Want to know what goes into creating a successful resale business? The pros took the stage at PoshFest 2017 to bring you their best tips & tricks to making resale stick!
So what exactly is resale? It’s a strategic business model where you take items that have been previously sold, or highly discounted and sell them again. This can include tactics such as thrifting (buying something cheap and turning a profit) or consignment (listing for clients and taking a percentage when the item sells).
Where to Source Inventory
- When it comes to sourcing inventory or finding those hidden treasures, try places like Goodwill or scout out garage sales, charity organizations, and estate sales.
- #PoshTip: subscribe to a local mailing list to stay in the know of estate sales
How to Source like a Pro
- Look for items that are in good condition and always do a quick quality check before leaving the store
- Keep up with trend reports (like the Poshmark Trend Report Live) to see what’s in style and what brands to keep an eye out for
- Try thinking about seasonality in the off-season. For example, start searching for fall/winter during the summer so you’re stocked and ready to go when fall rolls around.
- Keep a “Thrift Kit” on hand (pill shaver/remover, Tide to-go pen, suede brush, etc)
- Building strong relationships with clients and thrift store employees can be key to help you get ahead of the game in the resale world.
How to Consign Like a #PoshBoss
- Easiest way to find clients? Tap into your personal network and your social media networks!
- Consigning for friends and family is great way to learn what does and doesn’t work in your closet as it familiarizes you with brands and sizing
- “Source low risk inventory. There is zero risk in the consignment model that I use since I don’t have to purchase the inventory up front.” -@nitnat
So, are you ready for resale riches? #YES
🎶Do you remember, Posh N Sippin’ in September🎶 Thank you to all you fab Poshers who hosted their Posh N Sip this past month. Fall Posh N Sips are off to a great start!
Check out the photos from those Posh N Sips below:
These Poshers are spreading the word about Poshmark while earning referral credits, becoming Poshmark influencers, and, of course, getting their hands on exclusive Poshmark swag – including a special host thank you gift!
Interested in hosting your own Posh N Sip? Reach out to us at firstname.lastname@example.org to see how we can help promote your get together!
Want to know how to take your Poshmark business to the next level? Marketing and branding are the keys to success! We had some marketing mavens and branding all-stars share their tips and tricks at PoshFest, read on to learn more!
Think of marketing in three areas to help your business hit different goals:
How to attract new customers and grow your current business
- New arrivals lists: create a listing in your closet as a place to tag and let your customers know when you’ve uploaded new merchandise.
- Build relationships with repeat customers: Notice someone has been repeat-buying from your closet? Reach out and build a stronger connection!
- Outbound communication: Get your closet name out there! Not only in the app, but out there in the world of social media as well! *stay tuned for an upcoming blog post on this*|
#PoshTip: “I share my sold listings to catch eyes of new customers and reassure them I’m a great seller!” –@theamandaweiss
How to use the marketing tools built into Poshmark to leverage the existing community
- Sharing to Posh Parties: Take note of when our daily Posh Parties are happening. Sharing to these parties will gain increased exposure for your listings.
- Utilizing the Dressing Room: Take our shiny new feature, the Dressing Room, for a spin! There you can style your buyers, offer them private bundle discounts, and more.
- Price Drop Notification Strategy: Wait until your listing hits critical mass aka you’ve built up your likes, then drop the price at strategic times to trigger a price drop notification.
Brand & Content Marketing:
How to find your niche and building a brand that people recognize & love (As @katjo says, “marketing is the push, branding is the pull!”)
In need of a dose of inspiration? Look no further, our resident girl boss and co-founder, Tracy Sun, took the stage at PoshFest 2017 to deliver just that.
A little about Tracy Sun:
Tracy is from NYC and started her career in neuroscience (and now she’s a leader in fashion-tech?! #girlboss). She came to Silicon Valley with an interest in fashion and technology and soon met Poshmark’s CEO, Manish Chandra, through a mutual friend. With two others, Gautam and Chetan, the four founded Poshmark out of garage in 2011. She’s learned a lot on her path of co-founding Poshmark, which she shared with PoshFest attendees during her inspirational keynote speech.
Three Lessons we Learned from Tracy:
Just do it: When you have a daunting task in front of you, just get started. It’s mind over matter. Being scared is normal, I do things that scare me every day.
You will fall down, but you must get back up: There’s a common myth that no one told me was wrong, “you can’t fail.” Sometimes you fail multiple times in one day. You will fail, and you will fail often. If you’re not failing, you’re not pushing hard enough. Just because you didn’t make that sale today, it doesn’t mean there won’t be 10 more tomorrow. The key is to just keep going — success doesn’t happen overnight. Don’t be afraid of failure — we all fail, but it’s the ones that get back up who succeed.
If you don’t believe in yourself, who will?: You have to believe in your idea more than anybody out there. If you want to start a business, you have to believe it. I know the journey you’re on is really hard, believe in yourself, but also lean on one another. You’re not alone in this —that’s the beauty in this community!
Catch part of Tracy’s keynote presentation here:
Are you passionate about Poshmark? Do you love welcoming & educating new members as they become part of our amazing community? Then we have just the right opportunity for you— become a Posh Ambassador! Read on to see how you can reach this coveted status:
What are the expectations of a Posh Ambassador?
We look to Posh Ambassadors to help set the tone in our Poshmark community. As a mentor, Posh Ambassadors are expected to:
- Maintain an active closet
- Participate in the Poshmark community
- Provide great customer service to their buyers
- Be in good standing with our Community Guidelines and Terms of Service
What are some of the benefits of being a Posh Ambassador?
Members of the Posh Ambassador program get some sweet perks:
- Get recommended to new Poshers
- Receive an exclusive newsletter with sneak peeks
- Unlock access to fun programs and special opportunities
This sounds like me! How do I join?
You can join right within the Poshmark app! We are looking for Poshers who have a history of spreading #PoshLove and have a stellar sales history. To qualify, you must meet all of the criteria below:
- Community Shares: Share at least 5,000 items from other Poshers’ closets
- Self-Shares: Share your own items at least 5,000 times to the community
- Available Listings: Have at least 50 available listings in your closet
- Listings Sold: Made at least 15 sales
- Average Rating: Have an average rating of at least 4.5 stars
- Average Ship Time: Have an average ship time of less than 3 days
Once in the program, Posh Ambassadors are given monthly goals to hit on an ongoing basis. You can monitor your monthly progress under your Posh Stats.
To find out more about the Posh Ambassador program, be sure to read through Poshmark’s Support Center.