Poshmark is described as a fun and simple way to buy and sell fashion. It is the brainchild of Manish Chandra, who is known to be a man who runs his own race. He believes the only way to survive an unforgiving tech and fashion industry is by “embracing your weirdness”. Poshmark has made community building its initial and continuing strategy towards epic success. If you focus on love, money comes. If you focus on money, nothing comes, It’s how our whole system works, says founder and CEO Manish Chandra.
Chandra is known to be unpredictable and extremely well-versed salesperson. One of the boldest decisions for his business was taken by him in 2014 when he cut down his marketing budget by 80%. He believes Poshmark could have died the way many other fashion tech startups do if it wasn’t for this decision. The sudden cutting of 80% of the budget cost only 20% in terms of buyer count. Chandra narrates an incident where he could have been sent to jail for pre-paying for thousands of 2.2-pound shipping labels which were sent to his users to make shipping the goods from their closets easy. He owed the post office millions of dollars but convinced them to come up with a 5-pound label instead of the 2.2 pound, explaining how Poshmark was one of their biggest clients. The company has made many such moves to remove any obstacles along the way. The year over year growth of 150%-200% growth is an indicator that Chandra’s bold yet well thought out moves will take Poshmark a long way in the future.
I am the Founder at ILoveFashionRetail, where we design & develop e-commerce websites & mobile apps for fashion retailers. We also help fashion brands grow their online sales & traffic. My essays are featured at Forbes, Moz, Fairchild, FIT and more. Contact me.