Poshmark Exiting Overseas Markets to Focus on US

Poshmark, an online marketplace for second-hand goods, is closing its operations in Australia, India, and the U.K. to focus on its core markets in North America. Users in these countries can make returns until October 26, and from November 2, they will no longer have access to the marketplace via the app or web. Despite the growth of the eCommerce market in these countries, Poshmark's popularity has declined, with less than 500,000 active users in the past month across the three countries.

In other developments, Poshmark has been investing in AI technology to improve its visual search tool, Posh Lens. The tool, which uses machine learning to identify products in an uploaded image and find similar listings, was trialed in April. It aims to help shoppers discover styles and sellers to make their listings more discoverable.

Key takeaways:

Poshmark is closing its marketplace in Australia, India, and the U.K. to focus on its North America business.
Users in these countries can make returns until Oct. 26 and will no longer have access to the marketplace from Nov. 2.
Despite being one of the fastest-growing eCommerce markets, Poshmark's popularity has declined in international markets, with under 500,000 active users in the past month across the U.K., India and Australia.
Poshmark has introduced a new tool, Posh Lens, which uses machine learning to help shoppers search for secondhand styles with just a photo.

Poshmark Exiting Overseas Markets to Focus on US

Key takeaways:

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