Don't Make These 4 Pricing Mistakes on Poshmark
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- เผยแพร่เมื่อ 1 ธ.ค. 2024
- There are a lot of different factors that can go into deciding how to price your items on Poshmark. There is not really a one size fits all approach. However, you can avoid these four small mistakes. Doing so will help make sure your Poshmark listings are selling fast and for good money.
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Hi! My name is Ashley and I am a part-time reseller on platforms like Poshmark and eBay. I started my business, ReCloth Collection, a 3 years ago and have already turned it into a six-figure business! Check out videos every Wednesday to learn all my tricks and tips to getting to the top. Have a reselling video topic you want covered? Please let me know in the comments!
IG: reclothcollection
Poshmark closet: reclothcollect
Reselling resources: www.reclothcollection.com
Want to know the exact steps I used to grow my business and still use to make sure I make a growing profit each month? Check out The Six Figure Reseller Guide on reclothcollection.com
This ebook gives you all my reseller inside knowledge and sourcing tips, plus private access to my BOLO brand Instagram page with 500+ brands, and quarterly small session calls! Hesitant? Check the reviews!
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Thank you so much for talking about undercutting!! It truly does drive down comps and I haven't heard anyone bring this to light. Especially when I watch sold or shipping videos of people who are bin shoppers and have such low cost of goods that they say 'I don't mind a lower price because my profit is still good', but even that disrupts the comps over time. Seeing undercut solds is so frustrating lol
It can be so disheartening when a once really good item goes bad 😔
So appreciate seeing this convo! I feel the same way. That said, now that I've been to the bins I would be grossed out to buy anything from another seller from there. To me quite frankly when it's priced so low below market I assume that it has obvious wear or is just in overall less than great used condition. I recently chatted with a friend about this, she only buys online and doesn't resell and she said this same thing to me first - she assumes there's something wrong with it when it's priced too low.
I agree Ashley, I really enjoy selling on eBay because it usually just happens without a lot of back and forth. - sigh - those deep convo's on Posh with someone buying one item! : ). Something I saw today that made me smile - I had the opportunity to buy a couple dozen 100% cashmere sweaters by a very expensive brand. When I first started reselling them last year, I was pricing at $145 and the market was around $70 for NWT. Average retail is $400. I sold a few immediately and kept the price around the same all of this time - this is on eBay. I decided to take a look today when one of mine sold and found that the market for that item new is now around where I have priced and a couple even went higher and sold!
Anyway, thanks for letting me join the water cooler chat. My friends don't understand. : ) Wishing you ladies great sales!
Great video! Thanks for your insights. One of my big gripes is so many resellers urging other resellers to take low offers because they "aren't a storage unit". I know that can be the case for old items with little interest, but I'm a big believer in "time is money". If you invest your time to list something, I don't understand the rush to undercut yourself. If you sell 1,000 items a year for $5-10 less than your preferred lowest price, you are potentially losing $5,000-10,000. For many of us, that's quite a bit of money we could have used for other things. I don't squabble over a few dollars, but impatience can cost you both time and money long term. Thanks again for the great video!
Hear, hear! When I see what some people let items go for and that it takes them selling 5 items to make what I made on 1 item, and I'm a part timer.... I think about exactly what you just said.
When you break it down like that, it really shows how a little can make a big difference! I agree, its always a different matter when things have no interest…but if it does..gotta get what its worth!
Round of applause, your points are so spot on. Can we request Posh send this video to all resellers?!? 😀 I really feel strongly about the things you said. I’ve learned so much since starting to actively resell in July and one of the biggest takeaways is how “fair pricing” never works out. Let’s call “fair” my bottom with no margin. I have numerous examples of an item not selling at a lower price, raising the price and the item sells. Mind blowing to be honest. I sell a lot of vintage and undercutting is one of the biggest frustrations when there aren’t many exact items to compare & people maybe latched onto a brand or style and then devalue the worth of the items. Thank you, thank you for all of your knowledge and sharing with the community.
Yes! The vintage thing on Poshmark is crazy to me! These are rare unique items that are never going to be found again. The sellers price lower than mall brands! I have been pricing higher lately even if it has a small flaw. It works! People will value the item you are selling if you do. Also if you have plus size vintage it should be priced even higher.
@@amberdiaz9627 I wholeheartedly agree. 👗👗👗
It really is so crazy how lower prices doesnt always equal a better sale! And I can completely see that with vintage. I think a big thing there is the lack of education many sellers have with it!
Thank you for this video. I am a very new reseller, I am just starting part time as I have another part time job and there is so much more involved with it than I expected!
There is!
I wish I had seen your video before I listed my items.. I just started selling on Poshmark.. and now see I’ve already messed up 🫤 I wasn’t trying to “undercut” I was just wanting to get it gone.. thank you for the info. ❤❤❤
You are DEFINITELY ONE THEE SMARTEST RESELLER AND FEW out there! Good for you! I’ll be sharing this! ❤
Girl, I'm so happy you mentioned "Price Integrity". TH-cam resellers are destroying the profitability of an item or brand. More resellers need to actually study business. There is a reason that Coke Cola, Pepsi & all major soda brands all stay in the same price range, usually only pennies diffrence. This is the same across all markets of consumer goods.
Agree! Like super great if you can even sell for more but no need to sell for less when the numbers are there!
Between this and your Instagram post about sending 25% offers, I’m rethinking my entire pricing strategy! Such good info!
Hope it helps! If not, play around with it slightly, but also be sure to give it time (like a month!)
@@reclothcollection5142 patience isn't my strong suit but definitely learning it's necessary for this business lol!
I had something for $10 siting for 2 months I took it down and reposted for $25 sold for $18 go figure.
I see this all the time with items under $20! Always better to price higher 😊
Thank you for encouraging people to stop undercutting the price! I've seen it happen SO many times over many years of reselling. Price should be lowered only relative to condition of that item compared to the current market value. Things go out of style on their own we don't need to be driving down our own profits. You're so incredibly knowledgeable and it's refreshing to see, so thank you for being so open and helpful! :)
Yes completely agree!!!
#2! Yes, I'm glad someone is mentioning this. I've been thinking about this for a long time. When people price their items super low it affects market value.
Hopefully it can change!
I think that Posh has now come out with Live Shows, you may want to make another video like this and update it with how people are bringing down the market using the Live Auctions.
Please tell me how to look at historical data for Poshmark. Thank you.
So I got my first sale on Poshmark and I really messed up. I had a $122 Sunday Riley CEO Brightening Serum posted for $89. I received an offer for $40. I countered with $59 thinking she would decline. She countered again for $49 and I accidentally hit the accept button! I went to her closet and she has the same item listed for $100 but not available 😑 But at least I got my first sale but I definitely learned a lesson!
At least it is a lesson learned!
Things are so much better since that first lesson learned! I've had 22 sales since my last comment, ranging from $35 to $130. Only one low ball offer and everyone has been super nice and left 5 star ratings! I'm glad I didn't let the first sale get me down. Thanks for all of your tips, they have been super helpful!!!
Thankyou so much for explaining all of this and especially to look into it a bit further. I’m fairly new on Poshmark in Australia and it’s so hard to know what to sell for. Some brands I’m totally shocked how low some items are being listed for so this video was so helpful
I always set the filter for around where I want to sell an item when I'm posting it. If it's a brand that is plentiful the reasonably priced items and sold comps can get lost in the sea of under-priced, but they are usually there. And that can help you with determining your baseline. I have found that people who truly like the brand know its real value and are willing to pay the reasonable price for a more substantial or especially nice piece from the brand.
Of course! It can be weird seeing stuff like that when things are worth a lot more
Thanks for the video pricing is where i stuggle on items, gives me better insight Thanks!
Hi! Thank you for this video. How do you check sold comps on Poshmark?
Just filter by sold!
Do you know if the suggested price range Poshmark gives when you list an item has any validity?
I always ignore it and I've heard other established sellers (I'm newer) say that they ignore it too. I find it best to do my own research and that includes using price as a filter - to see if there are items for sale in the higher range I want to price an item, along with corresponding solds. Usually, there are.
Yeah I pretty much ignore it! Sometimes its in the range I price it, others not. The suggested range goes off sold listings, so youll want to price above anyways even if you were aiming to sell for that price
Thank you and you are very good at explaining things.
Haha ok that makes me feel a bit better ☺️
Great tips! I made the mistake of pricing some size 14 dresses on Poshmark base on size 00/0 comps. Fastest sales I ever made …. Oops.
Ahh lesson learned though!!
Why is it you can still see the price you paid for the item when you price high for instance item for $3 you ask $9 to help pay Poshmark fees. Can you help me with this because Poshmark retail price space you cannot avoid that space it’s visible to everyone.
You just put $0 for the retail price. You don't have to say what you paid for it.
Do you have to pay Poshmark with your card after selling your item?
I am not sure I know exactly what you mean, but no!
I'm not lowering my prices and if my products don't sell I will just delete close shop and move on. I'm tired of cheap Americans. Most of the buyers want to buy low and sell high what do you think I'm doing? I bought low now I'm selling high. So we have a delima. How dare a buyer knock half off of my price with an offer. Get real. Too many buyers seem to want something for nothing.
I agree, there needs to be some realism there
All the offers I got today were for more than 50% my asking price. It’s soooooooo annoying.
Low ballers have been brutal lately!!
Its hurts everyone to price low .Thank you
Thanks for sharing! very informative!
Great video! Thanks for sharing!
GREAT video, Ashley!
Thanks Daniela! 💕
How do I find your handle on Posh?
Its reclothcollect 😁
@@reclothcollection5142 following :)
Spot on!
poshmark is always lo balling..the one thing I do not like about it.
I know, i wish it was better 😕
I'm old school, so bear with me. I liken Poshmark to a glorified garage sale. When I see items that are "grossly overpriced" I get insulted. I think things should be cheap. That's the whole point of buying used clothing in the first place. If I wanted to pay a lot of money for used items I'd shop at The Real Real.
That said, I understand your argument about not wanting to undercut your competition. So thank you for your input. I will definitely take it into consideration. I will continue to price on the low end, but I will use their pricing as a benchmark.
When someone bids on your item on a live sale how do you get paid from that what is the processI’m confused??🫤