September 10, 2019
It’s hard to strike a balance between pricing your items with what you believe them to be worth, and what the buyer wants and thinks they are worth. Your grand expectations versus that desperate need for a sale.
I’ve seen sellers who don’t use the Poshmark price drop tools (Closet Clear Out Sale, Offer to Likers, general price drops) nor do they make you an offer when you add their items to your bundle. They might wait awhile and either give you an amazing offer or an okay offer. Or radio silence—they want you to make the first move.
I’ve also seen sellers who instantly send me an offer right after I’ve liked their listing. Then they might send me another lower offer soon after, or perhaps a price drop, then another offer, and so on.
I truly don’t know what is the right way. Maybe there is no right way, just a way that you eventually find for yourself. It takes some trial and error, and you might not make the right decision each time, that’s okay.
But you might find it beneficial and more rewarding and less stressful if you strike a balance. Start by pricing your item higher than what you would expect someone to pay. That way you have some wiggle room when using Poshmark’s price drop tools.
When someone likes your item, I suggest that you don’t immediately make them an offer to likers deal. See what happens. I’ve had buyers who come back soon after and either make a purchase outright, or make me a very reasonable offer. If I had immediately sent them an offer, I could be selling myself short (10-30% discount + partial or full shipping discount). Not only could I be selling myself short, but when the offer expires in 24hrs, they will have to make a lower offer if they want the item, just to reactivate the offer, so even more money lost. Selling yourself, well…even shorter!
Perhaps follow Poshmark’s suggestion: after each 5 likes, make an offer to likers. Sometimes I can’t wait, and other times I wait too long. I try not to overuse the Offer to Likers tool, but sometimes I feel I underuse it.
For those who use the tool too much, be careful. Don’t keep lowering the price until it’s at the point where you won’t make a decent profit. Don’t compromise your worth! If it’s a name brand, or in excellent condition, or it is a highly sought after item, then stand your ground: have a minimum price where you’ll go down no further. When you get to that price and still, no one is buying, consider relisting (more on that in a future post).
On the other hand, if you are more of the inflexible seller who doesn’t budge on price, consider the occasional price drop, offer to likers, and consider accepting a slightly lower offer from a buyer instead of going back and forth over a couple of dollars. I have lost quite a few sales because I’ve made counter offers for just a couple bucks higher…and the buyer disappears.
If you are someone who overuses all the Poshmark seller’s tools like many poshers do (I’ve been guilty of it) you have the possibility of not only selling yourself short, but also lowering the overall expectations of all potential buyers on Poshmark. Everyone will start to expect to get things (name brand, designer, luxury items, etc) for dirt cheap. In the end, we want to make money whether this is a hobby or a part- or full-time job. So, find your posh seller balance!
Coming up in my next post, some real world examples of how relisting can save you from selling yourself short AND make you a huge profit.