Poshmark Gamifies Listing Process With New Listing Streaks Reward Program
UPDATE 8-25-24
Poshmark users say Listing Streak rewards are earned by sellers creating listings, but the benefit is applied as a shipping discount offered to buyers on your items.
I learned that the rewards aren’t for the seller. The buyer seems to benefit from very cheap shipping if you hit a listing streak milestone. #poshmark https://t.co/yydVitsAtB
— Gretchen (@Lucky_Rabbit27) August 25, 2024
Poshmark looks to gamify listing process, hoping to get more items on the site by offering rewards to sellers for maintaining listing streaks.
Poshmark
Introducing Listing Streaks, a new feature designed to celebrate listing. Listing items regularly is one key to success on Poshmark. In fact, sellers who list weekly are twice as likely to make a sale. While you’re boosting your sales potential with consistent listing, Listing Streaks is here to reward you along the way.
Simply list each week between Sunday and Saturday to continue your streak and reach milestones to earn rewards.
How It Works
- Create your first listing to start your streak.
- Create at least 1 new listing each week.
- List by Saturday at 11:59 PM PT to maintain your streak.
- Earn a reward each time you reach a streak milestone!
While Poshmark doesn't say exactly what the rewards will be, the FAQ makes it clear they will be in the form of some kind of credit or discounted shipping that can only be used for future purchase on the site - and they'll need to be used quickly within 7 days of earning the rewards or else you'll lose them!
What is a Listing Streak?
The Listing Streaks Challenge is a weekly challenge designed to celebrate listing. List each week between Sunday and Saturday at 11:59 PM PST to track your streak and to be eligible for rewards.Update your Poshmark app to the latest version to create a listing to start your streak.
What types of listings qualify?
Any type of listing will count toward your streak. This includes:
- NFS (Not for sale)
- Coming soon
- Quick Listings
What happens when I put my closet on a Vacation Hold?
If you earned a reward, it will only be eligible toward purchases in your closet for the next 7 days after the reward was earned. This includes while your closet is on a Vacation Hold.Where can I find my Listing Streaks?
To track your streak and upcoming milestones, go to the News Tab > go to All and select the Listing Streaks notification.How do I claim my reward?
One buyer shipping discount will be applied automatically to the first purchase from your closet within 7 days after reaching a Streak milestone and apply to shoppers who purchase through Buy Now. Rewards are available to buyers for one week after they are awarded.
This new effort to encourage more listing on Poshmark comes as the platform continues to have some of the highest fees (~20%) amongst second-hand fashion marketplaces with several major competitors either dropping fees altogether or shifting some or all fees from sellers to buyers in the last few months.
While Poshmark shut down their UK operations last year, all eyes are still undoubtedly on eBay's recent decision to go permanently fee free on pre-loved clothing from private sellers in the region and speculation they may eventually expand that program to the US and other markets.
Liz Morton
Etsy-owned Depop also dropped selling fees in the UK in March before expanding the new fee structure to the US in July, instituting a "marketplace fee" of up to 5% for buyers instead.
Liz Morton
And Mercari made waves in March as well with the announcement they were getting rid of selling fees across their entire marketplace, opting to charge payment processing and variable buying fees directly to consumers.
Liz Morton
While many of these marketplaces are hoping to spin up consumer to consumer (C2C) flywheel magic as they incentivize listing more items and using the sales proceeds for new purchases, questions remain about whether these strategies will pay off in the long term.
Mercari recently laid off ~45% of their US staff with CEO John Lagerling admitting in an internal memo to employees: "changes to our fee structure have helped us increase listings, but have not yet delivered the short-term results that we had hoped for on the buyer / GMV side. To remain viable in the U.S. market and ultimately get back on track, we must cut costs and consolidate quickly."
Liz Morton
To try to stimulate GMV growth, Mercari desperately launched a month long promo offering sellers the chance to earn site credits for launching their first listings and inviting friends - importantly the credits could not be redeemed for cash, could only be used toward future purchases on the site and expired within 30 days of being issued.
Liz Morton
Poshmark may no longer have as much outward pressure to grow GMV as their publicly traded competitors since being acquired and taken private by Naver in 2022, but you can be sure the Korean internet giant is still looking for good return on that investment and Poshmark executives are scrambling to deliver.
Have you tried out Poshmark Listing Streak rewards? Let us know what you think of this new incentive program in the comments below!
