How resale app Poshmark can turn a sideline in selling second-hand fashion into a full-time job that pays US$100k and more

Poshmark users start as students and homemakers, and some are able to grow into a full-time business earning six figures or more in annual sales

One user made US$127,000 in sales last year, and another has made US$1 million since starting her Poshmark shop and e-commerce site

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Shoppers can search for their favourite brands and make offers for better deals on Poshmark. Photo: Bloomberg

Published: 8:15pm, 13 Feb 2021Updated: 8:15pm, 13 Feb 2021

The next generation of entrepreneurs is looking to earn cash in the most resourceful ways possible, by using an app they can access on their phones.

YouTube stars, for example, can earn six-figure pay cheques by posting videos on their channels. Instagram influencers can make thousands of dollars by posting eye-catching photos on the app.

The average amount brands pay Instagram influencers for sponsored posts surged to US$1,642.77 in 2019. Prices for sponsored content on YouTube also picked up in 2019, after dipping the year before.

This trend is beginning to translate into retail, where resale is a growing market, especially among Gen Z (people born between 1997 and 2010) and millennials (people born 1981-1997).

Poshmark went public last month. Photo: Reuters

Recycling and reselling clothes allows shoppers to wear new-to-them outfits instead of repeating pieces they’ve already posted on social. People are keeping their clothes for half as long as they used to, according to a report by fashion trade publication Business of Fashion.

A 2019 report by online thrift store ThredUp projected the overall second-hand market will reach US$51 billion by 2023, with resale making up US$23 billion. The global sneaker resale market alone could be worth US$6 billion by 2025.

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