As people become more and more conscious of the impact of fast fashion combined with the availability of discounted second hand clothing, online marketplaces for second-hand fashion are growing drastically. Whether you are a full time high volume reseller, or are simply cleaning out your closet, there is always something you can do to increase sales. Here is how you can increase your Poshmark sales today.
Poshmark is it’s own beast and quite a unique online marketplace. It has gotten rid of the costly promoted listing the eBay has, and gone are the days of only big sellers making consistent sales. Poshmark has it’s own built in tools to help drive traffic to your closet and increase sales. Time and time again i’ve been asked how someone can increase sales, and the number one thing you can do is increase your self shares.
When you share an item of your own to “your followers”, not only does it show up in your followers feeds, but more importantly it brings it to the top of the search. Poshmark has stated that almost all of their sales come from some sort of direct search, rather than browsing the news feed. Think of the way you shop, when you want something you don’t just scroll through your feed. Depending on what you’re looking for, you will sort by brand, category, size, or type in a specific search into the search bar, this is the way most people search.
If someone is looking for “Free People sweater” there are TONS of Free People sweaters on Poshmark, the default sorting features is “just shared”, if it’s been days since you shared your item, the buyer will have to scroll through tons just to get yours seen. If you are consistently sharing, when someone is searching they will see yours. I recommend 3-5 times a day, sharing through your entire closet. If that isn’t possible, at least sharing daily will keep your items valid in the search.
Listing Daily & Consistently
Poshmark loves when you add new items to your closet, and your newer items are promoted more by the alogrithm. When you are listing daily, poshmark not only boosts those items in search and in feeds driving more traffic to your closet, creating more visibility on your older items.
Listing daily is great, but if you’re not consistent with it i find that it tends to mess with my visibility in the algorithm. I want to make it known that while Poshmark does have an algorithm determining who does and doesn’t see your items, all comments about what will and won’t boost you in the search are just speculation. However, all of this tips are tried and true for myself. You should list daily, but you should be consistent with it. If you can only list 3 items a day, great, but only list 3 items a day. If you can list 50 a day, great, but you have to keep up with it. I like to stick to listing around 10-20 items a day, i find that this is sustainable for me.
Being consistent in your listing doesn’t mean you can’t batch-work. If you don’t know what batch-working is, or need more information you can click here. I like to photograph and put away all inventory in 1-2 days of the week, and then list throughout. I typically will count how many items i have after photographing, and divide that by days in the week. This helps me decide how many items i’m going to list daily that week. Usually it’s around 10-20. Consistency is key, but you don’t have to be a robot about it.
Price Drops, Offers to Likers, & Bundle Offers
If you’re sales have been slow, and you have implemented the above two techniques, it may be time to drop some prices and send out offers. I’m a firm believer that sales bring more sales, meaning that if you can force some sales through price drops and offers, you’re likely going to initiate other sales as well.
Keeping this in mind, and the fact that most sales are through offers anyways (it’s very rare these days that someone will out-right buy an item full price), i always list my items about 30% higher than what i want to get for them, and keep my cost of goods low enough that i can take low offers when sales are slow.
For example, if i pay $5 for an item, and i know that i’d like to be able to get $40, then i will price it at $52 (30% higher than what i want it to sell for). But i also like to follow the 3X rule; if i pay $5 for an item, then i want to make my money back plus 2X that (hence, 3X what i paid). If i pay $5, then i have to make $15 after fees. This means the item has to sell for $19 (Poshmarks 20% fee).
Knowing this means i know the absolute minimum that i will accept for the item. Normally i will only drop something that low if it’s been sitting for a while, but if sales are slow and i need to drive traffic to my closet i’m willing to drop or offer below that $40 because I know that i will still be more than tripling my money, which is the goal.
Prepare for Slow Periods
At the end of the day, reselling is not stable and it’s definitely not always consistent. There are many things that you can do to drive traffic and sales (again, consistency on your part is key), but if this is your full-time gig, you have to be prepared for when sales dip. Knowing when sales will likely be slower is important. When you’re sales are booming, you can save and prepare for when sales are slower.
For most people, sales are slower during the summer and slightly slower in the beginning of the month (when rent is due). Tracking your daily sales is a great way to determine when your customers are buying, and you can play into that. Each morning i like to write into a calendar how many sales i had and how much i sold after fess. I save this and compare each day to that day last year. Your goal shouldn’t be to beat how much you sold yesterday, but rather how much you sold that day last year.