I had a very clear realization a couple of weeks ago that has changed the trajectory of my business. After all of this inflation and bad economy we are literally in the only business where our profits have dwindled because although we are paying more for merchandise we are being lowballed on the platforms by buyers that do not want to pay up for our items. No other business has had to lower their prices in response to the economy - just us resellers. There are too many sellers and not enough buyers. I am going to keep selling on ebay because I make good money but I am actively starting a new service business by the end of the year. Diversifying away from reselling is the only way I see to gain peace of mind. You guys are great and your conversations are intelligent and thought provoking. Keep it up.
In the UK Ebay have announced no fees for private sellers. Also iirc in their SEC filings they have announced they will be adding some fees onto the buyer. Meanwhile with the info we have at the moment. Business sellers will still have to pay for a store or fees? May have to drop their prices to compete with people on private accounts? And have their customers paying fees on top of what they are charging...
Answering the question of why Poshmark gets more money for the same items. I think it was the original marketing of Poshmark. They had commercials that catered to a higher line, and folks who were always paying a premium. It was like the people that had the highest dollar items in their closet were being called to the platform, and those sellers of course bought/buy there too (while still getting that discount off of a price they were paying when buying those higher lines retail).
Yep. I used to work with a posh ambassador and she was always very focused on the best of the best clothing items in her niche. When I was getting Louboutins for my girl, I went to Posh-not eBay. They build the business on the the reputation for curated high fashion clothing.
What gets tiring is listening to the rhetoric of where did the sales go... my main clothing account lists 20 a day with 13-17 sales and day. Poshmark may die out but currently, I'm selling more than ever after the fee change. My perspective on that is mostly the fees are a wash with the discounted shipping. Overall sales have stayed very consistent between the two platforms. To add, I reactivated a dormant Ebay account where I specifically only sell hard goods... listed 16 items over 2 days... sold 9 within 2 days and an additional 3 within a week... Keep complaining and lose sight of what is important... selling and finding what sells.
@ JOSH THE CANADIAN ... I am European, Irish to be exact, have lived however in the UK and since 2017 in Spain and you are 100 percent correct with your summary of collecting habits of us Europeans compared to Yanks & Canuks. However, It has nothing to do with economy / opportunities / availability. Europeans for the most part just do not collect or have hobbies like most of you guys do. I retail memorabilia for a living and trying to explain to the vast majority what I do, most cannot grasp the idea and if they do, they then rack their brains as to why someone would want an autographed photo of a guy who played for whatever club / team back in the 1960s. I know I am generalising, and I wouldn't be in a job if it was not for the Brits who do collect, but as you say when you walk into the average household you are not greeted with ''stuff''. And as for Yard Sales, forget it - that is uniquely American. I would say for the most part Americans surround themselves with stuff, whereas us Irish and most Brits would prefer to spend their hard earned money on a few pints down the pub. Saludos de Espana !!
I can’t believe I agree - TWICE - with Scott. Yes to eBay should charge buyers because sellers would just up promoted to what they’re used to being charged anyway. And then also god yes to having them advertise about we give you buyer protections free.
Another great episode guys, as par for the course. The points you always bring up continue to make me think long and hard about the philosophy of reselling in general and specifically, how to chart my reselling journey. One point I would like to make, and please dont take this the wrong way, as I would faithfully continue to always watch the podcast, but does it make sense to continually posit what eBay should do, or could do to improve the platform? Or is it a waste of time? Historically we know that their lack of concern for positive change is just plain scary. I am anything but a negative or pessimistic type person, but sometimes you just have to see the writing on the wall. Is it really worth the effort to champion a cause that we all know is impossible? Hopefully, I'm off base with this. But i don't know. I believe that they DO monitor your show and other shows like yours, and you have given some very valuable suggestions, but are they listening? Or more importantly, acting, on the advice? What we CAN do, as you all consistently suggest, is to work with what you got, dont sweat what you cannot change, and continually move forward. But hoping that eBay will listen to us, and more specifically take our advice seems to be a futile and unreasonable endeavor. I think our efforts can be more appropriately targeted elsewhere. Just my thoughts on the subject. I will continue to do whatever that is in my power to move my business forward. And accepting eBay being eBay makes me sleep better at night. And have fewer frustrations with the platform. Mike from NY
There is another major POSH issue right now. When in an auction, if the buyer accidentally swipes the item, thinking they are clicking, it's a bid. Buyer thinks they will be taken to the listing (they have to click, not swipe) and end up with an auction win on something they just wanted to take a closer look at. Then they ask sellers to cancel. I've had several cancellation requests once the buyer figures it out and I'd already shipped the items. Poshmark is said to not be doing anything about this swiping feature and not letting buyers return the items.
I think knowing who is pushing these platforms, shareholders or owners, matters. A ceo is an employee, owners have vision. A ceo with vision is a great ceo. Knowing the business model of the platforms your are on matters, not just your business model. Play with players. Start your own game and see who shows up to play. Go
This whole silly shift in who pays for fees is all in all just a zero sum numbers game. Maybe it will confuse some buyers and cause them to pay more. It certainly angers some buyers and causes them to expect a greater discount. It will play out over the course of time. Regarding the market, it is simply down and likely the result of this recent inflationary period. Like Jon said he's found he lists a Fender guitar and it doesn't even get a watcher. The market is down, it's soft. Unique items with demand and low supply retain their value now. If you want to sell other items it's discount time, or there may not even be a buyer. Don't get yourself down too much, the market will turn again.
eBay has such a simple way to adjust their fees. **Top rated/top rated plus SELLERS get preferred placement in search. (NO PROMOTED LISTING FEES). All others have to pay promoted listing fees to compete UNTIL they reach top rated seller level. This will encourage low end/low rated sellers to clean up their act or they will be at the very bottom of search UNLESS they promote so high their profits are minimal.
When I saw the Poshmark email I thought this is great because they did not say how much the buyer protection would be. I was thinking maybe 1% or something. After seeing how much that fee is I realize that it's a terrible idea. As a customer I wouldn't mind 1 or 2% or $1, $2 or $3 but 6% + $ is way too much for me as a buyer.
Selling on Poshmark for about 6 years now, what sets you apart is the sharing. I pay for a service that shares my items and my store grew from about 1000% in sales the first year and then its on track to grow another 500% gross in sales. No SPECIAL packaging. No special pictures. If you sell clothing you will do fine if you know what you are doing in both platforms. Don't speak on a platform with speculation if you don't really have any sense of the market place. That is how you spread misinformation. Yea, I said it.
@@TheJoshGalt sure, feed your audience misinformation. Lets see how much they listen to you when they find out for themselves y'all full of crap. Enjoy never cracking 2k subs with that mindset
hey jon i here you with swap outs i get the same things happen in my pallets but i find them as good source of spare so tear it down and list the parts as spares you will sell them and recover the money that way all be it takes be longer on the roi but its what i have had to resort to on that side of things
If we stay with the thought that Ebay is only concerned about their profit to keep the shareholders happy. Of which I agree with that. Then if we take ebays recent history of money grab then one would have to believe that if ebay does anything then I see them charging customers a percentage fee. But not lowering the seller fees there by making more money. Now will they do that I hope not but with their recent track record it wouldnt suprise me a bit if they did.
Great Episode, Guys. Jon and Beard, I wonder if one of the servers got switched out on you guys. That's what I think makes for the lighthouse effect... not sure. Anyway, I am fed up with eBay. They clearly gave away my money to a bad buyer, and although the Customer Service Rep was sweet and helpful, she just said to fill out the form explaining my position, and eBay wasn't even kind enough to respond, which is TERRRIBLE customer service to someone who has been on the platform for 21 years. They expect great customer service from us, but they do not provide great service to sellers. Do they lead by example? NO! I agree that eBay is just another sales channel now, but not the best for me anymore. I do like what POSH did. I have gotten sales since the change and I'm willing to lower my prices to customers. 20% was too high, and I do feel that I can work with the new changes, as do my customers, apprarently. Thank you, Josh, for your love for the U.S. I just wish some of our citizens would open their eyes and see what they have, but some do not. Thank you for your time in putting together these podcasts, to all three of you. Have a great weekend with great sales!
I don’t sell on Poshmark and I don’t know what the cut off is for the $1.02 dollars or three dollars but if they’re charging the seller 5% and the buyer 5% and say you sell a $10 item and they’re charging you a dollar that’s 10% so it’s still 20% they’re just passing a little Of the cost onto the buyer. If this makes sellers adjust their price down a little bit I don’t see how this is a positive for the seller.
I think that the next logical step for Josh would be adding SocMed production to his plate. Doing weekly videos on the photos and items help promote the brand, the niche, and the availably on his selling platforms.
Talking about fees and stuff... doesn't it still come down to what you're selling? You sell an in demand item at a reasonable price you'll have sales... but keep buying crap and trying to sell crap... low in demand stuff in different words... regardless of fees... still won't make sales
I had a very clear realization a couple of weeks ago that has changed the trajectory of my business. After all of this inflation and bad economy we are literally in the only business where our profits have dwindled because although we are paying more for merchandise we are being lowballed on the platforms by buyers that do not want to pay up for our items. No other business has had to lower their prices in response to the economy - just us resellers. There are too many sellers and not enough buyers. I am going to keep selling on ebay because I make good money but I am actively starting a new service business by the end of the year. Diversifying away from reselling is the only way I see to gain peace of mind. You guys are great and your conversations are intelligent and thought provoking. Keep it up.
In the UK Ebay have announced no fees for private sellers. Also iirc in their SEC filings they have announced they will be adding some fees onto the buyer. Meanwhile with the info we have at the moment. Business sellers will still have to pay for a store or fees? May have to drop their prices to compete with people on private accounts? And have their customers paying fees on top of what they are charging...
Liked & subscribed - keep up the good work fellas.
Depop dropped their fees also right after Macari.
Great podcast
eBay isn’t short on listings, it’s short on buyers, my thought is that can’t push buyers around like they do sellers
Answering the question of why Poshmark gets more money for the same items. I think it was the original marketing of Poshmark. They had commercials that catered to a higher line, and folks who were always paying a premium. It was like the people that had the highest dollar items in their closet were being called to the platform, and those sellers of course bought/buy there too (while still getting that discount off of a price they were paying when buying those higher lines retail).
Yep. I used to work with a posh ambassador and she was always very focused on the best of the best clothing items in her niche. When I was getting Louboutins for my girl, I went to Posh-not eBay. They build the business on the the reputation for curated high fashion clothing.
eBay’s marketing strategy is focusing on eBay motors and circular fashion for millennial and gen Z buyers.
What gets tiring is listening to the rhetoric of where did the sales go... my main clothing account lists 20 a day with 13-17 sales and day. Poshmark may die out but currently, I'm selling more than ever after the fee change. My perspective on that is mostly the fees are a wash with the discounted shipping. Overall sales have stayed very consistent between the two platforms.
To add, I reactivated a dormant Ebay account where I specifically only sell hard goods... listed 16 items over 2 days... sold 9 within 2 days and an additional 3 within a week... Keep complaining and lose sight of what is important... selling and finding what sells.
You are soapboxing.
@ JOSH THE CANADIAN ... I am European, Irish to be exact, have lived however in the UK and since 2017 in Spain and you are 100 percent correct with your summary of collecting habits of us Europeans compared to Yanks & Canuks. However, It has nothing to do with economy / opportunities / availability. Europeans for the most part just do not collect or have hobbies like most of you guys do. I retail memorabilia for a living and trying to explain to the vast majority what I do, most cannot grasp the idea and if they do, they then rack their brains as to why someone would want an autographed photo of a guy who played for whatever club / team back in the 1960s. I know I am generalising, and I wouldn't be in a job if it was not for the Brits who do collect, but as you say when you walk into the average household you are not greeted with ''stuff''. And as for Yard Sales, forget it - that is uniquely American. I would say for the most part Americans surround themselves with stuff, whereas us Irish and most Brits would prefer to spend their hard earned money on a few pints down the pub. Saludos de Espana !!
I can’t believe I agree - TWICE - with Scott. Yes to eBay should charge buyers because sellers would just up promoted to what they’re used to being charged anyway. And then also god yes to having them advertise about we give you buyer protections free.
Another great episode guys, as par for the course. The points you always bring up continue to make me think long and hard about the philosophy of reselling in general and specifically, how to chart my reselling journey.
One point I would like to make, and please dont take this the wrong way, as I would faithfully continue to always watch the podcast, but does it make sense to continually posit what eBay should do, or could do to improve the platform? Or is it a waste of time?
Historically we know that their lack of concern for positive change is just plain scary.
I am anything but a negative or pessimistic type person, but sometimes you just have to see the writing on the wall. Is it really worth the effort to champion a cause that we all know is impossible? Hopefully, I'm off base with this. But i don't know.
I believe that they DO monitor your show and other shows like yours, and you have given some very valuable suggestions, but are they listening? Or more importantly, acting, on the advice?
What we CAN do, as you all consistently suggest, is to work with what you got, dont sweat what you cannot change, and continually move forward.
But hoping that eBay will listen to us, and more specifically take our advice seems to be a futile and unreasonable endeavor. I think our efforts can be more appropriately targeted elsewhere.
Just my thoughts on the subject. I will continue to do whatever that is in my power to move my business forward. And accepting eBay being eBay makes me sleep better at night. And have fewer frustrations with the platform.
Mike from NY
There is another major POSH issue right now. When in an auction, if the buyer accidentally swipes the item, thinking they are clicking, it's a bid. Buyer thinks they will be taken to the listing (they have to click, not swipe) and end up with an auction win on something they just wanted to take a closer look at. Then they ask sellers to cancel. I've had several cancellation requests once the buyer figures it out and I'd already shipped the items. Poshmark is said to not be doing anything about this swiping feature and not letting buyers return the items.
It's not a lighthouse deal . It's lasting to long
I think knowing who is pushing these platforms, shareholders or owners, matters. A ceo is an employee, owners have vision. A ceo with vision is a great ceo. Knowing the business model of the platforms your are on matters, not just your business model. Play with players. Start your own game and see who shows up to play. Go
Sorry Alabama Barely lost. 😉
I was having slow sales until I dropped prices these two months have been great I mainly sell needs and parts
This whole silly shift in who pays for fees is all in all just a zero sum numbers game. Maybe it will confuse some buyers and cause them to pay more. It certainly angers some buyers and causes them to expect a greater discount. It will play out over the course of time.
Regarding the market, it is simply down and likely the result of this recent inflationary period. Like Jon said he's found he lists a Fender guitar and it doesn't even get a watcher. The market is down, it's soft. Unique items with demand and low supply retain their value now. If you want to sell other items it's discount time, or there may not even be a buyer. Don't get yourself down too much, the market will turn again.
eBay has such a simple way to adjust their fees.
**Top rated/top rated plus SELLERS get preferred placement in search. (NO PROMOTED LISTING FEES).
All others have to pay promoted listing fees to compete UNTIL they reach top rated seller level. This will encourage low end/low rated sellers to clean up their act or they will be at the very bottom of search UNLESS they promote so high their profits are minimal.
When I saw the Poshmark email I thought this is great because they did not say how much the buyer protection would be. I was thinking maybe 1% or something. After seeing how much that fee is I realize that it's a terrible idea. As a customer I wouldn't mind 1 or 2% or $1, $2 or $3 but 6% + $ is way too much for me as a buyer.
Selling on Poshmark for about 6 years now, what sets you apart is the sharing. I pay for a service that shares my items and my store grew from about 1000% in sales the first year and then its on track to grow another 500% gross in sales. No SPECIAL packaging. No special pictures. If you sell clothing you will do fine if you know what you are doing in both platforms. Don't speak on a platform with speculation if you don't really have any sense of the market place. That is how you spread misinformation. Yea, I said it.
We talk about whatever we want.
@@TheJoshGalt sure, feed your audience misinformation. Lets see how much they listen to you when they find out for themselves y'all full of crap. Enjoy never cracking 2k subs with that mindset
hey jon i here you with swap outs i get the same things happen in my pallets but i find them as good source of spare so tear it down and list the parts as spares you will sell them and recover the money that way all be it takes be longer on the roi but its what i have had to resort to on that side of things
04:22 Beard we will call you "the bearded hamburglar"
If we stay with the thought that Ebay is only concerned about their profit to keep the shareholders happy. Of which I agree with that. Then if we take ebays recent history of money grab then one would have to believe that if ebay does anything then I see them charging customers a percentage fee. But not lowering the seller fees there by making more money. Now will they do that I hope not but with their recent track record it wouldnt suprise me a bit if they did.
Great Episode, Guys. Jon and Beard, I wonder if one of the servers got switched out on you guys. That's what I think makes for the lighthouse effect... not sure. Anyway, I am fed up with eBay. They clearly gave away my money to a bad buyer, and although the Customer Service Rep was sweet and helpful, she just said to fill out the form explaining my position, and eBay wasn't even kind enough to respond, which is TERRRIBLE customer service to someone who has been on the platform for 21 years. They expect great customer service from us, but they do not provide great service to sellers. Do they lead by example? NO! I agree that eBay is just another sales channel now, but not the best for me anymore. I do like what POSH did. I have gotten sales since the change and I'm willing to lower my prices to customers. 20% was too high, and I do feel that I can work with the new changes, as do my customers, apprarently. Thank you, Josh, for your love for the U.S. I just wish some of our citizens would open their eyes and see what they have, but some do not. Thank you for your time in putting together these podcasts, to all three of you. Have a great weekend with great sales!
I don’t sell on Poshmark and I don’t know what the cut off is for the $1.02 dollars or three dollars but if they’re charging the seller 5% and the buyer 5% and say you sell a $10 item and they’re charging you a dollar that’s 10% so it’s still 20% they’re just passing a little Of the cost onto the buyer. If this makes sellers adjust their price down a little bit I don’t see how this is a positive for the seller.
Is it me, or does Beard look like a teddy bear???
I think that the next logical step for Josh would be adding SocMed production to his plate. Doing weekly videos on the photos and items help promote the brand, the niche, and the availably on his selling platforms.
Talking about fees and stuff... doesn't it still come down to what you're selling? You sell an in demand item at a reasonable price you'll have sales... but keep buying crap and trying to sell crap... low in demand stuff in different words... regardless of fees... still won't make sales
it's flat