Poshmark app is a shopping platform for people who loves fashion with a modest budget. It's popular among many people because it's an easy way to get rid of your old clothes that don't fit anymore or just want to make some extra cash from selling what you already have.
Many Poshmark users also love finding great brands at a great deal on this app. Popular brands and even designer items can be purchased on this app at an affordable price since most Poshmark sellers give discounts on list items or shipping.
If you are a new seller on Poshmark, it is important to determine how to price your item right on Poshmark while still making a good deal for your buyers and, of course, making a profit on the items that you are selling. This blog post will cover the basics on how to price your items right so that they'll sell quickly while still making a good amount of profits for yourself.
1. Check the Market Price
Suppose you are selling popular and high-end brands such as Nike, Gucci, Lululemon, and the likes. In that case, it is vital to check its retail price, especially for items that can also be bought online or in their physical store.
Also, consider the style, size, and condition of the item you are selling. Since you are selling a gently-used item, it is better not to sell it close to its retail price. In order to come up with competitive pricing, you may check out similar items listed on other resale platforms such as eBay, Mercari, Tradesy, and so on. After checking and comparing prices, sell your item at the lowest possible price you are comfortable selling with.
2. Factor the Item’s Condition
When it comes to selling online, the item’s actual condition is the game-changer. When pricing your item, it is a must to based it on the actual condition of the item. Stains, blemishes, damages, and signs of wear and tear can reduce the original price of your item. As a seller, it is your responsibility to disclose any flaws or damages to the item you are selling. You may disclose it on the products description box so your future buyers can be aware and manage their expectations.
If you are uncomfortable in reducing the price of an item you are selling, do not sell it. After all, we want to earn a profit for every item we are selling. Also, stating the actual condition of the item in the seller’s listing can help you prevent unwanted returns or unnecessary problems in the future. Remember that any undisclosed flaws or damages can be a reason for a buyer to return the item, even if it’s on a final sale. So, to avoid the hassle of returns, it is a good habit to disclose any damages, flaws, stains, and the likes prior to shipping.
3. Understanding Poshmark Fees
In almost all online marketplaces and reselling platforms, the seller needs to pay a certain fee in order to upload a listing and sell their items. A seller needs to understand these fees in order to provide the right price for your products. Here are Poshmark selling fees that a seller needs to know and factor in pricing your products:
- $2.95 Commission Flat Fee for Sales Under $15 - If you sell an item priced under $15, Poshmark takes a flat rate commission fee of $2.95. Meaning, if you are selling an earring worth $14, Poshmark takes $2.95, and the remaining $11.05 is your income. It is important to ensure that you still earn a profit after the fee has been deducted. Otherwise, do not sell a product that will result in a loss on your part.
- 20% Commission Fee for Sales Over $15 - Poshmark’s selling fees are comprehensive and straightforward. In this way, you can easily decide what the right price for your merchandise is. For sold items priced over %15, Poshmark takes the 20%, and the remaining 80% is your earnings. The commission fee is deducted from your total earnings once the delivery has been completed. You can either withdraw it as cash or spend it on Poshmark.
If you think Poshmark is charging sellers more than it should, remember that these commission fees already cover the pre-paid shipping label, credit card processing, customer support, posh protection, and sales tax. Overall, selling in Poshmark gives sellers a lot of convenience and savings than with other online marketplaces and resale platforms.
4. Factor Shipping and Packaging
Shipping on Poshmark is easy, convenient, and cost-effective. Poshmark charges a flat rate of $7.45 for expedited shipping via USPS priority mail. The buyers pay the flat-rate fee, which covers the pre-paid shipping label and priority mailboxes for items under 5lbs. After the buyer pays for the item, the shipping label is sent to the seller to print and attach to the outside of the box (or envelope) that holds the item. The seller can either drop it off at the nearest post office or have it pick up at their home, free of charge.
When pricing your items on Poshmark, it is important to factor in shipping and packaging. Free shipping and cute packaging are a great way to surprise and delight your customers. You must include these factors in determining your Poshmark listing price. If a potential customer has liked multiple items, why not offer them a bundle discount or free shipping? In this way, they are enticed to buy more items in your shop and make the checking out process faster.
Offering free shipping is one trick that is proven in attracting potential buyers and increasing your sales. But, how do power sellers do this? The answer is simple. Most of the sellers add the shipping fee to the final price then offer free or discounted shipping. Another thing to factor in is your packaging. While you can get a free box, it’s also essential to delight your customer by making an extra effort in packing their items either with a handwritten thank you note, tissue paper, or even a cute ribbon. If you want to pack all your items nicely, you may want to consider adding these material fees to your listing price so you won’t suffer in shouldering the shipping and packaging fee when the transaction is completed.
5. Price Your Item 5-30% Higher
As a seller, you may want to get rid of the item you are selling quickly. After all, you no longer want to use it; that is why you are selling it at an affordable price. Some may sell their items online as a side hustle or simply just want to get rid of an item in their closet. However, that’s not always the case. For some online marketplace sellers, it is their full-time job.
So, how do online sellers make a profit out of online selling? The answer is simple, pricing your items right. For starters, you should always price the item you want to sell at 5-30% higher than the price you intend to sell them. In this way, you are giving room in reducing your cost for features like offers to likers and closet clear out, which is a marketing strategy used by top sellers to entice more customers into buying the item quickly.
Here is how these Poshmark features work:
- Offers to Likers - This Poshmark feature allows sellers to send out private discounts to any Poshers who liked a listing from the seller’s Poshmark closet. The seller must reduce the current listing price by at least 10%. The shipping discount will be deducted from the seller’s earnings.
How to Send an Offer to Likers:
- Click the listing you want to offer
- Select “Offer” / “Price Drop” on your listing page
- Click “Offer to Likers”
- Drop the price by at least 10% and select a shipping discount
- Closet Clear Outs - This Poshmark tool automatically sends out notifications when you reduce your listing price by 10% to everyone who likes your listings. These users will also receive an offer for $4.99 shipping for 6 hours to speed up their buying decision. In comparison to Offers to Likers, the shipping discount will be shouldered by the Poshmark and not by the seller.
You must consider these features in making your final price when listing an item on Poshmark. Remember that not all buyers are interested in haggling. Sometimes, they like an item and totally forget about it. This feature is a good tactic in reminding them to purchase the item and make them believe that they are getting a great deal with a reduced pricing and a discounted shipping. It is essential to consider adding 5-30% higher to your final price to maximize these features and improve your selling strategy.
6. Never Take A Loss on An Item
Last but definitely not least, never sell an item at a price you are not comfortable with. While every seller’s goal is to sell their items as soon as possible, it doesn’t mean you have to sell them at a price that will result in a loss. When selling online, there are a lot of factors to consider. One trick in selling an item fast is by sharing it, re-listing, or improving its cover photo. Here are other ways to sell your item that has been sitting in your closet for a long time:
Seasonality
Take a look at your clothing or accessory and factor in the current season. The item may not be moving due to the current season in the state you are located with. For example, you are selling beanies or fur jackets for the winter season, but the season is still sunny. You may re-share / re-list these items when the winter season is coming to attract more potential customers.
Price
As a seller, it is natural that we want to make the most money out of our products. However, Poshmark is a resale platform. As much as possible, do not sell the item at a retail price, especially if these items are popular items and can also be bought on online storefronts or physical stores. If you are receiving a lot of likes but zero conversion, maybe it’s time to check your pricing. You may also add irresistible deals such as free shipping along with bundle discounts.
Keywords
Adding keywords on listing title and description is one of the common mistakes most sellers make when listing an item. Adding relevant keywords is the key to getting better chances of appearing on the Poshmark search. Remember that most buyers already have an item in mind and are more likely to filter the size, brand, etc., rather than browse on hundreds of similar items. Always optimize your listing title and description and add more relevant keywords to the item you are selling. Remember to include the brand, type, size, color, and condition of the item—for example, Lululemon Power Dance Tank Ultra Violet Size 4 - NWT (New With Tag).
Right Angle
One of the most critical factors in selling on Poshmark is uploading your items in the most appealing way possible. If your item has been sitting in your closet for too long, maybe it's time to consider re-listing it with a fresh new look. You may take a picture of the item with a good background, lighting, or different angles. Potential buyers may also want to see the fit of the clothes when worn and whether it matches with other styles and accessories. Just remember that choosing the right angle and lightning matter when taking a photo of the item. You may want it to be zoomed or as close to your item as possible and disclose any damages, stains, or signs of wear and tear to avoid unnecessary problems with your potential buyers.
Share!
Your item may be sitting in your closet for too long because you don’t share it, or you may have totally forgotten about your listing. There are numerous ways to share your items on Poshmark. Sharing the item you want to sell at least 2-3x a day is necessary to generate more views and connect with more potential buyers. Here are some ways on how to share your listing on Poshmark.
- Share to Followers - Sharing is an important feature in Poshmark. Self-shares or sharing your own listings with your followers is essential in getting more likes and conversions. In order to do this, simply click the “share” button to keep the item you want to sell on top of your follower’s feed. The Poshmark algorithm also works this way. The more you share an item, the more it stays on top of the discovery and search engine results page. You must also factor in the time when your target market is active before sharing an item to maximize its selling potential.
- Share to Posh Parties - Posh parties are virtual shopping events where poshers meet to shop, share or sell items. These are themed parties around different styles, categories, and trends where you can share your listings (i.e., Men's, Kid's, Swimwear). Just remember that your listing must fit the party guidelines before you can share your listing. In order to share your listing with a posh party, simply click the listing, then select “Share”, and finally select “Share to Party.”
- Community Shares - Aside from regularly sharing your listings with your followers and posh parties, you can also try community sharing, wherein you will share other people's listings. Frequently, these people will return the favor by sharing your listings as well. However, there is no guarantee whether they will share your listings back or not.
- Share it on Social Media - Sharing your items on Poshmark at least twice a day is necessary if you want to move to the top of search results and products searches. But if you are looking for a cost-effective and efficient way to boost and promote your products, why not share them on your social media accounts. Simply connect your social media account to your Poshmark profile and click the "share" button. It helps broaden your target market and visibility.
Just remember that selling online has its pros and cons. But it is essential to wait for a potential sale rather than take a loss on an item. If you are determined to elevate your online marketplace selling strategy and make it your full-time job, then consider following this guide in pricing your items right on Poshmark along with using marketing automation tools such as OneShop.
With the right marketing campaign, knowledge, and tools, it can be easier for you to sell a product in any online marketplace and reselling platform. By using OneShop, you can save more time doing things you love the most while gaining extra money from your listings on Poshmark, Depop, Mercari, and the likes.
How does it work? It’s simple! OneShop can help you automatically relist your item, as well as share, follow, and send offers to likers. You can also cross-list to different marketplaces such as Tradesy and Mercari. In this way, you can reach out to more potential customers and close the deal fast!
With OneShop, managing your closet on Poshmark, eBay, Tradesy, etc., made easy due to its intelligent system that makes your online selling experience hassle-free. Now, you can try our all-in-one app with no credit card required! Simply sign-up to avail of our five days free trial.