experience team will focus on innovating and supporting casual sellers as well as big brands.
Meanwhile, Poshmark has also launched two new products — Closet Insights and My Shoppers — to transform the seller experience. My Shoppers allows sellers to offer shoppers a highly personalized experience online and at scale, and sellers can access real-time inventory and sales data via the Closet Insights dashboard.
Sun said, “Our sellers are the heart and soul of the Poshmark community and we are committed to helping them thrive at every step of their journey — whether that’s an individual selling in their spare time or a larger brand looking to embrace a circular model.”
Two weeks ago, Berenberg Bank analyst Brian McNamara initiated coverage on the stock with a Buy rating and a price target of $42 (82.9% upside potential).
In a research note to investors, the analyst said, “The company should benefit from being an early mover in the digital resale market that is expected to triple in size by 2025.”
Overall, the stock has a Moderate Buy consensus rating based on 5 Buys and 3 Holds. The average Poshmark price target of $43.71 implies 90.3% upside potential. Shares have lost 77.4% over the past year.
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