An important characteristic of a successful business owner is the ability to change and adapt with the markets trends. One part of that is actually being able to recognize when something isn’t working. This can lead to a change of plans and altering your strategy.
This applies to online sellers, regardless of your preferred selling platform. You have to be cognizant of the changes and know how to make them work to your advantage. A growing company like Poshmark is an example of a company that is constantly evolving and changing. Whatever your winning strategy was last year probably isn’t cutting it this year.
Case in point, I know tons of Poshmark sellers who no longer do aggressive markdowns during “Closet Clear Out” as perhaps they once did. Why? Well, while some sellers are still finding success with marking down items because buyers are motivated to purchase with discounted shipping… personally, I am not finding it beneficial for my closet.
Most sales I make are through negotiation by way of the “Make an Offer” feature. Since that is the case, I rarely do markdowns.
That is more of a trend change – specifically in my closet with my business… but then there are the functional changes of Poshmark that affect the market as well.
But where do you even begin?
Follow and understand changes in the app
If you aren’t already doing so, pay close attention to new features within the app. One of the latest features is “Posh Now”- it encourages the impulse buyer.
Not sure what I mean by impulse purchasing? Most stores you go into have some sort of way of getting you to think quick and make a purchase.
Have you ever been to TJ Maxx or Marshalls? Have you noticed that they have made their line formation completely enclosed with merchandise? It’s practically a whole section on its own! They know that while you are standing in a line that is a quarter of a mile long (especially on Saturdays) you will be much happier if you are entertained with merchandise. You have just a few minutes to look at the items and fewer minutes to be able to talk yourself out of them. While in line, you decided you MUST have that makeup sponge, the “Cat Lady” mug, and that notebook before the lady behind your grabs it. Before you realize what happened, you just checked out and spent an additional $20 you hadn’t planned on. Whoops.
That is impulse buying. We are all guilty.
The “Posh Now” feature and “Just In” filter can easily result in buyers impulse shopping. And that’s not a bad thing! While “Just In” has been around for a while- the search abilities and filters are much easier to use. You can read up on that HERE. It’s all about being the first to see new items in your favorite closets and thus enticing the impulse to purchase.
P.S. Impulse purchasing is HIGHLY reliant on descriptions.
You can read about that here in the post: The Importance of Descriptions on Poshmark
So I have had a change of plans…
Around this time last year, I would list a ton of items and price them at $9999 and put “COMING SOON” in the title. Then after sharing and picking up a bunch of “likes” I would drop the price to the real price (which would sometimes trigger discount shipping) and this in itself could cause an impulse purchase. I have tried this recently to no avail. Too much has changed. Random discounted shipping rarely happens… with all the filters I feel like items get lost… people will see the outrageous price and not understand or never see it because they have the “$25 and under” filter on. Oh yeah, and then it NEVER fails… you get that one person: “WHY are you asking so much for THAT?”
When you list a new item, for a brief time, your closet will be highlighted in the “Posh Now” and “Just In” filters among others. That exposure should not be wasted.
With that said… I have ditched the old “Coming Soon” strategy and am listing to encourage the impulse buy!
This evolution of buyers is a GOOD thing. It helps newer closets have a chance to get their listings viewed and not be overlooked… it also helps savvy shoppers find that diamond in the rough and be able to see all their choices. It’s up to us as sellers to keep up!
Have you have a change of plans? What strategies used to work that now don’t?
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