Poshmark is pumping up its portfolio with a new product category: petcare.
The move marks the secondhand retailer’s first new sector since it brought on beauty and wellness last year. Despite suffering a sales slump at the start of the Coronavirus, Poshmark was still able to go public earlier this year, thanks in part to new digital endeavors including “Posh Stories“, a video feature that allows users to browse other closets in a TikTok-like way. Now, the brand is betting on another trending topic to keep sales soaring.
Last year marked a frenzy for four-legged friends. More than 3 million pets were adopted due to the COVID-19 crisis. As such, consumers began to spend more and more time and money on their beloved “pandemic pets”. Unsurprisingly, brands like Chewy and Petco snapped up top spots in Gartner’s Digital IQ Index: Big Box this year. All this in mind, Poshmark’s push for petcare makes sense, especially as it will be offering more affordable products than many mass retailers—something owners who suddenly find themselves with more than a few pets might find appealing. The brand aims to get tails wagging about the new category with a social media campaign and matching hashtag, #poshpets, that launched on National Pet Day earlier this month. This social aspect could help foster fun and engaging content, plus user-generated content from pet owners excited to show off their furry friends’ new fashions.
Poshmark has proven itself to be a popular destination for many shoppers, especially Gen Zers. At the same time, pets are one category that can appeal to many consumers, regardless of age. Brands looking to expand into a somewhat overlooked, yet timeless category should keep a paw on petcare too.