We’re back with another panel for our series Level Up LIVE on YouTube! Join us each week as we connect with fellow Posh entrepreneurs and have them share their personal experiences and the unique ways they’ve grown their Poshmark businesses.
This week, we went live with @jewelbutterfly, @allthatglows, and @ashleyhwheeler8 to chat about tips on ways to make your listings stand out, which promotions to take advantage of, and how to make the most out of My Inventory Report. Check out the highlights below:
Q: What information do you make sure to include in your listings?
A: When it comes to listings, the title and description are really important because people are searching on Poshmark and Google for a certain item and your listing can pop up in the search results just based on what you write (hello, SEO value!). I first include the brand, followed by style names, special materials, and size.
In the description, I include measurements and suggest where the customer can wear the item. Think about what your customer is searching for and test it out to see where your listing populates in the search results. For people with skin sensitivities, details such as materials are important to include.
Q: Can you talk more about how you check comps (aka price comparables)?
A: I check comps primarily on Poshmark. I tend to price my items in the top range in the pricing spectrum to allow wiggle room for Offer to Likers or for an upcoming Closet Clear Out. Every quarter, I have a 3 for $30 sale in my closet so I have to find a price point that accounts for the discounts.
Q: You use the information in your My Inventory Report in a number of ways. How do you put this information to work?
A: I have an analytical background, so I’m able to apply my analytical skills to my Poshmark business.
- Listing Date: Has your item been in your closet for too long? Maybe it’s time to relist an item, mark the price down, or donate the item.
- Departments: Am I running low on items in a particular department or category?
- Brands: Are you running low on your top selling brands? If so, those brands will be at the top of my shopping list the next time I source.
- Sizing: I like to see if I have enough of my top-selling sizes or decide whether I need to diversify my size offerings.
- Likes: Look at your likes and plan for Closet Clear Out. Items with the most Likes receive a shipping discount.
- Lowest Listing Price: Look at this to determine if it’s time to relist an item because you can’t drop the price any further.
- Current listed price and the date the item was listed: This helps me determine if the item isn’t selling because the item is priced too high.
There are so many ways to use the My Inventory Report!
Q: What do you make sure to add in your descriptions?
A: I like to be able to tell a story with my listings. So obviously you want to get the practical information out there like: measurements, fabric content, if there are any special instructions like dry cleaning or if it needs to be hand-washed. But if it’s a really special piece, I like to talk about where I got it from.
For example: my grandmother has the most amazing vintage closet in the world. And she’s slowly been giving me things to sell for her. So I’ll mention “My grandmother wore this in the ‘70s! It has these amazing sequins, you can just picture it on a night out back then!” Now, those may not be words people are searching for, but if you can draw them into the world of that clothing piece, that can definitely help you close that sale.
Q:What’s your method for pricing a listing?
A: I always make sure to sort by size. If I’m selling Free People jeans in size 26, and the only ones available on Poshmark are size 27 and 28, I know I have the only pair in that size. So you have a little more of an advantage there, and can price up. However, if you’re one of 35 size 6 white H&M shirts, you might want to bring that price down if you want to get that item out the door.
Another thing I have been doing is that I have been a little more lenient with my pricing. I have also been accepting lower offers more. This is a tough financial situation for people, and also more people are shopping. If I can bring in some money, and maybe it’s $2 less, I’ll take the loss.
Q: Do any of you play with pricing based on seasons?
A: I like to relist my items pretty frequently. However, I won’t bother relisting a Christmas sweater, they’ll just be hanging out after the price dropped a few times until December. If someone wants to come snap it up again at that 3x discounted price, that’s great. But once November rolls around, you can bet that I will be deleting those listings, making them nice and fresh, and bumping them up to see what I can do with some offers. People might be willing to pay a little more, thinking about what’s selling at retail stores. So if you have a bunch of chunky knit sweaters and it’s July, it should be discounted because that’s what retailers will be doing with those sweaters.
Q: How are you strategically using promotion events (CCO, Make a Deal Days, etc.)?
A: I try to send out offers within the hour of getting the like. I am on my phone kind of a lot, not to push the teenager stereotype! As a shopper on Poshmark, I try to think about what I like as far as sellers sending offers to me. I like being reminded about an item pretty quickly that I liked when casually scrolling through my feed, and then getting that notification really brings my attention back to the item. It makes me think about whether or not I really want it.
Q: How do you think about trends and seasonality?A: I love to see what’s in and what people are enjoying. I would Google that season, say ‘Spring 2020’ and ‘fashion trends’. I also like going to Instagram and paying attention to what the influencers are talking about as they generally talk about trends before the season hits. Regardless if we’re in season or not, I’ll still keep the item up as you never know. In fact, I had a Christmas sweater that I sold just a month ago! People want to get into different spirits at different times.
Q: What is your strategy with Offer to Likers?
A: I strategically send out Offer to Likers on Thursdays because it’s payday for most people. Offers are good for 24-hours long and so my offers will also roll into Fridays!
Q: How are you utilizing features like My Inventory Report & My Sales Report?
A: I love that they both tell the story: what’s happening in your store and what to prepare for in the future. I found that I was selling a lot of shoes and breaking it down more, I saw that I have sold a lot of ankle boots. In current events and having to do a lot of sourcing online, I’m able to focus exactly on what sells well in my closet versus going into a thrift store, seeing what they have to offer, and deciding whether I want to sell it or not in my closet.
Q: What does your sharing schedule look like?
A: I have definitely created a habit for myself. I share in the morning before my kids get up at around 6-7am. I’m on PT time and it’s 3 hours ahead on the East Coast so it’s still morning for them. I also share once more in the night time. I used to share during lunch time but find that is when I am teaching my kids so I’m now sharing in the morning and at night.
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