Never Lose Money Again With This Poshmark Pricing Formula | Poshmark Selling Tips
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- čas přidán 22. 07. 2024
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Great video. We have been reselling only a year, but we inadvertently started doing this and it works for $20 flip too. I've never money but the max we will pay for any item is $2 and minimum I list is $20. That gives us worst case scenario at a $5 profit, and since our average COG is well under $1 (we get lots of stuff for free too) we generate plenty of income.
Excellent 💕
I am pretty new with a 280 item closet. I tried it this week. Today was 30% off and so far I have made 4 nice sales and its still early. This is great for my little closet. Thank you!
Awesome💕
THis pricing formula is what I needed to hear in order to stop buying items not worth my time. Now I need watch your other one about getting rid of inventory that isn't worth my time.
Excellent definitely check that video out. I have several other recent videos I would say in the last six months through now that are really valuable with strategies that you may want to check out if you haven’t seen them before.💕
I love your energy. So fun, and informative. Thank you for all your great advice in your videos!!!
Thank you so much! Happy to💕
What a great idea. I definitely think i will incorporate this! Thank you!
Excellent 💕
Thank you so much. I’m going to make this change right now
Wonderful!
Excellent information. Will definitely put it into practice in my Poshmark store.
Glad it was helpful!
So helpful, thank you!
Perfect!💕
Hey Rebecca love the content as always you always gives the greatest advice I am so grateful for you
Thank you for watching! I appreciate you!💕
Great information. Thank you.
Awesome! You are welcome!💕
Any thoughts on the issue of live shows with $3 starts obviously this brings down the comps to a skewed lower level due to this. (I have seen this $3 garage sale level trashing of Poshmark and it is usually buyers of pallets of returns, so the seller says "new with tags"
but what they do not say is this huge box of stuff is returned items with flaws, issues, or certainly not in great shape.
and may have mouse droppings, rodent hair, bugs, bed bugs, and so on, on or in the fabric of the item. This has made Poshmark truly a garage sale while creating issues with TRUE comps on items that are not and never were meant to be sold for a profit of 5 cents. )
The worst-case scenario right now is the people willing to take 5 cents when the item sells for $3.
Also, customers seeing these $3 live shows have complained (well so and so is selling things for $3 or $5 and are making extremely LOW offers, or rejecting my low offers even with discounted shipping and or free shipping.
I may be done with Poshmark.
I would love to hear your thoughts on live shows in general, do you do them, and also the $3 poshmark garage sale sellers our there.
I do not do live shows… I don’t enjoy watching them, buying from them or selling that way… I don’t concern myself with any of the things that you mentioned… Well, I’m sure it may be a concern. I just keep doing what I’m doing and it seems to work just fine… These are good points that you bring up and perhaps I will do a video about them once back to school starts and I have a little more time.💕
Great content, thank you!
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Thank I got it now thanks now I going to do this with my closet for next 3 months. Hope to report back good news
Sounds good!💕
Brilliant! I’ve been selling a few years without a formula. I have been making decent profits… However, having a formula is going to streamline everything and save me SO MUCH TIME debating with myself whether or not to purchase an item to sell. Thanks!
Fantastic! Glad to hear it!
This is brilliant. I have always admired your business sense. I Am doing the no formula, list anything model and it's a grind. Xo Quenby
Hey lady! Thanks! I hear ya! I need to make rules for myself or it’s way too much work💕
I’ll give this a try. I can’t sell all for $50. I have a ton of items. A semi! So I’ll elevate how to maybe lower a little bit to $5 profit min. I list and lower to $5 Then it’s free with a $20 order. Sometime people will pay the $5 and shipping. These items are never going to be lower. After my inventory is gone, I’ll try to buy within whatever I choose as a base formula
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Posher VA has a new feature in the offer to likers. You can set up discount tiers based on price. It's a game changer.
Yes I did see that. Haven’t used it yet since my mode works for me right now but will be very helpful for many.💕
have you ever tried using closet clear out instead of OTL? I still use OTL for 20% off right after the buyer likes the items but further price discounts I've been giving with CCO. All those shipping discounts add up and I'd rather have that extra money in my pocket. I've been having great success with CCO lately. Like you said if you use vendoo you can still automatically relist and delist.
I don’t do CCO anymore. I want to run the sales I want when I want and can absorb the shipping discounts. I didn’t like having to drop everything to do CCO price drops just because Poshmark said. I work off my own system now. I didn’t like having to go back to change the prices back or relist on that schedule either. If it works for you keep doing it. It wasn’t for me💕
I haven't watched the other video yet and I don't have BST stores near me, don't want to do live shows but was thinking I could take that inventory that won't fit and make up a section of 3 or 5 items for X amount. Do you think that's feasible? TIA
It’s feasible, and you can certainly do whatever you like… There are all kinds of promotions and deals you can run… But that doesn’t mean that anyone may actually take advantage of it I would take a hard look at the items, and if they don’t fit the criteria. Make sure that they are still worth selling. Maybe you can send them to thread up💕
Hi, great video! What was your minimum profit and buy cost like when you used $35 instead of $50?
I think it was $5 💕
Hi- thank you for your post. I’m new to Poshmark and just finding this a little confusing since I’m not familiar with selling. If you post a product for $50 how to you end up providing a 50% discount… do you wait until it doesn’t sell and then mark it down to $25?
Somewhat...I have an entire system of things that I do like strategies to help items to sell....I have many videos on this to help explain...just because you post it doesn't mean it will sell, you can share, send offers, send comments, run promotions, etc to entice customers just like a store does
This was a great teaching video
I hope you can forgive the way my mind works! But what exactly is the mathematical formula? Happy thrifting. 😊
Then people won't watch the video...=) Hopefully you can take notes......basically Buy for $5-10, price at $50 with up to 50% offers.😍
If I’m just selling to get rid of closet full of clothes that are now to big brand new torrid with tags how can I get rid of it quicker cuz I’m down to 5 totes from 16!
Good photos, good keywords, good prices, share a lot, send a lot of offers💕
How often do you see sales at the initial over $50 price - what percentage?
I’m not sure if I totally understand do you mean how many items do I sell at full price? I usually sell maybe 10 to 20% of the sales at full price… Most often I’m selling at some form of discount along the spectrum I offer.💕
Do you price at $50 even if the comps are lower or if the active competition is listing lower?
It depends… Most of the time the comps support it but I do usually price on the higher end of comps because I know that I’m willing to sell it for half💕
When pricing an item, how do you determine what is worth listing at $50? For me I price based on comps and what others are selling for. Mine would be the lowest price in the same size. I price between that and the comp price and leave room for 30% off discounts. So the items I list at $50 are ones that comp at $35-$50. So are the items you price at $50 selling at $50 based on comps or are they selling at $25 based on comps or somewhere in between? Thank you, I learn a lot from your videos and am constantly trying to learn more as a newer reseller.
I like to price on the reasonably high end of the comps… Sometimes I round things off to 50 even if I am a little bit higher or lower just because I know that is a good price point formula that works for me… You can experiment for yourself and find what seems to work for you… I sell a lot of the same things, so I don’t always check comps every single time because a torrid dress I will always price the same… Unless things stop selling at that price point and then I may review the comps to see if the market has changed… Always happy to help💕
@@RebeccaTheReseller Thank you 😊
Can I use this model if I'm doing average cogs instead of doing per item
Yes! That’s what I do!💕
Thank you
Where is your video about getting rid of stuff that isn’t worth my time?
I have a few but google rebecca the resellers and stale inventory and it should come up 💕
First!
Hey there! Hope al is well! 💕
@@RebeccaTheReseller great video Rebecca, doing well, moved back to NJ - hope you are doing well! Keep up the awesome videos! 🙏🏻✅😃
@@SimplyDana oh cool. Just leaving NJ today from a visit to family. Thanks! Hope you have good sales!💕
@@SimplyDana NJ here too!