Have you ever scrolled through social media or YouTube and heard a reseller use terminology that was foreign to you? We have all been there at one time or another. Today, I wanted to share with you some commonly used reseller lingo that you might hear on your reselling journey. [I’m going to do my best to add them all to this post but if I leave any out, let me know and I will add them.]
Definitions of Common Reselling Terminology
The Bins- This is an alternate term used to refer to the Goodwill Outlet; At the Goodwill Outlet, items are placed in large bins and buyers will sort through them to find merchandise at a discounted cost.
BOGO– This is a common retail abbreviation that refers to Buy One, Get One; Typically, this abbreviation is used during a sale. Some examples of how this is used is Buy One, Get One Free or Buy One, Get One 50% off.
BOLO & NOLO– These are two common abbreviations that resellers like to use when describing what items to look for or not look for when sourcing. BOLO refers to Be On The Look Out for and NOLO refers to Not On The Look Out for.
COG- This abbreviation stands for Cost of Goods; Cost of Goods refers to how much an item that you are listing for resale costs to purchase.
Comps– This is commonly used in the phrase “running comps” and is a shortened version of the world comparable. This refers to when a reseller is looking for the market value of an item and will check what other similar items have sold for across various reselling platforms. By doing this, a reseller can help to determine what to list and sell an item for.
Condition- The term is commonly used when describing the amount of wear that an item has. The condition of an item from best to worst can be described as: Brand New with Tag > Brand New Without Tag > Excellent > Very Good > Good > Fair > Poor. This information is typically found in an item’s listing and will determine the market value of the item.
Cross Listing– Cross listing refers to when a reseller will list their items for sale across multiple reselling platforms. Usually these listings will be identical across all platforms. Cross listing helps to increase the likelihood of selling an item.
Gently Used- This is a phrase used to describe an item that is secondhand and in very good or excellent condition.
Gross Sales vs. Net Sales- Gross sales refers to how much money was made is sales without removing any deductions (ex. cost of goods, platform fees, returns, etc.); Net Sales refers to how much money was made in sales after removing deductions.
HTF- This abbreviation stands for Hard to Find and is commonly used in descriptions when describing an item that is rare or difficult to find on the retail or resale market.
ISO– This abbreviation stands for In Search Of and can be found on platforms, such as Poshmark, when a potential buyer is looking for a specific item that they would like to purchase. Many times, a buyer will create an ISO listing on Poshmark in hopes that another seller will see it.
NWT, NWOT, NWB– These are common abbreviations that you might see when looking at a reseller’s listing on various reselling platforms. NWT refers to when an item is new with the original tags attached; NWOT refers to when an item is new but the original tags are not attached; NWB refers to when an item is brand new and comes with the original box (most commonly used with shoes).
OTL– This is a Poshmark-specific abbreviation that stands for Offers to Likers. Whenever a potential buyer likes one of your items on the Poshmark app, as a seller, you have the option to send that buyer a discount on the item; This is referred to as sending offers to likers.
Re-Listing– This refers to when a reseller will remove the original listing of an item and replace it with a new listing of the same item. Resellers can either do this manually or with a service such as PosherVA or ListPerfectly.
Retail Value vs. Market Value- The retail value of an item is how much the item was valued at and sold for by the original retailer versus the market value of an item is how much the item is worth on the current resale market. These two values will typically differ.
Sourcing- This refers to the action of looking for and buying items for your business.
[*Some common words that you might hear when it comes to sourcing are: BST (Buy-Sell-Trade), Thrift, Consignment, and Resale/Online Sourcing. Check out THIS post to learn more on sourcing.]
TTS- This abbreviation stands for True to Size and is commonly used when a buyer or seller is asking questions about sizing and fit.
I hope that you find this post helpful! If you have any questions or just want to chat, please reach out!
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