Poshmark is one of these super simple platforms allowing you to make some extra cash without having to work for anyone else. One of the most frequently asked questions I get is “how do you know what to sell and the price?” There is a long and a short answer to that question.
Poshmark product and pricing strategies are explained very differently depending on who you ask. Some sellers believe in pricing high and then accepting offers. Others price for what they think it’s worth and then only accept offers in bundles. Bundles are a whole different pricing topic in and of themselves. Deciding what to sell and pricing the items for me comes down to my many years of experience in the reselling world. But, I’m nowhere near perfect when it comes to pricing strategies. I want to sell my items for a certain profit and try to get that amount. My apartment isn’t really set up to have a significant amount of inventory so if there isn’t much action on an item and I get an offer, I tend to take it. Other sellers might hold on to their inventory for much longer. This is where it truly comes down to your individual business model.
When it comes to deciding what to sell, Poshmark does have some items selling faster than others. These brands and products are those that are frequently being searched for on the app. I go over more of this in my YouTube video below.
If you are just selling items out of your closet and really aren’t planning on doing much more on Poshmark. Then just list your items and see how it goes. However, if you are interested in turning it into a side hustle or full-time business, it needs to be treated as such from the beginning by tracking your inventory, prices, data etc. Trust me when I say it is much easier to start doing it at the beginning of your business! My husband aka The Data Guru and I made a webinar about inventory and reselling data. It’s free and you can sign up for it here.
I love using YouTube as a tool to help those of you getting started in your side hustles. You can watch my full video below on my Poshmark Product and Pricing Strategies or head over to my channel to find much more Poshmark and reselling videos.