Live selling is the latest trend within the world of reselling. It has been received with mixed reviews- some people love it while others either dislike it or have no interest in participating. When it comes to any form of selling, I am a firm believer that you should do what is best for you and your business. Personally, I choose not to participate in Live Selling as I don’t believe that it is a good fit for me and my business. However, there are some aspects of Live Selling that I have incorporated into my reselling business that I wanted to share with you in today’s post.
Utilizing “Trending Now” Tags in My Listings
Although I don’t participate in Poshmark Live selling, I do occasionally check out the Poshmark Live Show main page to do a little research and try to locate trends. One of the first things that I noticed when I visited this tab was a section titled Trending Now at the very top of the page. It appears as though the keywords and phrases in this section are similar to Style Tags in a traditional Poshmark listing and help to categorize shows. Something that I thought was interesting about some of these keywords was that many were not autogenerated tags provided in traditional Poshmark listings.
For example, I noticed the term Closet Clearout used here which is not a autogenerated tag available on traditional listings. I decided to add the tag to one of my listings and then click on it to see what results appeared. Turns out that there many non-Posh Show listings that utilized that style tag; Most of those listings were items that people were trying to clearance or discount. Since I have some discounted items in my closet, I thought that it would be worth it to experiment with a few of these listings and see if this helps them to get any additional traction.
Moving forward, I plan on checking this section regularly to get an idea of what tags/trends are being promoted in Poshmark Live Shows as these items will more than likely be trending in other listings too.
Price Drops and Discounts
Generally speaking, items for sale during Live Shows typically sell for less than items sold through traditional Poshmark listings. Although this is not always the case, it appears to happen more commonly than not. Additionally, Poshmark is really pushing Live Shows right now and I’m sure that they will continue to do so in the future.
So that leaves the question of: What are those of us not participating in Live Selling supposed to do in order to make comparable sales?
My solution to this question is to target the same demographic as Live Selling through price drops and discounts in my Poshmark closet.
In January, I made the decision to liquidize some of my items that were over 9 months old, had flaws, were currently saturated in the market, or simply weren’t selling. I initially sold some of the items to buy-sell-trade stores but they would not accept all of the items that I was trying to liquidate. As a result, I decided to keep the remaining items listed on my reselling platforms and slowly drop the prices until they reached my minimum. After not selling for almost a year, many of these items were finally moving and I was able to recoup my cost of goods and make a minor profit off of them.
To my surprise, my sales numbers also increased (compared to when I did not have any lower priced items) as many people were bundling sale and non-sale items together. I realized that by having some lower priced items in my closet consistently, I could potentially draw in more sales and attract a slightly different demographic to my closet. Did I start receiving some lower offers? Yes, but that was going to happen regardless due to the nature of the reselling market right now. My rule is that as long as I meet my minimum profit requirements, I will accept an offer or at least counter with my lowest as sales typically drive more sales.
Additionally, I offer 2 closet wide discounts during the week: 20% off on Sundays and 25% off on Wednesdays. If I am really trying to drive sales, I will sometimes offer a 30% off discount on Wednesdays. I have found that by doing this, I am able to give people the discounts that they are looking for and maintain consistent sales during slower periods. In order to ensure that I am meeting my minimum profit requirements, I will adjust my prices to account for these discounts.
The Future of Reselling
The world of reselling is constantly evolving. When I think back to when I started reselling 10 years ago compared to now, so many aspects of the reselling world have changed. Items that I used to sell for high profit margins are either oversaturated or in low demand now. As someone who is looking to pursue long-term reselling, I am constantly looking for new ways to expand and grow my business in order to meet my goals. I’ll be honest, Live Selling was never something that I anticipated being as popular as it is so trying to find new ways to meet my goals without actively participating in it has been a challenge. But it’s okay- I love a good challenge!
I hope that you find this post helpful! If you have any questions or just want to chat, please reach out!
If you are interested in seeing some other items that I have found while thrifting, check out THIS post.
If you don’t already, be sure to check out my Instagram for more Reselling Tips at @ RecycledRosesGuide (Click HERE) and my Facebook page HERE.
You can instantly shop all of my looks by following me on the LIKEtoKNOW.it shopping app HERE.
To get email notifications for my next blog post and to receive my monthly Reseller Recap (with freebies), sign up for my emails below:
Baci,
