This week’s The Details on Retail was all about how to price your merchandise while keeping in mind of what you should pay yourself back for.
Wholesale Portal brands offer a MSRP, look out for it in the description field under a wholesale pack listing. OR you can use the retail rule of thumb: a markup of 2.5-3x the wholesale price.
Some other key things to think about:
1. The 20% Poshmark commission
2. Factor in the $5.95 shipping cost
3. Price drops – determine the lowest price you’ll go before pricing an item
*Pro tip: If a Wholesale Portal brand is offering a pack of say, the same t-shirt in the same color, and you think you can sell that same t-shirt in different colors – you can ask that brand to do a custom bundle for you! #loveit
Things you may not necessarily think about when pricing are the things you should pay yourself back for. Consider:
1. Your time (think about how much you want to be paid on the hour to list, share, pack & ship – calculate that in)
2. Materials (like tape, thank you cards, tissue paper, etc.)
Putting your boutique on par with the traditional brick and mortar shop:
1. Don’t put your inventory on sale immediately (allow for 30-60 days to sell an item then think about putting it on sale)
2. Know your boutique has value & that there are more retail buyers coming to Poshmark
You can watch the full video(s) (amongst some small technical difficulties!) Happy Poshing!