Since we recently discussed selling items on the Mercari app, I wanted to briefly pop in and discuss the reselling app Poshmark. (If you are not on the Poshmark App- use my code @33magnolia for a FREE $5).
Posh is currently my leading platform for my reselling business. I think there are a few different reasons for this-
I have been on Poshmark the longest, starting in October 2017 just to clean out my closet & my teenager daughters.
Poshmark is easy for me (I don’t mind the sharing), so I am just drawn to work it more.
Clothing & shoes are my go-to items to sell (although I do dabble with hard goods & collectibles also).
As I am working towards building up my business in 2020, I was intrigued by Poshmark’s January listing challenge.
Poshmark occasionally runs different challenges for sellers, including the ‘Love it or List it’ challenge. The challenge typically runs for one day, or sometimes an entire weekend. The beauty of the January challenge is it will run for…you guessed it. The month of January.
But what does this mean for Poshmark sellers?
Simply put, everytime you list an item you are entered into a drawing. Poshmark has provided the above tracker to help guide you through listing as many items as possible. I’m fearful how this may end up blasting the marketplace with listings, but I’m going to look at the positive and use this as an incentive to build up my store (which I am supposed to be doing anyways).
Prizes will come in the form of cash, and they are also giving away some Iphone 11’s.
Are you a #Posher? What do you think of this month’s ‘Love it or List it’ challenge?
Just to test the waters, and to show you where I am starting from, I thought I’d throw up some quick numbers & graphics to depict December 2019 sales.
Now, as I head into 2020, I’m hoping to turn this into more of a full-time job instead of a regular side-hustle (thus why I am all the more intrigued by what the numbers show).
In addition to some freelance work done inside the home, I also work outside of the home about 30 hours a week. Reselling, is ultimately my *3rd* gig. Keep that in mind when thinking about the time & effort given.
I do plan on documenting that part of the journey as well, to see if spending more time on the business relates to more money in the bank. We will see.
For now- check out some stats from December 2019:
This is just a baseline and I will be using this data to show deviations month to month. There will be much more data looked at as we move on. I will be not only analyzing my data, but that of other resellers- both full & part time.
Remember- in addition to hard numbers as shown, I’m tracking activity logs daily. This will help in determining which activities are bringing the best results, and on which platforms.
So without further ado – Here we go- kicking off 2020 strong!
There are reasons I am watching these items mentioned. The obvious ones – how many sold, ASP, etc- are important as they fall to our bottom line of profit. Other items- the ones that are activity based- I am watching to see how active the community is and how much exposure I am getting. Certain trends can lead me to adjust prices, or create more exposure for my stores.
Watch for the detailed weekly recaps on Monday’s, although this will depend on life happenings of course!
Monthly recaps will happen the first week following the end of the month.
Quarterly recaps will be up within 1-2 weeks after the completion of the Q.
I will also bring over some data from these platforms directly & hopefully bring on some guests to share their wisdom also.
Be sure to follow along & share your insights along the way too. The reseller community is known for their helpfulness, transparency and support of one another- let’s keep that going in 2020.
Let me know in the comments if there are other items you’d like me to monitor.