If you are selling on Poshmark (or thinking about it) and want to make money doing it (or make more than you do now), these ideas can help you!
First, you need to know your strategy before you can set money making goals. If you don’t currently sell on Poshmark but you are thinking about it, decide what you will sell. Items from your own home/closet or items that you buy in order to resell, or a combination of both. There are drawbacks and benefits to both strategies (for more on this we will write a future article: "Should I Resell on Poshmark").
Once you have decided your strategy, research what is selling by looking at sold listings for your brands/brands you are considering or similar items if they are unbranded. Track your costs for starting to sell on Poshmark; even if you are planning to sell things you already own, there can be costs such as storage, dry cleaning and laundry supplies. If you will be sourcing, know what your purchase budget is specific to each item category (tee shirt versus jeans), as well as for each brand and your overall monthly budget.
When you are first beginning to sell, or selling low volume, try not to get carried away buying fancy boxes, packaging, tissue, stickers, tape, thank you cards and free gifts. These are all nice to haves that you can consider in the future, but while you are looking to make more from your Poshmark sales, these are all expenses that do not bring more sales. Some successful Poshmark sellers have explicitly said they use free USPS shipping supplies and/or reuse packaging and shipping supplies they already have at home and do not include gifts and special thank you cards and still receive 5 star reviews and repeat customers.
For sellers who flip/resell:
Everything above applies to you too, so you may want to go back and read it if you skipped down to here :) Think about more thoroughly researching what is selling now so that you aren’t purchasing low demand items. It doesn’t matter how high you mark the item up or what season it is if no one wants to buy it. If your method is bulk selling at lower prices find the less expensive options to source; for example, thrift bins instead of thrift stores or outlets instead of retail stores (be careful on outlet stores sometimes their prices are comparable to retail sale prices).
My current listings aren't selling:
There are a variety of reason that current listings don't sell. Everything from the cover photo to the title and descritpion of your listing can effect the appeal of your items. The seasonality of your listings and buying habits of the public can affect sales. If it is winter and your summer itmes aren't selling, this is to be expected, shift your sales efforts to fall/winter listings or if you have a bunch of backpacks, the time to market those is during the back to school shopping window. (For more information on having more effective listings go here: "Tips for Selling on Poshmark")
Other things to consider:
You can usually get more for individual items than bundled items, unless you are selling items in the $15 and less category due to the Poshmark seller fees (20% of every sale - unless your item is priced under $15, then they take $2.95). If you like to sell groups of items in your listings (like 5 shirts for $25), consider changing your grouping – maybe 2 for $15, depending on the items. Make sure you calculate the different pricing scenarios to know your actual profits (For more help with Poshmark profit go here: "How to Figure Out Your Profit on Poshmark").
Consider spending a bit more on your inventory items - if you have done your research and know you can get more for them. For example, rather than spending $5 on Old Navy Jeans that generally retail new for around $30, and therefore will sell on Poshmark New with Tags (NWT) for around $15 (leaving you with $7 profit). Consider spending $50 on a pair of Hudson (or other brands) that retails for around $200, and therefore will sell on Poshmark New with Tags (NWT) for around $100 (leaving you with $30 profit).
Be willing to hold out for the right buyer. You do not have to sell any item for less than you think it is worth (although make sure you are being reasonable with your valuation - for more help on pricing comparable items go here: "Tips for Selling on Poshmark"). If you choose to hold out for the right buyer be aware of the season of your item: for example, you may need to wait a few months to sell a summer item at a good price.