Resale fashion and luxury goods are a hot commodity in the modern market. One of this industry’s leaders is Poshmark. So, how can you start making money on Poshmark?
One of the draws of Poshmark is that it’s a seller-friendly app. If you know how to take a picture on a smartphone, you can list an item with just a few clicks on the site. Here are a few expert tips on how to start:
We’ll cover each of these tips more in depth below. But first, let’s take a quick look at Poshmark itself.
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Before we can talk about making money on the site, we have to ask: what is Poshmark?
Poshmark is an online reseller of luxury and fashion goods – think of it as the eBay for the fashion resale industry. The company’s mission is to provide a unique shopping experience where buyers can browse from over 25 million items and 5,000 brands. There are now over 50 million users and 5 million sellers on Poshmark.
Selling on Poshmark is different than other e-commerce sites, though.
As their CEO Manish Chandra explains, “The key to our success was planted years ago when we decided to launch something more than just a resale platform: a platform to support people to start, run and grow their fashion businesses.”
And their model seems to have worked. Over the past two years, Poshmark doubled its revenues to $2 billion amongst its network of sellers.
One of the keys to making money on Poshmark is to take great product pictures. In fact, many of the site’s experts say that taking quality pictures is crucial to making sales.
This is especially crucial because Poshmark has a “No Return” policy – with one exception: Customers can only return items if they aren’t delivered as they were described by the seller. Thus, potential customers browsing your site will want to know everything about the product(s) listed on your store.
One of the best tips to produce the greatest pictures is to set up proper lighting so the consumers can see all of the details of an item. Buyers on the site want to see the color, details, and quality of the item to help them decide on what to buy.
Furthermore, when taking your pictures, understand the better the picture, the quicker the sale. Include more photos of the item since it can eliminate any potential situations where someone may claim that a seller ripped them off.
After taking quality pictures, the next tip to make money on Poshmark is having both a thorough product description and title.
Experts say that rushing through your product description is a huge no-no. And, if you look at many of the top sellers on the site, you’ll see that they have very descriptive titles. They also used every single character they possibly could, with the most captivating parts in front.
One big tip for selling on Poshmark using your titles is to put the brand names. After all, a large number of users will search Poshmark by brand name first. It also helps your item come up earlier during searches since the keyword is first.
When it comes to your description, be sure to include relevant measurements, the material, year of production, fabric content, and condition. At the end of the day, buyers will appreciate your transparency.
Another great way to make money on Poshmark is by guiding buyers on how to style your items. This can go a long way with sales on the site since it has a no-return policy. Many of the top sellers give advice in the description of the item.
By giving buyers different style tips, it shows that the piece is versatile. It can also show that the item is a good value. Not to mention, you may give a questioning buyer a reason to buy your item with an idea they never would have considered on their own.
These tips encourage buyers that they can wear it more than once and is worth a purchase.
Probably one of the most important tips to make money on Poshmark is to not be afraid to say no. Users on the site commonly practice negotiation. Sellers can post items with “firm” prices, which means they aren’t open to negotiation, but buyers still comment with their bids.
Being open to bids, even if you’re a no-bid account, can be useful. A seller has the opportunity to get rid of an item that hasn’t been selling and a buyer might haggle down the price a few dollars. Don’t be afraid to reject someone’s bid if they completely lowball you.
Remember: you run your store, not your buyers.
The most important thing in making money on Poshmark is to have as many people find your listing as possible. A great way to do that is to share your store on as many sites as possible. Use your social media accounts because that’s where you’ll find the most people. If you want your listing to move up the search rankings, share daily.
Another way to share on the platform is through sharing other people’s listings. Sharing other people’s closets could help gain the attention of more potential buyers. It also leads to making more money on Poshmark for both you and the other seller.
Making money on Poshmark is great for people who have loads of clothes in their closet they want to get rid of but don’t want to give to Goodwill. With the rise of social media influencers, the trend of reselling is just growing and gaining more momentum.