The resale industry is rapidly taking over fast fashion. According to an article published by fortune the secondhand economy is expected to more than double in the next five years. Retail is seeing a major shift and it’s interesting to see the change occur.
With that being said, resellers are cropping up everywhere. What went from a past-time for many is now becoming a full-time gig. It seems everyone is opening a secondhand store online, which is not a bad thing, in fact, it’s good! There is no such thing as over-saturation in my opinion, the bigger the community, the better chance for growth.
So, you want to become a reseller. Whether it’s part time or full time, or even just your own personal closet you want to sell, I have tips for you!
I have been selling on eBay and Poshmark for a cumulative 15 years. When I was a girl, I started out helping my aunt with her eBay site, you know, back in the dark ages where it took 30+ mins to list ONE item. Yeah, you even have to hand write the shipping labels and wait in line at the Post office to pay for said label… we’ve come a long way.
I consider myself well-seasoned in the world of online selling. But when Poshmark made its way to the forefront, I held back, unsure of if I had it in me to try a new platform (haha thought I was an eBayer for life). When I started a few years ago, there weren’t many resources out there- and there still aren’t in my opinion- so with much trial and error I found my way.
I started a Poshmark page for the same aunt who had shown me eBay, it was my turn to show her something and we set to work putting all her store’s inventory on it. It went really well right out of the gate, so well in fact that my husband commented that I should buy inventory and do my own thing on the side. I balked at the idea, but as I began pulling in multiple thousands for my aunt, I realized maybe I could do my own thing on the side.
I started my own personal Poshmark page in October of 2017. But switched from personal to reseller in November of 2019. I went to Goodwill one night, picked up a few pieces and listed them… the rest is history. In the last six months I made thousands of dollars in sales. It has blown up. Mind you, I haven’t even been working at it full time, I’m still working for my aunt, doing my online coaching business, etc. It is crazy how the reselling industry is growing, I truly believe like I said before, there’s room for everyone and the more the merrier. The bigger this industry gets, the more exposure and that equals $$$.
Ok ok, let’s get to the good stuff, here are my TOP TIPS I learned through experience on how to make money as a reseller:
Be sure your cost of goods is low. Don’t spend too much money on goods. Example, you’re out sourcing and you find some Express jeans for $3, do the research on Poshmark (shop > search listings > Express Jeans > filters > availability > sold items > check appropriate size and see what the item is going for). Remember you need to list the item at a fair price, and allow for Posh fees + cost of item. You want to be coming out ahead and making it worth your time! Therefore, the lower your cost of goods are, the better chance you have at making money! Same goes for eBay (their fees + PayPal end up around the same percent as Poshmark).
The top thing to look for when sourcing is name brand items, no wear to tear to item, trendy style (or popular style), popular size. I have sold everything from Old Navy to Jimmy Choo. I also do well with selling vintage items, but they must be in good condition.
Take good pics. This is so basic and kind of like “duh”, but I believe good pics can make even the ugliest sweater sell.
Send out offers to likers as soon as they like the item. Both Poshmark and eBay are impulsive buying sites. If you can entice a potential buyer to bite with a deal, do it! I’ve heard the question a million times, when should I send an offer to liker? My best success rate is immediately. I’ve tried weekly, daily, and on the half hour, but none of those work as well as immediately. Remember: people are generally buying on impulse. Hook them while they’re nibbling.
Be open to offers and dealing. People on Poshmark and eBay are always looking for a deal. Always be open to offers and don’t be offended when people lowball you. ALWAYS counter a lowball offer, don’t decline, you never know, they may buy! On the flip-side, if someone offers you a price that is within your range, ACCEPT it! You don’t want to lose a potential sale just because you countered for $2 more.
The rest of these pertain to Poshmark (not eBay), the more you share YOUR closet the better. Don’t worry too much about sharing other’s closets, though it’s good to do; focus on yourself and your closet.
Become an ambassador on Poshmark. It’s relatively easy, just follow their steps and get that badge. It helps give you more exposure + you’ll have more opportunities to participate in Posh activities.
Lastly, stay the course. Nothing happens overnight. Some days I have lots of sales and other days I have crickets. Trust the process: if you do the work, you will get sales.
I have so many more tips but I’ll end there for now. I think I may need to do a part two. Let me know your thoughts and I can get going on it! Have a great day!