- In a move to expand its reach, secondhand marketplace Poshmark announced Thursday it's launching into the pets category, according to a press release emailed to Retail Dive.
- The new category is for "owners who are seeking a simple, social and sustainable way to shop and sell," and includes new and secondhand pet accessories, supplies and toys for a variety of animals.
- Entering into a new product space demonstrates Poshmark's long-term strategy to scale the company via category expansion, per the company.
Even prior to today's formal entrance into the pet category, Poshmark observed users selling toys, leashes, harnesses, beds and costumes for pets. But it may not come as a surprise, considering that 67% of Americans are pet owners, according to the company.
Indeed, the pet category is one segment of the retail industry that has succeeded despite economic uncertainty brought on by the COVID-19 pandemic. Pet retailers have largely been considered recession proof, even as consumers pull back on other spending, because many people see their animals as part of their family.
That concept has not escaped Poshmark. "[I]t's important that our social marketplace addresses the needs of the entire family," Tracy Sun, co-founder and senior vice president of new markets at the company, said in a statement. "We're excited to offer pet owners a fun and social way to shop, sell and connect in a way that builds community."
Other retailers have also bolstered pet products and services. Tractor Supply recently announced online pet prescriptions and the ability to obtain professional veterinary advice on demand. Walmart accelerated its in-store veterinary clinics in 2019, and in November expanded its pet care services including insurance, dog walking and pet sitting.
Poshmark's expansion into the category comes only weeks after the company began trading publicly on the Nasdaq under the symbol POSH.
In 2019, Poshmark expanded into the home category, representing its "first step into broader lifestyle categories and expanding our social marketplace beyond the closet," Manish Chandra, CEO and founder, said at the time.