Pricing Strategy on Poshmark

Pricing Strategy on Poshmark

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!

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Pricing Your Poshmark Closet

Pricing Your Poshmark Closet

A common question from Poshmark newbies and others looking to increase their sales: “How do you decide on pricing?” There are several different pricing strategies that I have tried. All have positives and negatives. I will review a few with you. Just remember… this is your item and you do not have to sell it for a price that you aren’t comfortable with!

Before we get into that, I must first set the stage by answering the question I get most: “How long does it take for a listing to sell?” That depends directly on pricing and demand. If you are selling individual, unique item (i.e. not wholesale, or something you have multiples of) you have to find the exact right buyer- It can take time, but he/she is out there. I have sold listings the day I posted them, and even just last week I sold a couple of things that were my first listings posted over 8 months ago! Be patient, things will sell. Consider the season too. Right now, people are gearing up for Spring- so it is unlikely that anyone is looking to invest in a North Face coat (they probably bought one last September).

Note to Newbies: Everyone asks me “When/How do I get my first sale?” It took me almost 2 weeks to get my first sale… then slowly but surely the sale came in. Don’t get discouraged- but I will recommend that you to accept the first couple of offers you receive! Just as long as you can “afford” to accept the price (I’m NOT suggesting you should accept $15 on a Tiffany bracelet!). A potential buyer wants to know that your closet is legit by seeing that you have a selling history. Rarely does anyone want to be your first sale, so sometimes it’s worth it to sacrifice a few dollars to gain buyer confidence!

Let’s get started on Pricing! Read more