There are several factors that can guide how you price your items. This article lists 7 factors you should keep in mind when pricing your listings for Poshmark.
7 Rules for POSHMARK Pricing
1. Never Charge Retail
There are many well known retailers in the world of digital commerce. A customer buying from Poshmark is not looking to pay full retail, hence, why they're on Poshmark in the first place.
2. Research Prices from Other POSHMARK Closets/Boutiques
Search Poshmark to find the average price of the item or brand you're selling. This will keep you competitive and fair. Lack of research could result in over or even undercharging the customer.
3. Be Mindful of Your Closet Style & Target Audience
Your prices should match your audience. If you sell youthful attire, understand that a younger audience may have less expendable cash, meaning they're looking for really cute youthful styles at much lower prices.
On the other hand, if you sell luxury items, your price points will be a little higher. Make your price points comparable to your target customers' budget and lifestyle.
4. Charge Enough for Profit but Low Enough to Stay Competitive
Keeping the previous rules in mind, you stay competitive by knowing your audience and charging based on their expectations.
If you sell luxury items, your customers are looking for more expensive, very well taken care of items. Shipping these items requires a higher level of packaging and care. When charging for these items, keep this in mind.
Think of the original worth and the current condition. Honestly analyze the item and price you're items so that you fall within the average range of Poshmark prices for the item.
5. Take Emotion Out of It
Don't price items emotionally. When emotion is tied to an item, you may be tempted to charge more than it's worth or be unwilling to negotiate a lower price. If your emotions get the best of you during pricing, either don't sell it or get over it.
6. Be Mindful of the Condition
Boutique and NWT items are usually a little easier to gauge as far as pricing is concerned. For used items, note any flaws and the overall condition. You should never charge top dollar for any item that's not close to new. If the item is flawed in any way, you should be discounting your price to reflect this.
7. Size Matters
In my experience, larger sizes sell faster than smaller or petite sizes. For this reason, I charge a little less for my extra small, and petite items. In general, smaller sizes are easier to come by and are heavily discounted in the retail market. To stay competitive, be mindful of this when pricing smaller items.
When pricing your items, be mindful of your audience and your closet or boutique goals. Do some research and take a non-emotional approach to counter any biases you have towards negotiating.
Be fair to stay competitive and think of yourself as the buyer. Keep these things in mind and they will help you be successful in your Poshmark closet or boutique.