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Why Poshmark started its own seller fund to support loyal platform users

Digiday 02 Jul 2021 04:01
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July 2, 2021 by Erika Wheless

Resale platforms are nothing without their sellers, which is why Poshmark has started a fund and built engagement infrastructure to support them.

Poshmark started taking applications from eligible sellers on Thursday for the company’s second round of its Heart and Hustle Fund, a $500,000 pot of money that the platform plans to mete out this summer. Every three months, the company will give $5,000 each to 12 sellers, and $500 grants to 130 sellers. On top of funding, winners also get to join a private Discord group with other grant recipients, as well as invitations to presentations and working sessions with the Poshmark team driven by the cohort’s interests.

Both new and long-time sellers are eligible, but a seller needs to have made at least 125 sales to be eligible for a $5,000 grant, or at least 10 sales for a $500 grant. Other requirements for both include having a rating of 4.5 or higher and an average ship time of fewer than three days.

For the past few months, the major social media platforms have been vying to attract and retain influencers as brands make them a pillar of their marketing strategy. This has led several players, such as Pinterest, Snapchat, and , to start their own creator funds. Poshmark seems to be taking a similar approach, albeit on a significantly smaller scale. Since resale platforms became more popular during the pandemic, sellers now have more options, which has platforms working to keep them loyal.

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PoshmarkHeart and Hustle FundDepopSnapchatSucharita Kodali
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