In today's world where more and more people are leaning toward sustainable shopping, there is no doubt that the success of online reselling is here to stay for many, many more years. With booming marketplaces like Mercari that have millions of users, flipping secondhand items is sure to reel in profit hence the growing number of sellers.
However, knowing that online selling isn't just about listing, making sales, shipping, and getting paid is crucial. It also includes many other important things you should pay attention to, like securing a record of your transactions and checking your sales report.
In every business, much like if you are selling on Mercari and other marketplaces, having a holistic view of your gross sales means being able to track if your business is giving you enough profit and if it is doing well. At the same time, seeing your sales can help you decide and make plans if you need to do better, such as improve your strategies and if there is a need for you to increase your performance.
The good thing with Mercari is that you don't have to manually take note of your sales and transactions as they give you a complete insight through your Gross Sales Report. This not only helps you gauge your performance, but it will also help you maximize your online business's success. Read on and find out what this report is about and how it benefits you as a seller.
The Mercari Gross Sales Report
If you are familiar with Poshmark's My Sales Report, Mercari has its own version of sales insights called the Gross Sales Report. This aims to help Mercari sellers like you have access to detailed information about your every transaction.
To access your Mercari Sales Report:
- Go to your Profile.
- Click on the Reports tab located on the left side of your screen to view your ready-for-download yearly report.
Note: If you want a customized sales report, you can create one by filling out the Start Date and End Date to generate a CSV file that you can use for tax filing.
Advantages of having Gross Sales Reports
Access to a sales report gives you an easy way of tracking your sales besides saving you time and effort from the manual work of tracking them, which can be prone to human error. With the Mercari Gross Sales Report, you can:
Keep track of your sales.
This lets you see your seller performance on a specific time frame with its customizable date ranges that allow you to better review your transactions.
See which of your listings are successful.
This lets you review the items that are in process, canceled, and the ones you sold. Also, you can see here which item categories and brands are top sellers in your listings.
Know your average sale price.
This gives you a better view of your item prices, their shipping costs, the Mercari fees you paid, any sales taxes, and more.
Show your sales growth.
This enables you to see how much your sales profits are and the total profit you've earned over a certain period. You can use this to compare your historical sales and have insights so you can assess if your sales need improvement.
If applicable can help you when preparing your taxes.
This gives you specific details about your 1099-K and lets you check if you meet its reporting requirements. It also includes the detailed sales tax amounts that the platform has collected from your buyers, which Mercari has remitted to the state taxing authorities on your behalf.
To better understand your sales report, here are the information included in the statement:
The item ID
For your easy reference, this item ID is the unique identifier for your item (the ID always begins with “m” and is always included on the order status page).
Sold Date
This will let you keep track of when the buyer placed the order.
Canceled Date
Should you have sales that the buyer canceled, the date can also be found in your sales report, so you also have a reference for when the refund process began.
Completed Date
This date indicates when the order was rated or when the platform auto-rates the order after a prescribed time frame and when your sales proceeds were credited to your Mercari balance.
Item Title
The item name is as you indicated when you made the listing.
Order Status
This shows whether the sales on the preferred date you indicated in your customized date of the report are Completed, Canceled, or In Progress (meaning the sale is not yet completed or canceled).
Shipped to State
This will let you know what state your item was delivered to.
Shipped from State
This will contain where you, the seller, are located and from what state your item was shipped from.
Item Price
This includes the final selling price of the item paid to you by Mercari.
Buyer Shipping Fee
This states the amounts paid by the buyers, if applicable.
Seller Shipping Fee
This states the cost of shipping you paid as the seller, only if applicable when you opt to shoulder the shipping fee. The amount shown here is the deductions from your sales proceeds when the order is completed.
Mercari Selling Fee
This fee states the commission deducted by Mercari from your item price when the transaction was completed.
Payment Processing Fee
This fee pertains to the costs of collecting payment from the buyer that is also deducted from your item price when the order is completed.
Shipping Adjustment Fee
This fee refers to the incurred amount of which applied to underweight labels. This is also deducted from your item price upon completion order.
Net Seller Proceeds
This shows you the net amount you get from the final item price after the applicable seller paid the shipping cost and selling and payment processing fees were deducted.
Sales Tax Charged to Buyer
This states the sales tax paid by the buyer when they purchased your item and was remitted by Mercari directly to the state under Mercari's sales tax registration.
Merchant Fees Charged to Buyer
This is a separate merchant fee for your buyers, such as when they used Zip or other payment financing fee.
How does it help with tax returns?
On Mercari, sellers do not have an option when it comes to sales tax collection. Hence, no one can simply opt out. Mercari automatically calculates, collects, and remits applicable sales taxes to the state taxing authorities for their sellers. Although this is the case, you don't have to worry about additional charges or fees when the platform collects and remits the sales tax. Also, you should note that any applicable sales tax is shouldered by the buyer as a separate charge when they purchased your item besides the item price and shipping charges.
While you don't have to worry about paying the sales tax, having your Gross Sales Report can be useful if you or your tax advisor need assistance with your tax reporting. All information about your completed orders, sale profits, shipping costs and fees, and the applicable sales tax paid by the platform are readily available in your sales report should you need them for filing your tax reporting obligations.
OneShop: Have Seller Performance Insights and more!
Tracking your sales using the sales report provided by the platform can bring you many benefits. Aside from freeing you from the manual and laborious task of keeping track of each sale manually, it can speed up your analysis of whether you need to improve certain areas of your business operation. In addition, it allows you to easily calculate how much goes to your tax returns if needed and ultimately create future plans for the growth of your business.
While this is helpful in many ways, have you ever wondered how you could determine how you perform compared to other sellers, especially if you are selling on multiple marketplaces? With OneShop, you no longer need to worry about how to find this out. Aside from many features to help resellers like you, sales reports and graphs are readily available for every user.
OneShop is an automation app that not only helps you boost your sales by cross-listing to multiple platforms such as Poshmark, Depop, and eBay, but it also offers unified graphs that show your seller performance, how you stack up against other sellers, and if you are achieving the goals you set monthly for your business.
Not only that, this app is a sure win when it comes to helping you with creating a streamlined listing that lets you save and come back to your drafts effortlessly and schedule them when you want them to go live. Furthermore, order tracking, shipping, and auto-delisting are also available on the app to save you more time and effort. That is why thousands of resellers trust OneShop when it comes to selling on multiple sites.
If you are ready to take your online business to the next level, you can try OneShop and get a firsthand experience of its benefits. All you have to do is sign-up here, get set up, and enjoy its 7-day free trial.