Poshmark: How to Make Thousands of Dollars Selling What’s in Your Closet

Credit: Posmark

Credit: Posmark

 

By Tricia McKinnon

If the Marie Kondo tidying craze has gotten to you then Poshmark might be the site for you. Poshmark which launched in 2011 is a platform where people can buy and sell fashion as well as home décor items. The site is growing in popularity and in 2018 it made $1 billion in payouts to sellers.  50 million people use the site and 5 million of those are sellers.  If you are thinking about selling on the site you don’t have to sell only used items. The Co-Founder of Poshmark, Tracy Sun has said: “when we started, there were no new items, and we’ve seen new items grow more and more.” “It’s something we are betting on for the future.” 

Sun has also said that higher end items are also gaining traction on the platform with luxury items selling twice as fast as non-luxury items. Poshmark has made the list of Forbes’ Next Billion Dollar Startups. So if you aren’t selling on Poshmark you might want to start today as it can be a lucrative side hustle or even a full time job. Here are seven tips for success.

1. Take great photos

Credit: nike.com

Credit: nike.com

You never get a second chance to make a first impression.  That statement couldn’t be more true than when you are shopping online.  What often sets popular sites like nike.com apart from others is the quality of photos of merchandise for sale.   While you may not have an elaborate studio set up, shoot in natural light and if possible try to shoot in an area with a pleasing aesthetic. There are a lot of photographs on Instagram of coffee shops with mosaic tiles for a reason, they look great! Can you create a great backdrop in your home where you can shoot your listings?

Take pictures from multiple angles and if you are unsure of what makes a great product page then look online at your favourite online store and see all of the angles the retailer has shot from.  If you look at a product page like this one from nike.com you will notice there are many photos of a single pair of shoes.  One is shot from the top, another from the side, from the bottom etc. If Nike is taking this much effort to reduce buyer’s remorse then so should you.  

2. Selling the right product makes a difference

Although you may have an item that you would love to sell that doesn’t mean there will be a market for it.  Items that are on trend tend to do well on Poshmark.  If it is fall season and polka dots are in style do you have any polka dot dresses that you could sell?  To figure out what is on trend in a particular season you can also look at fashion magazines and bloggers to get great ideas.  Products with a lot of likes on Poshmark is another indication of what is popular on the platform.  Since designer brands are selling fast this might be an area to focus on if you have the inventory.  In general determining which brands are selling fast on the platform can also be a winning strategy.

In the beginning selling on Poshmark might be a bit of a trial and error exercise as you figure out what people are looking for.  But once you have a sense of what is working sell more of those items. 

3. Use the right keywords so that buyers can find your product

How do you normally search for an item on a site such as amazon.com?  You put a number of keywords such as black leggings into the search bar and then voila the item that you are searching for comes up in the search results.  For the item that you are selling what keywords do you think a buyer would type into the search bar to find it?  If you are selling a pair of Vince Camuto Paulomi Tall Stretch boots then it’s a good idea to put those words into the item’s title as well as the size of the shoe that you are selling. Be as specific as possible.  

Not only should you put the keywords into the title of your listing but also into the product’s description. Vince Camuto “Paulomi Tall Stretch” boots is not a name I made up. It is the actual style of boot.  If buyers are looking for that specific boot they will type the name into Poshmark’s search engine.  Imagine if someone is looking for a pair of Nike Air Force 1s. They will type that name in when searching not something generic like Nike basketball shoes.  Another example of a poor product  description would be cute black boots.

If you find that over time there are lot of questions about your listings that might be a signal that your product descriptions need to be more specific. For example, if you are trying to sell a pair of jeans ensure you include the inseam and the size of the waist of the jeans and if they are for example, skinny jeans.  One of the best ways to get better at this is to go onto sites like amazon.com and look at the descriptions of best selling items on Amazon (like the one below) to give you an example of the level of detail required to sell something online. The description below may be too specific but it gives you an idea of what keywords to focus on. Also don’t forget to list any damages since a buyer can receive a full refund if the listing does not match the product that is received.

Sample product description from amazon.com

Credit: amazon.com

Credit: amazon.com

Credit: amazon.com

Credit: amazon.com

Credit: amazon.com

Credit: amazon.com

4. Find the right pricing strategy

It is going to be hard to be successful on Poshmark if you are priced way above the market or way below.  If you price too high then buyers will look elsewhere.  If you price too low then you might not make enough profits to make selling your clothing worthwhile.  Remember that Poshmark takes a 20% cut for sales over $15 and charges $2.95 for sales under $15. You should also consider that at some point in order to move your merchandise you might need to offer a discount.  You should factor that potential discount into your selling price. How much of a discount can you afford while still making a profit?  Consider listing your item at either 5%, 10% or 20% above what you are willing to accept so that you have some wiggle room.  

You should also search on Poshmark to see what similar items are going for as a gauge for what you can sell your items for. Often items are sold at 50% of the original price or less. Be wary of selling items that are very cheap since Poshmark takes a $2.95 cut on items that are less than $15.00 which means if you are trying to sell something at a very low price you might not make any money off of it.

5. Being contentious helps

This is especially important if you are a seller that is hoping to sell a high volume of merchandise on Poshmark.  Do you know exactly where that denim shirt is so that you can ship it as soon as it is sold? Ensure that your merchandise is stored in an organized manner in your home so that you know exactly where to find a piece once it is sold so that you can ship it quickly.  Shipping quickly also allows you to get your money faster as the buyer needs to accept the item before you are paid.

6. Attracting more buyers, what works

If you are trying to find buyers one tactic is to do a search on Poshmark for the item you are trying to sell, for example, a pair of black, women’s lululemon pants in size eight.  Conduct a search using those keywords and when the listings come up look for listings with likes and comments.  Follow the people that have made comments and likes and once you do this they receive a notification that you are following them.  That may prompt the person to check out your closet and purchase the item you have for sale.  Many sellers have said that this is an effective strategy for generating sales. You can also message people that have liked your items but have not made a purchase yet.  You can send them a discounted offer to encourage them to make the sale.  

If any of your listings are starting to gather dust then simply relist them. Since a popular way of searching for items on the site is by “just in” or “just shared” if you re-list an item it could sell the second or third time around.  Think about it, when you typically shop online don’t you check “new in” first? I know that I do.   The platform’s algorithm also favours sharing so it is a good practice to undertake. Try to share your closet or items daily.  Some sellers recommend that you share 2-3 times daily.  The more active you are on the site the better.  Listing new items daily will also help to get your closet noticed.  Also when you share items they show up in the feeds of those who follow you giving your closet more exposure.

You can also try sharing other people’s closets and following other accounts so that they reciprocate the behaviour. This can be an especially good practice if you follow someone with a large following, if they follow back and share your closet that can expose your closet to a bigger audience.

Similar to social media, the larger your following the easier it is to monetize it.  You can also share your closet at a Posh party. A Posh party is essentially a virtually party where people buy, share and sell clothing and accessories.

To drive more interest in your closet promote your listings on social media. If you want to sell a great decorative pillow then post it on Instagram and Pinterest. Tell people on social media where they can find it for sale.  Don’t just rely on Postmark’s algorithm to drive awareness for what you have for sale. Use social media effectively to promote sales.

7. Don’t forget about customer service

If you want to do well on Poshmark act like your favourite retailer.  Think about the elements of customer service that you like and incorporate those elements into your customer service approach.  For example, respond to customer inquiries quickly.  After someone makes a purchase a simple thank you can go a long way.  

Tricia McKinnonTrends, eCommerce4 Comments