Want to take your closet selling game to the next level? Consider how you might increase your sales with an all-star pricing strategy. While everyone approaches pricing differently, these tips are sure to help you take advantage of features like Make An Offer and Price Drop Notifications to fill your wallet by emptying your closet.
Condition and Popularity
Sorting through your closet may be daunting. You may find pieces that are completely worn or in brand new condition, let alone a items that are either from high-end brands or even no-name brands. With all these factors at hand, how do you go about choosing the right price?
Examine thoroughly your piece of clothing or accessory for any signs of wear. Be it holes or pilling, if there are signs of wear, we recommend adding a generous discount to your listing price.
Is it a popular brand? Well-known brands like Nike, Louis Vuitton and Lilly Pulitzer may sell quickly and for a higher price, especially if the items are in-demand and rare.
Negotiations and Original Price
Shopping on Poshmark is all about finding stellar items for an amazing deal. When attracting potential customers, not only do you want to keep in mind the discount off the original retail value, but also if you want to keep room for negotiation.
When listing, be sure to consider adding wiggle room for negotiation. Some buyers may want to buy right away, but this strategy could work in your favor as a seller to fully take advantage of the Make An Offer and Price Drop Notification features. If you don’t want to consider offers or negotiations, make sure to say in your description that the price is firm.
When possible, include the original price of your items so buyers that they scored a great deal. If the retail price of your item is unknown, not to worry! Do a quick search in Poshmark to see what other sellers are listing similar items for to help you narrow down the original price. You can also look up the original retailer or brand to see how similar items are being priced.
One question we get a lot at PMHQ is how to choose the best price for your listings on Poshmark. We know each Posher has her own strategy for making the most money while giving the best deal to their customers. Read on to see how PM team members decide on a selling price!
Original price is important because I want to be able to give buyers a great deal. An item is not as enticing if they can buy it at their local mall for about the same price.
The condition of the item plays a huge part as well. Signs of wear: stains, holes, pilling, fading color, etc. means I’ll generally offer heavy discounts. Who will want to buy it if they can pay a few extra dollars for it brand-new somewhere else?
Lastly, I think of demand: Is it sold out in stores? A popular designer? A must have this season? I like to offer at least 30-40% off retail price on my items, and even more if it is a style or brand that is mass produced and can be found anywhere.
Market price: I do a quick search to see what price comparable items are actually selling for (not the same as what they are listed at – it’s only a true market price if it has sold).
Willingness to pay: How much would I be willing to pay for the same item in the same condition? If I wouldn’t pay $75 for a gently-used non-designer sweater, I can’t expect someone else to.
Brand popularity: From personal experience, fashionable mass-market brands like J.Crew and Zara sell well and quickly, which translates to how much I can price it. Some of my favorite brands are more niche and less often searched, which may require me to price at a higher discount.
Current vs. dated: I might be able to get more for a gently used item that is still in style, compared to a NWT branded item from several years ago.
I do a quick search for the item on Poshmark to see how others have chose to price similar items. This step ensures that my price is fair and reasonable.
Understanding that the Poshmark community loves a good bargain, I leave a little wiggle room of about $5-10 in order to be able to negotiate my price lower. Keep in mind that everyone loves a steal—so when possible, I price my items on the cheaper side so that they’ll sell fast to make room for that new pair of Karen Walker sunnies or those Valentino Rockstuds that I’ve been eyeing in other Poshers’ closets!”
Now it’s your turn! We want to hear how you select a selling price in your closet. Leave a comments with your best pricing strategy tip.