By Shay Green, Dec 15 2016 08:34AM
5 Ways to Increase Your Closet Inventory & Sales on Poshmark (Also Works for Ebay or any other Seller Platform)
Keeping with my LIST THEME from last month, here are tips that really helped me step up my "Poshmark Game" when my personal closet inventory started to get low. Not only did my closet double in inventory this year by doing the things mentioned below but sales did as well. You will already be doing a few of these but I think one or two might surprise you. Enjoy, and don't forget to leave me your thoughts in the comment section at the very bottom to let me know if you found anything here helpful. It helps me when creating content for this new blog.
Tip #1 Sell Your Own Clothing Out of Your Real Closet. This one is a no brainier and also what Poshmark has based its platform and social network app on. Its time to go through your closet and sell any items that you have over 2 years old. Throw in those dress and gowns (a lot of mine have popped up on social networks recently and get rave reviews from friends and family) so I already KNOW I will only be wearing them once, no more than 2x's. Also, don't forget shoes and even items from your husband's and or kids closet while you are at it. This can really help you increase your inventory easy and fast! Test out which items work best for you. If you are trying to really brand your closet, think of just started out with a Ladies or Male focused closet first. Selling from your own closet is one of the best and fastest ways to gain experience using the poshmark app and also allows you to start your inventory stash.
Tip #2 Stock up on clothing and accessories during big sales such as Black Friday and Cyber Monday. This tip is one that I recently discovered. I think people that purchase clothing on sale automatically think that the item they are purchasing is either going out of stock, style or season. However, during these special sale times, companies actually place NEW inventory on sale and allow you to purchase them at 50% or more off of the retail price. Not only do you get a great sale, but if you are smart, you can get a nice item that will go back to the original price right after the sale AND will still be up on the stores website. You will be able to wear what you have purchased and then, if you sell it right away (on Poshmark), you will actually be getting what you paid for your now worn item, right back.
My Purchase Example: Purchased dress during Black Friday for $71 with FREE shipping. Dress went right back to original price of $140 (no more free shipping) after sale. Placed dress on PM and it sold for $50. PM removes its 20% fee and I make $40. So in reality, a $140 dress only cost me $31 in the end after I resold it:)
Tip #3 Purchase Wholesale and Start Selling Boutique Items. Many sellers on Poshmark have found their niche by opening up boutiques on PM with items purchased from wholesalers. Boutique items are generally new in packages (some have tags) and some are branded specifically for that posh seller with original labels and packaging . Seasoned buyers on Poshmark understand that boutique items often have a set price AND sellers can better predict there profits with closets that are set up as boutiques. Outlets, overstock and pallet buying (although less potential profit), are under this same umbrella. You can also pick up great NWT items by doing this type of shopping. One of the most important tips I can give you regarding wholesale shopping is to test out your product before selling it. You should be buying from more than one source to test quality, compare prices and even shipping time. Don't put all your eggs in one basket unless you have a SURE source. When in doubt, go back to the first tip above and grow your followers using items from your own closet.
Tip #4 Go Thrift and Resale Shopping for Unique Finds. I've heard mostly positive things about visiting thrift shops and if you are here in Texas with me, you are super lucky! Its my personal opinion that TEXAS has some of the best thrift shops around. Our items are color coordinated, often dry cleaned and hung in shops that resemble retail stores. Its hard to imagine having to go through nasty bins and pushy crowds just to get to a $5 top. I like to go thrift shopping for vintage items (which add a new layer to my closet) and sequin tops that give it an added sparkle. Thrift and resale shops also carry shoes, purses and dresses. I shop thrift stores an average of once a week. Some weeks, I go more than once and some weeks, I stay in. Thrift shopping is one of the best ways I have found to increase my closet inventory and also boost my overall profit.
Tip #5 Make Your Closet a Combination Closet. The is my FAVORITE way of increasing my own closet. Although the percentages will change often, try having a little bit of everything suggested above in your closet. It may take you time to get to this step (took me 2 years), however my combination closet of my own clothing, my mothers, donated items from friends and family, vintage thrift items, overstock and wholesale items are all in my inventory RIGHT now. I have found that if I find an outrageously awesomely priced item for resale, I am more willing to reduce the cost of something I paid a lot for and was hesitant to let go for under a certain amount.
My Closet Example: Mom's Cache dress was $280 retail. She wore it twice but it was still in like new condition and dry cleaned. I placed the dress on Poshmark and asked for $75 and this dress was absolutely worth this amount and more. Dress sat on Poshmark for a year:( Later, I went thrift shopping and came across a really cute black bustle dress in a style I knew one of returning customers loved. It was only $2!!! It was in excellent like new condition so I purchased it right away. I added my thrifted dress to Poshmark and it sold super fast at a $25 price point that customer. My final profit after posh fees was about $20 from a $2 dress. Amazing profit (That's like a 1000% profit???) or maybe not, my internal calculator isn't working right now, but you get my point. With this profit in mind, I felt more inclined to lower the price of mom's cache dress and it sold promptly at a $50 rate, which is about $20 less than I really wanted it to but I was ok with that because I just made that EXACT same amount on my thrift store find.
I hope that example above shows you how you will be way more inclined to sale your more expensive items at reduced rates when you have a combination closet. By following this tip, you can better balance out prices with items you sale in any online forum. That's my personal secret to keeping my prices low in my Poshmark Closet. A lot of my items are WAY under-priced, but I'm ok with that because I've created a "smart closet" that still profits even when I loose on an item or break even on something I purchased from an overstock. This trick also works well when you add less expensive wholesale items such as jewelry. These items are cheaper to manufacture, purchase AND ship, so your profit can really increase by adding them to your closet. Try that and let me know if it works for you. I hope you found something useful is this months post. Let me know by leaving me a comment below.