If you are just starting out selling on Poshmark, then you are probably doing a lot of research and reading several different Poshmark strategy ideas. I just recently changed things up in my Poshmark strategy and I want to share how I made over $2000 last month selling on Poshmark.
To give you a little run down on me, I started selling on Poshmark in May of 2018. I did this part time until February 2019. This was when I decided it was time to focus on reselling full time. I'm so thankful I took that leap and focused more on my reselling. Due to my decision I am now making twice what I was making at my full time job outside of the home. Now don't get me wrong, reselling can be a very iffy thing. Since I sell on Poshmark, I have to be very active in the app. If I'm not active then there is great possibility that my sales will drop drastically. So it's imperative that I stick to a schedule and have a good strategy to reel my buyers in.
My Stats:
Listings: 598 Active Listings
Gross Sales for March 2019: $3633
Net Earnings for March 2019: 2635.84
Amount Sold for March 2019: 204 items
Cost of Goods for March Solds: $408
My Self Shares:Over 100,000 a month
If you take a look at the stats above, you will see how many listings I have and how many self shares I have. I spend a lot of time sharing my closet to my followers and to Poshmark parties. This is pretty important if you want your item to be seen. You can't just list it and leave it. You must share your items within the app. Sharing outside of the app is a good idea as well. When I share my listings, I also share to my Pinterest. This definitely has helped me with sales from outside the app.
My sharing schedule varies on a day to day basis, but there are 2 times that I never miss. I share my closet first thing in the morning. I get my daughter off to school at 6:30 every morning and as soon as I get back in the house, I start sharing my closet. So let's just say between 7am-8am I am sharing. The other time I will never miss sharing is 9pm. I always share an hour before the last party starts. Obviously I share much more than this more days than not and those hours are as follows:
7am, 11am, 12pm (only party items I have available) 2:30pm, 6pm, 9pm, 10pm.. and sometimes I will share a few listings when I'm in bed at midnight.
You may think that's a lot of sharing and that you don't have time for this but I have a secret. If you share from your browser on your phone (I have an iPhone) you can share super fast! When I say share from your browser, I mean go to your safari and type poshmark.com in the search bar and log in through there. Don't use the app. Doing this I can share almost 600 items in 25 minutes if that pesky Captcha checker doesn't get me.(Yes, you can get captcha through the phone browser.) Sharing really is the easiest part in my opinion. Definitely one of the most important parts. Also don't focus all your time sharing others listings. Yes its nice to share back but be sure to put yours first. Once you have shared your closet and feel like sharing back, then go for it!
As for my listings, I just try to stay around 600. I have yet to break 605 listings. Once I hit the 590 to 605 marks, my sales pick up and I can't keep up. This could be a magic number but it is definitely not proven. Just a theory in my own mind.
What Brands Do I Sell?
I try to focus on brands that have high retail prices. I love to look at the Revolve app to familiarize myself with trending brands. I also just check sold comps on Poshmark and Ebay. This is a great way to find what will sell. Some brands that I always pick up are as follows:
AG Adriano Goldschmied Jeans
Miss Me Jeans
Anthropologie- Several Different Sub Brands
Free People
Rothy's Shoes
Vintage Mom Jeans
Vans
Pendleton
Reformation Jeans
Michael Simon Sweaters
Madewell Flare Jeans
Johnny Was
Vince.
Lululemon
Skinny Jeans (most brands sell)
So this is a very short list but these are brands that I always look for when I am out sourcing new items to resell. After awhile you learn the labels and sourcing becomes pretty quick. Take some time tonight and look on the Poshmark app and reverse search sold items and check out what brands are selling.
How I Price My Items
This is one topic that a lot of people have trouble with. The reason is not everyone is able to find their inventory as cheap as others. So this is why you will see a lot of scattered pricing all over Poshmark. I personally am able to get really good deals. For example one of the places I shop for inventory has a flat price of $2 for all clothes and shoes. I have found Gucci, Kate Spade and a Michael Kors Hobo Bag and literally paid $6. So obviously my profit margins are much higher than some folks who will go in and pay $40 on one of these items to try and flip for $100.
When I get an item, I first make sure that its a sought after brand. I personally don't worry about style, as I figure there is always someone out there looking for or attracted to the items I put in my closet. I always look up the original retail prices for each item. So this always gets listed in the original price box in my Poshmark listing. I will then check other items like mine and see what the most sold price is. So let's say I have a dress by Theory. The dress retailed for over $250 but it is being sold preowned on Poshmark for $40. I will then set my price a bit higher.
Typically I like to end my asking price with the number 9 and I will try and list at least $10 more than sold comps, so for this dress I will list it at $59. That is how I price most all of my items. Do they sell for this price? 90% of the time, No. This is just a strategy I have come up with to catch my buyers eye. I'm sure you want to know how I reel them in, right? Well it's pretty simple. You have to think like a buyer.
How to Catch Your Buyers Eye
Once I know my prices, I basically wait for people to start "liking" my items. Once someone likes that $59 dress, I wait about 5 minutes and then send them a private offer. You can watch this video to learn how to do that.
In this private offer, I will send them an offer of $40 and $1.80 shipping discount. This would leave me with a $30 net profit if they choose to purchase with my offer. I typically offer in discounts of $10 and $1.80 shipping discounts. This is where think like a buyer comes into play. As a buyer myself, I will like an item on Poshmark for 1 of 2 reasons. The first reason being I want to buy the item but I would like to see if they will send me a cheaper price, and the second reason I like items is to come back to an item if I don't find it cheaper. Of course you will have people who just like to like..and that's ok. I still send everyone a discount. So always send a discount. Just make sure your price your item high enough to allow you to profit when doing so.
Listing and Relisting
The final thing that I have done is to list at least 5 new items as many days a week as I can. I also delete 5 old listings by using the filters on my app. (Just in>All available>Scroll to very bottom) And then I relist them. I use my phone to do this, so I will screen shot all of my photos, click edit and copy my entire description. I will then delete the listing and add a new listing. Using my screenshot photos and copied description. I will type a new title and check comps for pricing. Voila. That's literally all I do.
Conclusion
I really hope that some of these tips I use will help you to increase your sales on Poshmark. I truly believe I have found the best system that works for me, and it could very well work for you too. As always if you would like a free $5 credit on Poshmark, just use my code 'Allybethany' when you sign up! Happy Poshing!!
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Poshmark