Price Right.

Pricing is an important component to making a successful Posh closet. If you price right, then you'll see it in the sales! Below are some tips for pricing your Posh closet right.

Initial Prices

A lot of Posher's initially price high, and then lower the item over time. I like to initially price my most items at the lowest I'm willing to sell the item. I've found this to be more effective than when I initially priced high, and then lowered the price over time.  Most people don't want to spend a lot of money on used clothing that they can't try on before buying. That's why pricing high initially tends to be ineffective for me.

Discounted Bundles

Also, you can offer discounts for bundles. A bundle is when a person buys more than one item from your closet in the same shipment. Posher's can give discounts on items that are bundled, because it incentivizes people to buy more. I personally don't like giving big discounts on bundles because I realized that it allowed buyers to buy things from me for way lower than the items were worth, since I priced items low to begin with. That's why I changed my bundle discount to 10% off for 3 or more items.

Negotiate Offers

I encourage buyers to make offers, because I am open to negotiating price. I'm willing to sell some items for a little less than priced if I want to get rid of it, or if it has slow activity.  Some people just want to feel like they're getting a good deal, so it's worth it to knock a few dollars off the price to make a them happy. I also like the offer tool because it gives me some insight as to what items need to be lowered. If a bunch of people offer me lower prices on the same item, then I know its overpriced, which is helpful to know.

Price Competitively 

It's important to price competitively, and not too low or too high. Search on Poshmark to see if other people are selling similar items to yours. Search "sold" items to see what items sold already, and how much people paid for those items.  Don't overprice your items, or you'll never sell them! Be realistic, and remember that most items are likely used, damaged, old, or out of style, so they are no longer worth what you paid for it. In my closet, I have an average discounted price of about 75% off the original price I paid.

Put it on Sale

Putting items on sale works for some Poshers. You can always price your item high at first, and after you get a lot of likes, lower the price a lot. This way, everyone who liked the item will be notified of the price drop, and will be likely to buy the item if its price is lowered substantially. I haven't had any luck with this strategy, but I know some Poshers do. I think it is very effective if you have a very high number of followers and get a lot of likes, otherwise this strategy will likely not work.

Price it Right

When pricing, keep in mind that Poshmark takes 20% of a sale, or $3 from anything $15 or under. When I price items, I never price lower than $6. An item sold at $6 means you will make $3, after Posh takes its $3 share. I've calculated that packaging items costs about $1 (Tissue paper, shipping tape, string, printer ink, printer paper). So, I make only $2 on items priced at $6, which is not a lot at all. Anything sold for less than $6 would not be worth selling. So make sure you keep all of these things in mind when pricing your closet!