Summary List Placement
With more consumers shopping online from the comfort of their own homes, some resale platforms have seen a surge in sales and users in recent months.
Poshmark, a peer-to-peer shopping platform, is one of many platforms to see an uptick in listings during the pandemic. The fast-growing company started trading today pricing its IPO at $42 a share and giving the company an initial valuation of more than $3 billion.
Selling items on Poshmark can be beneficial for those looking to generate a supplementary income, especially as unemployment soars and furloughs across industries persist. But sellers like Meg Kribs have managed to find success turning their reselling side hustles into full-time careers.
Read more: Resale startup salaries revealed: Here’s how much people make at ThredUp, StockX, Poshmark, and more as the $28 billion industry grows and startups look to go public
Kribs joined Poshmark in 2012 and has been selling on the platform since. But when the 40-year-old mother of four was furloughed from her job at an Arizona gym in March, she saw an opportunity to go all-in on her resale business.
“It was a very lucrative hobby over the years,” Kribs told Insider about her Poshmark store, @fanzy_pantz, in a recent interview.
A former personal trainer, Kribs had spent 20 years in the fitness industry before transitioning entirely to Poshmark. When she and her colleagues at her gym were furloughed in March, Kribs decided to try running her Poshmark business as if it were her full-time job for three full weeks, devoting eight hours a day to the business.
After three weeks of success, she let her gym job know she would not be returning.
“I took the leap at that point. I had nothing to lose,” she said, explaining how she quickly realized the potential for success in her Poshmark job.
From side hustle to full-time job
Kribs’ “closet,” or Poshmark’s term for an online store, mostly specializes in denim.
The category has done well for her, despite an overall dip in jeans sales during the pandemic. According to Kribs, while fewer people might be buying denim, her ability to attract that small percentage of jeans-wearers to shop exclusively at her store drives her business.
When the pandemic began, Kribs was sitting on a back pile of inventory from a couple of months prior, which she said turned out to be a “pile of gold” in terms of sales potential. When she does need to get new inventory, Kribs shops at local consignment shops near her home in Phoenix, Arizona.
To go from side hustle to full-time, Kribs said a shift in mindset was essential.
Poshmark was no longer just a lucrative hobby; it was now Kribs’ main source of income. As such, Kribs made an effort to stick to a regular work schedule and stay focused on growing her business every day. Poshmark offers sales and inventory reports to its sellers and helps break down what items sell better than …read more
Source:: Business Insider