- no listing charge
- no monthly fee
- no credit card fees
- no shipping charge (buyer pays the shipping costs)
- no SEO (Search Engine Optimization) fees
- no marketing fees
Although Poshmark doesn’t have as many features as a Shopify store, they DO have people who are looking to buy and a LOT of traffic.
You can’t sell your item if nobody knows it’s there!
There are a lot of things I wish I’d done differently so I will share with you 5 things I didn’t do that I should have. I’m not going to get into how to sign up for Poshmark, how to list, how to buy and sell, or anything like that. You can learn all of that here https://poshmark.com/what_is_poshmark. If you choose to try it, sign up with my invite code FAB50FASHIONS and get $5 off your first order.
Ok, here we go….
Start with items from your own closet. When I first decided to do this, I opened a store on Shopify and bought some clothes for resale. Well, I have a lot of those clothes still sitting in my shop. Then I found the Poshmark app and had better luck with the less expensive items because PEOPLE ARE ON THE APP TO SHOP! They know where to look! I don’t have to advertise my store because Poshmark does it for me! I wish I had started with my own closet full of clothes that:
- I don’t wear anymore
- Are in good condition, and…
- Would have reduced my startup costs to ZERO!
Take the money you earned from your own closet and go thrifting for more inventory. So…I like to shop. I buy dresses because they are pretty. I like to look at them even if I don’t wear them. I buy purses because they are pretty, even though I don’t change my purse to match my outfit every day. I buy shoes because they are pretty, even though I wear Birkenstocks every day. Do you see a pattern here? DON’T PAY A BUNCH OF MONEY FOR SOMETHING BECAUSE YOU THINK IT’S PRETTY! Most people don’t buy stuff because it’s pretty and they like looking at it. People buy stuff because they need it and they want to know they got a good deal. Don’t buy an item for $50 that retails for $100. I know that sounds like a good deal, but on Poshmark, you probably won’t make any money on that. You would have to sell it for $70 to make a profit of $6 (remember Posh takes %20). People might pay $70 for your item if it is NEW WITH TAGS (NWT). Poshmark shoppers want a deal. They want that $100 NWT item for $25-$40. This means that you are going to have to find a new or like new $100 item for about $5-$10. Then you’re $30 sale will net you $14 if you paid $10 for it. So…..where do you find these $100 items for $5-$10?
I’ll cover that in another article “How to thrift like a Posh Boss”.
Become a member of some Poshmark Facebook groups. This has been soooooo helpful for me. Poshmark sellers are nice people. If you have a question, you can ask someone. If someone has a great idea about how to – take pictures, share their listings, price their items, where to buy, etc. – they will tell you. If you have a problem with something, chances are someone else has had the same problem and you can ask them about it. I belong to these Poshmark groups on Facebook, and I’m sure there are more out there.
Know your brands. I have a few brands that I really like: Kate Spade, Betsey Johnson, Coach, etc. But there are a ton of brands that are popular on Poshmark that I didn’t/don’t know anything about. Shoppers on Poshmark prefer to buy brand names because they know how the brand will fit them, they know the brand quality is consistent, and they want their favorite brands at a discount. Search through the Poshmark app and find the stuff people are buying. Poshmark has “parties” and “showrooms” featuring popular brands. Check these out. They will help you know what to thrift for. For example, I don’t know much about the brand Madewell, so I might search this brand on Poshmark to see what people are looking for. I know it is a popular brand because Poshmark has a party category for it. When you are researching your brands, go to the department store and see what they look like. Feel the material. Check the quality of the stitching. Inspect the tags and labels. Make sure you know what the real thing looks like before you go thrifting. There are a lot of counterfeit items out there and it is illegal to sell these - so be careful! I bought 2 pairs of True Religion Jeans (a pricey and popular brand I don’t know much about) and they turned out to be fake. I can’t sell them and I am out the money I paid for them.
- Don’t worry so much about packaging. You can get all of your shipping boxes free from USPS. (Learn more about that here: https://poshmark.com/faq) Get some inexpensive tissue paper from the dollar store and some twine. Wrap your items nicely. Put them in something to protect them in case they get wet. You don’t need to send a gift with purchase. (I did this in the beginning.) Just wrap it nicely, include a handwritten thank you note and ship it quickly. Poshmark sellers are known for their careful packaging and personal touches, but you don’t need to spend a lot or worry a lot about it. More about packaging in a future article “Packaging for Poshmark“.
I’d love to know if you’ve found any of this helpful. Leave me a comment if it has!