The world of reselling is constantly changing and that is also true when it comes to our individual businesses. Each year is an opportunity to either grow or maintain our businesses depending on where we are in our individual journeys. Today, I wanted to share with you a recap of my 2022 reselling year along with some of my business plans for 2023.
A Reselling Recap of 2022
My reselling journey in 2022 was nothing like I anticipated that it would be. Compared to 2021 (which was my first full year as a full-time reseller), my total gross sales across all platforms did not increase but remain consistent with the prior year. During 2022, there were many personal events occurring throughout the year that negatively impacted my business. As a result, I was unable to put in the work that I needed to in order to grow my business. Instead, I accepted the fact that 2022 would be a year of maintenance for me and not growth. (For more on business cycles, visit THIS post). Although I was unable to grow my business this past year, I did learn many valuable lessons that I hope to take with me into the 2023.
My 2023 Strategy
One of my most ambitious goals for 2023 is to double my sales from 2022. In order for me to do this, I am working smarter not harder and sticking to a much more structured and purposeful schedule. I started implementing this new schedule in January and so far, it seems to be working. Additionally, I am accepting/countering lower offers more regularly (especially if items are older items) as I have learned that sales lead to more sales on many of the platforms that I sell on.
A New Schedule:
Below is a list of all of the platforms that I currently sell on and what my new schedule looks like for 2023:
Poshmark
My Main Closet: Every morning, I re-list 45 items in my closet and drop the price by $10 on each of them. Next, I utilize PosherVA, which is an automation tool, to automatically send out 10% discounts whenever someone likes an item and to schedule my Poshmark sharing for the day (I usually will share every 3 hours). Additionally, every Sunday and Wednesday, I will send out offers to likers; On Sundays, I usually will send out 20% off offers to likers and on Wednesdays, I send out 25% off offers to likers. When it comes to listing new items, I will batch list 30 new items twice per week and list 5 items the other days of the week; In total, I am listing 85 new items per week. Also, if I am trying to make quick sales, I will send out 40%-50% offers to likers on the oldest items in my closet every week or so.
My Men’s Closet: My men’s closet is run by my husband Eric so we split the responsibilities up when it comes to running his closet. Every morning, I re-list 10 items in his closet and drop the price by $10 on each of them. Since I utilize Posher VA for my main closet, Eric manually shares his closet throughout the day using the bulk sharing tools on the Poshmark app. Just like my closet, we send out offers to likers every Sunday and Wednesday; On Sundays, we usually will send out 20% off offers to likers and on Wednesdays, we send out 25% off offers to likers. Since his closet is smaller than mine, I try to consistently list 4-5 new items per day.
Tracking Trends: Another Poshmark task that I do every morning is track daily trends in both the men’s and women’s markets. I have a special notebook for tracking these trends and they are very helpful for me when sourcing and placing keywords in listing titles and descriptions. (Check out THIS post for more info in tracking trends.)
Mercari
My Main Account and Men’s Account: While my Poshmark closet is re-listing items, I will manually re-list items on Mercari. This year, I have made 2 big changes on Mercari: (1) I utilize Smart Pricing on all listings and (2) I no longer offer free shipping. By doing this, my listings are appearing higher in search results and I no longer have to pay shipping costs (which leads to more profits for me). After I have re-listed my 10 oldest items, I will them promote the next 10 oldest items and repeat this cycle daily. Finally, I will cross-list all of the items that I added to my Poshmark closet to Mercari.
My Mercari Goal: My goal for Mercari this year to reach consistent sales of $2000+ per month through my account and $1000+ per month on Eric’s accounts. We have reached these numbers respectively over the past year but have been unable to hit them consistently month-to-month.
Kidizen
Of all of the platforms that I sell on, Kidizen is the newest and weakest performing as I only started selling on the platform last year. In the past, I would only cross-list items from Poshmark to the platform. This year, I have been trying to be more active on the platform by adding and creating collections, sharing other people’s items, and paying to promote my own listings. Although I don’t see Kidizen as being as successful as my Poshmark accounts, I would like to achieve daily sales on the app if I can.
Vestaire Collective (Formerly Tradesy)
At the end of 2022, Tradesy was bought by a company called Vestaire Collective and as a result, all of my listings from Tradesy were transferred to Vestaire Collective. Unfortunately, since this is an entirely new platform and website, it is not compatible with ListPerfectly and I am unable to cross-list my items to the new platform. Until ListPerfectly updates their service to include Vestaire Collective, I will not be adding any new items to the platform.
Other Plans:
New Inventory Storage: The lease on my storage unit ends in February so we have made the decision to move my inventory out of the unit. For those of you that don’t know, Eric and I moved into a new home in October. While we were in the process of building it, we planned on moving the items out of the storage unit and into a climate-controlled space we have set up in our home. This will make life so much easier for me as I won’t have to travel as much and it will save on gas!
Smarter Sourcing: Another facet of the business that I am wanting revamp in 2023 is my sourcing strategy. I am extremely fortunate that I have access to many thrift stores, buy-sell-trade stores, and discounted retailers near me. With there being so many options available, I don’t always make the best sourcing decisions. Although I have become much more selective over the years, I am not perfect and still make poor sourcing decisions from time to time. This year, I am focusing on substantial items and items that have strong returns on my investment. One brand that I am going to continue sourcing heavily this year is Disney; Disney is a brand that I personally LOVE to buy and sell and it has consistently made me the most money across ALL of my platforms.
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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