Last week, fashion-based online retailer Poshmark went public, ending its first day of trading with a value of $7.4 billion. The retailer, specializing in second-hand goods, has been active for over a decade, helping buyers and sellers connect. It is also unique it the way it helps protect its now 30 million active users from fraud. Though the digital storefront has no inventory of its own, it takes a 20 percent cut from all sales.
In the spirit of social media, users can ‘follow’ other sellers, and publicly ‘like’ their wares. With this unique approach, the online resale market is now worth $28 billion. According to finance experts, that number is expected to increase, reaching a whopping $64 billion by 2024.
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