Seema Shah · October 2022
Naver Continues its Westward Expansion by Acquiring Poshmark
Poshmark has outperformed its US secondhand retail competitors in user engagement growth, with 3Q22 average time spent per user and session counts up 29% and 25% YoY, respectively. Naver's entry into the US secondhand apparel marketplace could enhance the customer experience on Poshmark, with its vast portfolio of apps and backend technological expertise. The acquisition could also drive Poshmark's international growth, particularly in APAC, given Naver's heavy exposure in the market. Consumers' focus on sustainability and pressure on spending from a weakening macroenvironment will aid top line growth for Naver versus traditional online and offline rivals.
Key Takeaways:
Poshmark leads US secondhand retail competitors in user engagement growth. 3Q22 average time spent per user and session counts (both US) were up 29% and 25% YoY, respectively
Naver enters the US as a leader in the secondhand apparel marketplace; its vast portfolio of apps (totalling 535mn installs since 2020) bookended by its backend technological expertise bodes well for enhancing the customer experience on Poshmark
The acquisition could drive Poshmark’s international growth, particularly in APAC given Naver’s heavy exposure in the market
Consumers’ focus on sustainability and pressure on spending from weakening macroenvironment will aid top line growth for Naver versus traditional online and offline rivals
Gen Z consumers are willing to spend 10% more on sustainable products, while millennials focus on brand values, per First Insight
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