Poshmark wanted to offer secure, seamless, and relevant payment options to its users – many of whom are in their twenties and access Poshmark from their mobile phones. At the same time, the company needed to maintain the simplicity of its checkout design and process, which are critical to converting browsers to buyers.
In mid-2016, Poshmark added Venmo as one of four primary payment options. While Venmo is a popular payment option for Poshmark’s core customer segment, the social media component of Venmo offered a unique opportunity to attract new customers to the site.
Venmo initially represented just 1% of checkout volume, but within a year that share increased to 5%*. Now, two years after adding Venmo, Poshmark is seeing the power of compounding. While the percentage of customers opting for Venmo continues to grow, Poshmark is enjoying even greater brand recognition as Venmo users talk up their purchases on their social feeds.
We love the social aspect of Venmo and the organic visibility it offers. We’ve seen great results in our relationship with PayPal and now see our users choose Venmo more and more each day.