Poshmark sellers are well aware of how important pricing is in making a profit on the platform. But the thing is, the way to a sure sale is not always as simple as setting the lowest listing price possible (to the detriment of your profit margins). A cheap asking price is attractive to potential buyers for obvious reasons, but it doesn’t automatically translate to purchase all the time. For instance, a buyer may sometimes be wary of purchasing an item that’s priced suspiciously low. That is why when it comes to pricing, having a strategy is a must. Here, we are dishing out tips on how to strategically drop your prices.
Find context in setting prices
Unless you are already confident on how much an item should go for, it helps to do a bit of research on the prices of similar items on the retailers’ website or check available listings on Poshmark to have an idea how much to drop an item’s price. Finding the retail price of items, especially for popular brands, shouldn’t be difficult. Just keep in mind to take into consideration the actual condition of your item to come up with a price that’s fair to you and the buyer.
Drop your Prices on Thursdays and Fridays
Technically, you can drop your prices anytime. But why not take advantage of the best days to do it? At OneShop, our sales data shows that Thursdays and Fridays are your best bets to rake in sales, as most people get paid on either day. Time your markdowns and offers on these prime days of purchasing power. While you’re at it, schedule your activity around hours where potential buyers are avail – when potential buyers are most likely on the platform looking for their next purchase.
Be Responsive
Once you posted your dropped prices, standby for comments and promptly respond to them – don’t forget to tag the potential buyers accordingly so they won’t miss your reply. You wouldn’t want to miss an opportunity to make a sale just because you replied too late to inquiries. Also, be on the lookout for likers and potential buyers who make an offer – seal the deal fast with a counteroffer or an irresistible bargain like a bundle discount, if possible.
Make the most of Poshmark's Closet Clear Out
Poshmark occasionally announces CCO, a one or two-day promotional event wherein the platform shoulders the shipping fee for items dropped at least 10% of their lowest historical price (and with the final price amounting to $10 and up). Likers of items with dropped prices automatically get notified, as long as the notification button is turned on!
Even if there is no Closet Clear Out promotion going on, both sellers and buyers can take advantage of the price drop notification whenever there’s at least a 10% drop on the liked item worth $10 and up. The only difference is that the shipping will not be automatically on Poshmark’s tab. Shipping discounts are applicable on certain listings only, selected at random.
Relist Old Listings
You may also want to try a price “drop” strategy that doesn’t involve slashing down the prices upfront. Check your inventory (we see you, unsold Nike jacket and Guess mom jeans!), Google what’s on-trend, and put a spin on these unwanted things with better photos, snappier descriptions, and higher prices. If they get sold right then and there, good for you! If not, the higher prices afford you a wiggle room to accommodate offers and do counteroffer with shipping or bundle discounts without operating at a loss. Luckily, OneShop features an automatic relisting tool that relists items after 30 days!
Relisting items also means exposure to a fresh batch of likers and potential buyers!
Share, share, share!
Every seasoned Poshmark seller and Posh Ambassador knows how crucial it is to set aside time to share listings from your closet, as well as from other people’s listings, multiple times every day. Learn from them and take self-shares and community shares seriously. Your listings need to show up on users’ feeds to increase the chances of getting snatched up and purchased! Sometimes, it’s not about the dropped price per se that gets people to buy, but your listing being out there and seen by as many people as possible – one of them is bound to find your item desirable enough to hit “Buy Now” without even the need to drop the price on your part.
As a Poshmark seller, you have more control to drive sales than you probably realize. You just need to think strategically and put in the hours. Tasks like sharing your closet, making offers, following, and relisting are important, but they demand precious time in a day that not all sellers may have. That is where a trusty Poshmark bot assistant comes in handy. Let OneShop handle the recurring tasks of sharing, following, making offers, and more with OneShop's Poshmark automation tools!
Given my background in e-commerce and familiarity with platforms like Poshmark, I can certainly shed light on the various concepts covered in the article you provided.
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Pricing Strategy: Determining the right price for an item involves research. This includes understanding the retail value of the item, analyzing similar listings on Poshmark, and factoring in the condition of your item to set a fair price. This aligns with basic principles of market research and pricing strategies.
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Timing Price Drops: The article mentions Thursdays and Fridays as optimal days for dropping prices due to increased purchasing power. This correlates with consumer behavior studies that suggest people often make buying decisions towards the end of the week, especially when they have just been paid.
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Responsiveness: Being responsive to inquiries, comments, and offers is a fundamental aspect of successful online selling. Quick and engaging communication can significantly improve the chances of making a sale.
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Poshmark's Closet Clear Out: Leveraging Poshmark's promotional events like Closet Clear Out, where the platform subsidizes shipping costs for discounted items, aligns with understanding and capitalizing on platform-specific promotions to attract buyers.
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Relisting and Refreshing Listings: Refreshing old listings by improving descriptions, using better images, and adjusting prices aligns with the strategy of keeping inventory appealing and relevant to current trends. This practice also capitalizes on the platform's algorithms that give exposure to newly listed items.
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Sharing and Engagement: Actively engaging with the Poshmark community by sharing listings, participating in community shares, and utilizing self-shares contributes to increased visibility. This aligns with the principles of social selling and engagement marketing.
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Automation Tools: The mention of using automation tools, like the Poshmark bot assistant, illustrates the growing trend of utilizing technology to streamline repetitive tasks, maximize efficiency, and leverage the platform's potential effectively.
Each of these concepts intertwines with broader principles of e-commerce, marketing, and consumer behavior, demonstrating a comprehensive understanding of how to succeed as a seller on Poshmark.
