How many times have you went sourcing for inventory and found something amazing, only to have it sit dormant in your Poshmark closet for months?? Don’t worry, you are not alone; I have made the same mistake many, many times. What I didn’t realize until a little later in the game, is that just because something is cute doesn’t mean that it is going to sell. There is a lot more involved in it than that. One of the easiest and quickest ways to gauge if an item will sell, is to run comps while sourcing. It isn’t too difficult to do; all you will need is a phone with internet access. I’m going to show you how to run comps while also providing you with two scenarios that will be helpful to you when running comps.
What do you mean when you say “running comps?”Good question! Running comps is when you find an item while sourcing and search for it on Poshmark (or anywhere online) to determine its’ resale value. This is something that should always be done while sourcing as it helps to figure out what items are good buys and what items are not worth it.
I want to provide you with 2 scenarios that you may run into when running comps while sourcing:
Scenario #1:
Let’s take a look at an item in my closet…. Free People Teal Long Sleeve Top
I found this top at TJ Maxx on clearance a while ago it seemed like a good buy at the time. The item sat for months untouched and finally sold for less than the purchase price. It was a bad buy and I would have known better had I researched the item before buying it. Let me show you what happens when you run the comp…
Notice how there are a TON of listings for this item? This means that there is a LOT of competition for this item and it is probably going to take a long time to sell. Had I known this ahead of time, I would not have bought the item. Instead, I would have waited to find an item that was more uncommon with less competition.
Scenario #2:
Let’s take a look at another item …. MacKenzie Child for Hunter Boots
I found these Hunter boots while I was thrifting at a store that I normally don’t visit often. Something about these boots seemed special so I decided to look them up online before purchasing them. Little did I know, that not only did these boots have high resale value but there weren’t any available on the Poshmark app in the size that I found. Therefore, as you may have guessed, I had them sold within a few days for $125.
And that my friends is why you should always run comps!
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Be Classy, Be Confident, Be Strong
Baci,
Bianca Ida
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