🛍️ Promoted Closet Launch
Poshmark, the popular social commerce site, introduced "Promoted Closet" on May 16, 2024. This new tool allows sellers to promote their entire shop at once. Using machine learning, it matches shoppers’ search terms with promoted items from a seller’s inventory. This feature works similarly to "cost per click" models seen on Etsy, Amazon, and Google Ads.
💰 How It Works
Sellers can set a weekly budget and are charged only when a shopper clicks on a promoted listing. Poshmark offers an option to set the budget manually or get recommendations based on the closet size, type of listings, and brand values. An analytics dashboard provides insights on impressions, clicks, sales, return on ad spend, cost per click, and clickthrough rate.
📈 Beta Testing Success
Since early 2023, "Promoted Closet" has been in beta testing with tens of thousands of sellers. According to Poshmark, beta testers experienced a 43% increase in sales. As of today, this feature is available to all U.S. users on both desktop and mobile. A seven-day free trial is offered for a limited time.
🔮 Future Enhancements
Poshmark, acquired by Naver last year, continues to enhance its platform. New features include "Posh Shows" for live auctions, "Share Shows" for collaborative selling, and "Posh Lens," an AI-powered visual search tool. "We are focusing on social and community aspects and generative AI," said CEO Manish Chandra. Poshmark plans to roll out more AI-driven tools in the coming months. The platform has over 130 million users in the U.S. and Canada, with sellers earning over $7 billion.
Will you use Poshmark's new "Promoted Closet" feature?
