The Details on Retail: What to Think About When Pricing Your Merch

blogrecap_pricemerch

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!

Part One:

Part Two:

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