Poshmark, Merging Instagram and eBay, "Leading Global C2C with Naver Technology"

Synergy Achieved by Applying Naver Technologies like Smart Lenses
1 in 4 Americans Use It...Global Market Expansion

[Asia Economy Reporter Yuri Choi] Naver is integrating its technologies, including 'Smart Lens,' into Poshmark, the No.1 secondhand marketplace platform in North America. This move comes as the recent acquisition has been finalized, aiming to enhance synergy by adding technological capabilities. Through this, Naver plans to precisely target the global consumer-to-consumer (C2C) market.

Application of Smart Lens and Live Shopping Technologies

On the 13th, Naver held a briefing at Poshmark's headquarters in Redwood City, California, USA, to reveal its future vision. Naver completed the acquisition of Poshmark on the 6th for 1.6 trillion KRW. Having become one family after reviewing both companies' technological strengths and global experiences, they aspire to create synergy in these two areas.

First, Naver will introduce its Smart Lens technology. Smart Lens is a technology that finds similar products when a user takes a photo of an item they want. When searching images with saved photos, it shows similar products and prices. For the real-time sales broadcast 'Posh Show,' Naver will apply the technology used in its own 'Shopping Live.' Examples include infrastructure technology necessary for seamless live streaming, vision search that allows users to find only the segments where products appear, and automatic captioning features.

Manish Chandra, CEO of Poshmark, held a press conference on the 13th at Poshmark headquarters located in Redwood City, California, USA. [Photo by Naver]

They will also accelerate global expansion. Beyond the current markets where Poshmark operates?USA, Canada, India, and Australia?they plan to expand further. Naver operates the domestic luxury limited edition trading platform ‘KREAM’ and the Japanese fashion platform ‘Vintage City.’ In Europe, they have secured footholds by investing in ‘Wallapop’ and ‘Vestiaire Collective.’

Manish Chandra, CEO of Poshmark, said, "We will enhance user experience across services such as marketing, search, and community by leveraging Naver’s technology," adding, "We will present a new C2C trend in the global market."

Targeting the MZ Generation as a Community Commerce Platform

Naver is making a full-scale entry into the global C2C market through Poshmark. By leveraging its uniqueness as a community-centered commerce platform, it targets the main user base, the MZ generation (Millennials + Generation Z).

Poshmark’s service starts by creating profiles and closets. This is similar to opening accounts on Instagram or TikTok. Anyone can sell by uploading photos and information of their clothes. It is a platform that has secured products from closets worldwide. So far, more than 230 million items have been sold.

Social activities have been added to this. Users ask about each other’s well-being or recommend styles while buying and selling products. Followers also share products with more people. The more active the social activities, the more loyal followers are created, who then promote product sales.

Poshmark has 80 million users. This means one in four Americans uses it. Among them, 80% belong to the MZ generation. On average, users spend more than 25 minutes a day on Poshmark. This is the result of easy buying and selling of secondhand goods combined with social interaction.

CEO Chandra emphasized, "We provide a unique experience by combining social and commerce, like mixing Instagram and eBay," adding, "We will grow into a global secondhand marketplace platform where users can save or earn money no matter where they are."

This content was produced with the assistance of AI translation services.