Social Media. Marketplace. Fashion Innovators.
In the time it takes for most people to start a business, Depop became a billion-dollar enterprise.
Once upon a midnight dreary, Simon Beckerman had big dreams. He already headed up a fashion magazine, PIG, and also sold a luxury sunglasses line. The magazine also featured sellers with even bigger dreams of being noticed. Looking for another way to advertise their products, he started Depop in 2011. Then, one day, he envisioned a bigger platform where buyers became sellers and influencers. Dreams became reality.
Two years ago, The Atlantic released an article when it became a big deal with teenagers. YouTube stars like Emma Chamberlain and Instagram influencer Chiara Ferragni had opened shops on the platform. In 2019, the corporation announced a $62 million expansion. In 2020, the user registration more than doubled in size and companies like Facebook worked harder to push similar functions in Marketplace.
The process to start buying is simple: Give a phone number, then create a username and password. The same deal with every social media account created before. Using different SEO words, find the right store and product. Selling, though, is a little more complicated because it asks for a PayPal account. Then, start putting items up for sale, making sure to give accurate descriptions and photos. It is also recommended to research the products to price things as they’re worth (For more information on shipping and other useful information other stuff, visit this article from Insider.)
Companies like General Atlantic and Balderton Capital helped raise an additional $107 million for Depop before they were bought by Etsy for approximately 1.6 billion. The largest deal they’ve ever made, the major resale company flourished during the pandemic e-commerce boom. CEO Josh Silverman saw opportunity with blossoming young influencers as a way to bridge the gap between sellers of all ages. Even Depop’s CEO, Maria Raga, said she hopes the app will encourage entrepreneurial behaviors in the younger generations. Creators are often the focal point of advertisement and, when Depop showcased 50 of its best creators, all of them were in the Gen-Z demographic.
Apart from YouTubers and other social media influencers (including Tiktokers, of course), many independent shops developed their own following. Sheesh Magazine highlighted a few worth looking into. Glitzy Club are small authentic designers selling vintage items and have amassed 24k followers on Instagram. Baby Blue, who’s clever bio reads “I sell alien vomit for humans to wear,” sells clothing items fitting our current fashion trends. GROTESQUEBABYDOLL takes things back a bit and provides buyers with 90s grunge aesthetic. There are different reasons as to why shops are started. Another magazine, Luxury bag dealers . Aspiring fashion designers. There’s not one seller that isn’t a unique brand all their own.
And their brand is impacting high fashion. When they began hosting their own fashion weeks, they showcased growing diversity and collaborations (which featured the likes of Vans and Anna Sui) to grow their fanbase. Recently, Olivia Rodrigo worked on the SOUR shop with them to promote her debut album. Success is continuing, and it doesn’t seem to be slowing down anytime soon.