You may have noticed an underlying theme in my recent posts. I truly believe that most customers shop on Poshmark through searches. Based on this assumption, my focus has been in making my listings show up (and stand out) in searches.
For instance, I share my closet first thing in the morning. This is not so that a follower will see it on their feed but so that it shows higher in the “just shared” default search. So in looking for new ways to get my listings noticed, I realized a major opportunity I may have been missing this whole time!
Normally I will test out my theories and have a definitive opinion before posting about it here, but I wanted to share this beforehand to see if any of you have considered the same…
Shopping on Poshmark Through Searches
When you type in the search engine on Poshmark the default results are filtered by “Just Shared” (also, if you have selected size preferences then that is a default too).
This means “just shared” by the closet’s account (self sharing) NOT shared by another posher.
As I was shopping recently I found myself using another search parameter.
I was searching by utilizing the PRICE filter. More on that below.
If others are doing this too, I may need to adjust my pricing strategy.
First though, let’s discuss perceived value.
If something is priced higher than comps, your initial perception might be one of curiosity:
- “Why is this one more expensive than the others? This must be better quality.”
Also, it can have a negative effect:
- “Why would I pay this when another seller has it for less? This seller must be nuts.”
Even pricing too low can raise flags:
- “This is worth way more. I wonder what is wrong with it?”
What do I mean by comps? Comparisons. Other Listings that are exactly like yours or similar. They may be available or sold. If you do not know the comps of the item you are selling, you are at a severe disadvantage because the buyers absolutely do!
Consider yourself as a buyer. You may not even realize it- but you have been checking comps for years! Do you normally buy something right away online? Probably not. I’m guessing you check Amazon, eBay, Poshmark, etc. You factor in quality, shipping costs, etc. This is comparison shopping or checking comps.
Ok, back to how this relates to searches…
When I shop, I sometimes sort low to high/high to low as shown above. More typically I shop with the PRICE FILTER:
If someone is going a search using the price filter, I certainly want to appeal to the correct group with my pricing, I have to think about which group my item is going to appeal to based on brand and quality.
I started to look through my closet with this in mind.
What price would someone expect to pay?
What category do my items fall into?
If I am searching for a basic top (Loft, J.Crew, Madewell, etc) – I will probably filter UNDER $25. If I am searching for a brand like rag & bone, Vince, or Equipment… my expectation is that it would fall under $25-50 or $50-100.
In reviewing my pricing in my closet, I am making sure I show up in what I believe to be the right category. If I price a great American Eagle hoodie at $26, my $25 and under customer base may never see it! Adjusting by just a couple of dollars may pay off in the long run.
Another detail about the filter:
$25/50/100/250/500 will show up in 2 categories.
Example: If I price a Madewell top at $25, it will show up in the “Under $25” AND the “$25-50” brackets.
If you price on the fence you will show up in both categories. That’s something else to consider…
New Pricing Strategy
Here is my current plan:
- If I am asking $28-30 it may be more worthwhile to price at $24 or $25 to get it potentially more views. I am considering each item and its current bracket.
- I am checking low to high/high to low to see who I would be grouped with and where I will rank.
- I am deleting items that were not getting much attention and relisting them into a different sorting bracket to see if it gets a different result immediately.
I will report back to let you know if I see any major difference in activity and sales!
What do you think?
Do you considered the pricing filter when setting prices?