5 MISTAKES I Made on Poshmark as a Reseller (Don't Do What I Did)

i've made so many mistakes on poshmark that honestly it was hard to pick five but i've boiled it down to my five biggest mistakes on poshmark so that you can avoid them [Music] hey y'all welcome back to my youtube channel my name is moggybed and for those of y'all who are new here i own and run a six-figure reselling business selling primarily women's clothing on places like poshmark and ebay and in today's video we are discussing my five biggest mistakes that i've made on poshmark last week was my five year anniversary of downloading the poshmark app and since then i have sold over 7 200 items and earned over 280 thousand dollars and that is after poshmark fees so that is what poshmark has deposited into my bank account thus far in my career on the app and i've now gotten to a place where i have an office i have a full-time employee and i have a full-time virtual assistant all helping me out with my reselling business but it really didn't start out that way i started out just like most people selling items from their personal wardrobe that they weren't wearing for a while and then it just grew into an obsession that just snowballed and snowballed until it became my career and my business which is something that i really didn't expect to happen but i love selling on poshmark but if you're new to the poshmark app make sure to use my code mogee beth and you'll get ten dollars off your first purchase because poshmark is not only a great place to sell but it's also a great place to buy things as well so along the way within my poshmark journey i've made a bunch of mistakes and while i think it's really important to make those mistakes because it's the way to learn and grow as a reseller if you can learn from someone else's mistakes that's even better and more efficient than having to make the mistakes on your own so hopefully this video and me sharing my mistakes and learning lessons will help some of y'all out there so i'm gonna go into depth a little bit about each one so grab your tea grab your coffee maybe some popcorn and let's jump into it okay so mistake number one is caring too much about followers host pics community sharing and all other social aspects of poshmark for way too long i cared way too much about gaining a lot of followers community sharing all day long and getting as many host picks as possible i used to even be one of those people who would go around and congratulate every single person who got a host pick on their listing i i even have photographic evidence to prove it i spent so so many evenings doing that because poshmark really grew in popularity by selling the idea that if you were social on the app you could really build a business and make more sales and this concept was actually really popular amongst the demographic of millennial women over the past decade poshmark isn't the only one to take advantage of this girl boss strategy in fact one of the most common examples is mlms that grow a lot in popularity over the past decade that have used this idea that if you host parties and network amongst your friends you can make a lot of money and nowadays millennial women are starting to see through that and gen z is not buying into it at all and that's because at least in poshmark's example sharing following being a part of parties being social on the app has virtually no impact on your sales i go into more detail about why that is in a video i'll link up on the screen my five tips video that i did over a year ago but essentially poshmark is not used by buyers as a social app it's used by buyers as a shopping app and because of that most buyers aren't scrolling through the feed to see something they want to purchase instead they're searching specifically for things that they need or that they want and while currently the default sort function in search is just shared which means that sharing your own items is really important sharing other people's items doesn't affect where they rank in search and that makes community sharing completely pointless similarly having a lot of followers or having a host picking parties doesn't really make that much of a difference because that's not how buyers are interacting with the app it's worth noting that currently poshmark is actually testing out switching their default sort function from just shared to relevance which would make sharing completely useless not only sharing community shares but sharing your own closet however right now the relevance algorithm is horrible it's really really bad so if anyone from poshmark is watching please update your relevance algorithm before rolling that out please but if they did that on the bright side it would eliminate sharing which would drastically reduce the amount of time needed to spend on the app clicking buttons and as you know i have a solution for that in my business posture va which i'll link down below in case you want to check it out but overall this mistake number one it's a huge one that i made since so much of my time precious precious time on this earth wasted buying into the misleading message that by being social on the app you can make more money on poshmark which just isn't true it's not true today and it never has been true on the poshmark app so instead there are things that you can do to increase sales on poshmark some of which i've covered on here before but it leads me into mistake number two which is not caring enough about search engine optimization when i first started selling on this app potentially a year into selling on this app like i mentioned i really wasn't thinking about how the consumer actually interacts with the app but after being on this app for five years i've realized that there's really two main ways buyers find my listings and the first is through poshmark search and the second is through google search because unlike some selling platforms poshmark actually has developed their listings and optimized their listings to show up in google search which is a really great benefit of selling on poshmark therefore it's massively important to me as a reseller to optimize every single part of my listing so that they show up higher in search and this is also known as search engine optimization this is something that i focus on a lot in my poshmark reseller course because every single element of your poshmark listing can make an impact in if you rank high in search or low in search the photos you take how you take the photos how you write your title how you write your description the options you select in the drop downs the way you price all of it can affect how you show up and search both on poshmark and on google if you write your listings with these seo priorities in mind it will actually make a market difference in your sales and in your visibility of your listings however if you have items that are just undesirable and things that no one is really seeking out you could have the most optimized listings ever and you still be struggling to make sales which leads me to mistake number three and that is the various sourcing fallacies that i've made throughout my reselling career the quality of your sourcing decision making has a massive impact on your reselling business so i'm grouping a lot of mistakes into just mistake number three that a lot of resellers fall into and that i have fallen into time and time again and have really had to learn and create specific guidelines for myself around so that i don't fall into them and so i'm not only going to talk about many mistakes but also how i mitigate these mistakes so the first and most pervasive mistake that i see resellers making in that i have made in my reselling career is refusing to check comps and i totally get this mistake because it's a much more enjoyable experience to just buy things based off of gut instinct based off of what you think will sell and not have to pull out your phone for every single item and spend two to three minutes per item checking to make sure that your instincts were correct however i spent probably one maybe two years kind of making purchasing decisions based off of just experience and gut instinct and what ended up happening time and time again is that i would get home start listing those items and realize that a decent percentage of what i purchased was either totally saturated meaning there were tons of listings of that exact item on poshmark already and therefore it was really hard to compete with those listings or the average sales price was really low or the sell through rate was just really slow meaning it was just not an item that was moving very much and so checking comps while you're in the store before you've spent the money on the item is the best way to prevent this from happening because before you spend your hard-earned money even if it's just three five dollars it's really important to just check the data check comps and make sure that it's a good purchasing decision i have a video that i did fairly recently on checking comps which i'll link up on the screen in case you want to dive more into that topic because it really walks through my whole process but i feel strongly that checking comps is a really really important thing to do in order to avoid sourcing mistakes but when i'm in the thrift store in order for me to even consider checking comps on an item i have to make sure that it meets these four conditions the first is that the cost of goods is low enough in order for me to think that i could have a substantial profit margin and profit and i also have a video on profit burst profit margin which i'll link up on the screen the second is that the item is actually a brand that people are seeking out on poshmark the third is that the item is in an in-demand style and isn't outdated and then the fourth is that the item is in excellent condition with minimal or no flaws many sourcing fallacies revolve around neglecting one of those conditions and these are all fallacies that i've definitely fallen prey to buying something because it's cheap and just because you have a low cost of goods without considering brand style condition at all it's something i think we've all done another one is buying something because it's a brand that's been on your bolo brand list and yeah you found this brand you can mark it off so you just go completely brand blind don't check the style don't check comps don't check the condition definitely fallen into that one several times and then buying something just because you think it's cute something that's on trend and in style and something that you consider to be desirable but because it's not a brand that people are seeking out there's just very low likelihood or instances in which a buyer will just stumble across that item so basically every sourcing fallacy or mistake that you can make i have made at least a multiple times but really going through that checklist making sure that it's price low enough to allow for a decent profit margin making sure it's an in-demand brand an in-demand style and it's in excellent condition checking for all the different flaws and then after all those conditions are met checking comps to make sure your intuition is correct and that this is an item that is in demand on the reseller marketplace it's really going to ensure that you're having really high quality sourcing decision making okay mistake number four that i have fallen into and i see so many resellers fall into on poshmark is forgetting that you're here to make money and there are a lot of valid reasons to be on poshmark not all of them pertain to money but i think the majority of us are really on the app spending a lot of time on the app trying to make money and if that's you it's really important to maintain focus on making money don't focus on having a perfectly curated closet or having excessive packaging or having a really cute posh room or having a million in one gadgets and tools to help within your reselling career or like i mentioned earlier being social on the app we're here to make money and every decision you make every purchase you make should really be focused on will this help my bottom line one way that i often see people including myself losing focus on making money is by trying to get the most amount for every single item in your closet so you'll get offers that are three dollars or five dollars less than what you really want for the item so you'll counter and let me tell you this is something that i fall prey to a lot because there's a fine line between knowing what an item is worth and really sticking it out and waiting for the right buyer and just focusing on increasing revenue overall and increasing cash flow and therefore accepting offers as they come in even if it's just a little bit below what you would expect and how i make this determination in my reselling business is by really staying focused on making money and staying focused on a goal i have for the month which is further broken down into a goal of sales that i have for the day if you have purchased my spreadsheet on mogeebeth.com you're already familiar with this portion that i have on the bottom of my stats page but in case you're not i'll just post up a little picture here because at the bottom it lists this month's sales goal my sales needed per day my sales needed to be on track and what i'm on track to make this month and so every day that i'm receiving and negotiating offers i'm keeping a focus on how much in sales i need to make that day in order to be on track to hit my monthly goal and i realize by doing this i'm much more likely to just bike the bullet and accept offers even if they're not exactly what i want or they're not perfect in order to increase overall revenue for my business and it's really helped with overall profitability however i just want to mention here there are two other factors that i take into consideration when i'm thinking about accepting an offer the first is how long the item's been listed and then the second is how much interest is in the item there are certain categories in which i expect a longer time period between listing and selling the items such as designer pieces or formal wear and those items are typically being sold to a less price sensitive customer base and so i'm willing to wait for the right buyer oftentimes with those but overall depending on the category depending on the brand if an item has been sitting for a decent amount of time i'm definitely going to be more lenient in terms of what offers i'll accept but if an item has a high amount of interest it's getting a lot of likes it's getting a lot of comments then i'll definitely be more willing to wait for the right buyer because there's just a higher relative likelihood that another buyer will come along not only just on poshmark but i cross list on other apps as well so that's something i definitely take into consideration but there are a lot of factors that i consider when deciding whether to counter what to counter with and so if you're interested in me making a video on negotiations as it pertains to reselling let me know in the comments down below because i can get into a lot more detail about that topic but really i want to sum up this mistake by saying don't tie up your personal pride in the way your closet looks or what prices you're getting for your items really just focus on the overall goal of making money and as long as you're doing that you should feel good about your business even if that means your inventory isn't the cutest or if it means you're not getting the very tip top amount for every single item in your closet keep revenue flowing in keep making sales keep inventory moving and keep making money okay so with all of that being said it leads me to mistake number five which is not expecting to make mistakes on poshmark and subsequently freaking out what you do in the reselling business or really in any business if things can go wrong they will go wrong eventually if you stick around as a reseller long enough you will mix up shipping labels receive one star reviews lose inventory ship out the wrong item have cases open for legitimate and non-legitimate reasons and have those cases that you fight be accepted for legitimate and non-legitimate reasons find flaws on items that you're just getting ready to ship out ruining things in the wash the list goes on and on and on and i have made every single one of those mistakes at least a couple of times and the thing is i run a pretty tight ship i've managed to retain a five star average rating on poshmark after all of this time but still things go wrong and so the biggest thing is just don't beat yourself up when you make a mistake when things go awry and also if i could go back and tell myself i would just say don't worry in anticipation of things going wrong because i used to have so much anxiety when i was selling on poshmark especially in the beginning whenever i would make a sale i would just get super anxious about did i miss a flaw and did i get the right shipping label i would check things over and over and over again and even open up packages just to make sure i had the right things in there but having as much anxiety as i did led me to actually kind of dread making sales on poshmark which is the exact opposite mentality of what you want to have and so if you're someone who deals with this whose whole day is ruined whenever you make a mistake or whenever you have a return or whenever things go wrong my solution to this is to create a list of all the things that could go wrong and then once those things inevitably happen because they will buy yourself a cup of coffee check it off the list and just try to learn something from that mistake but really just lean into okay you've made the mistake you survived and you're becoming a better reseller for it and just trying your best not to let it ruin your day and ruin your morale and make an impact on your perspective and your mental health things will go wrong you will make mistakes but mistakes like i said at the beginning of this video are really learning opportunities that will make you a better reseller all right well that was my five biggest mistakes that i've made on poshmark i went on instagram and asked y'all what your biggest mistakes were and so i wanted to share a few of those in my newsletter coming up but i also want to hear from you in the comments section so let me know what are the biggest mistakes that you've made on poshmark especially ones that i missed because like i said there are tons of mistakes that i've made but i love to hear from y'all and what mistakes you've made in your reselling career on poshmark but that's it for the video make sure you like it and subscribe if you haven't already thank you all so much for watching i'll see y'all in the next one okay love y'all bye [Music] you

Channel: Mogi Beth

Views: 87,408

Keywords: poshmark selling tips, poshmark, selling on poshmark, reseller, maximize sales, full time reseller, reselling on poshmark, tradesy, ebay, mercari, poshmark selling, poshmark tips, maximize sales on poshmark, selling online, online reseller, selling tips, poshmark algorithm, sell on poshmark, poshmark seller, poshmark top seller, resell on poshmark, mogi, beth, mogibeth, poshmark mistakes, beginner poshmark, mistakes reselling, reseller beginner

Id: O_5Imn0m0uM

Length: 20min 4sec (1204 seconds)

Published: Thu Oct 07 2021