Life happens when you least expect it. Long story short, a recent breakup threw me off my posh boss game throughout the month of July & I didn't even take advantage of the 4th of July Closet Clear Out sale. After weeks of slack, I was determined to be back at it again & stronger than ever!
Poshmark decided to throw a random summer Closet Clear Out sale this weekend. Being busy with my new apartment, I honestly didn't have the mindset to posh on Saturday 7/23. But on Sunday 7/24, I decided to kick some butt. As previously noted on my blog, I began tracking my sales to better understand the trends with my online business. I noticed that Saturdays were slower than other days in the week. Sundays on the other hand, show a trend of bringing me the most cash. Given that data, I decided to drop prices on Sunday rather than Saturday. TIMING IS EVERYTHING! I cannot stress that enough. I specifically dropped prices during the posh power hour between 7-8pm (the last virtual party of the day & when the app is the most active). I started from the bottom of my available listings & worked my way up. I lowered the price on everything anywhere between 10%-50% off.
In order to trigger a discounted shipping rate, you must lower the price by at least 10% of the lowest you have ever had that item listed. For example: if a listing is at $45, then I lowered to $40. If it's a listing with 30+ likes, then those are the ones I know I can get the most traffic out of & took the risk of lowering up to 25% off. I also kept in mind my margins: always making an income by noting how much I could make after posh fees minus the cost spent all while giving my buyer an awesome deal. If it's a piece I haven't been able to sell in over a year, then I definitely lowered that bad boy down by 25%! In preparation for this unexpected sale, I would share my listings at least once per day, share other poshers' listings from the news feed, & follow at least 1k poshers per day which drives more likes on my listings. Then, those people who have "liked" anything in my closet will get that notification for a discounted shipping rate when I lower by at least 10%. The promo is only valid within the hour the price dropped so buyers will act fast & with a sense of urgency.
I'm not even lying. I sold NINETEEN listings within the first hour. Holy bologna & Holy shiitake mushrooms! 😱 I'm still mind blown.
Here's a breakdown of those 19 sales in 1 hour:
- 5 listings sold after dropping prices. Those are the poshers who simply got a notification for the discounted shipping rate & bought immediately.
- 1 listing was an offer. The buyer offered $5 less AFTER I already lowered the price (c'mon I just lowered the price! 🙄) I made a counter offer & sent her a comment advising that my counter was the lowest & that I'd be willing to lower the price manually to my counter offer in order to trigger the discounted rate once again. She agreed! I lowered the price & boom… She bought it within seconds.
- 3 listings sold as a bundle. I have a closet promo where if my buyer follows me on social media then I'll increase the discount from 15% to 20% off. A buyer got the notifications on her news feed about my discounted shipping & told me she follows my IG page. So I changed my seller discount for her & she bought 3 pieces right away!
- 10 listings sold in a bundle *pshhhwww*mind blown once again* This buyer got the notifications of my lowered prices & began adding listings to a bundle. She had 10 listings in her bundle! I utilized the new private offer feature, which I've learned to love. All in all, the 10 piece bundle was going to cost her over $150 & that's after I had lowered the prices & with my 15% off bundle discount on top. However, I took the risk of offering her $100 for all 10 pieces. Anyone would have the *heart eyed emoji* face when receiving an offer like that, right?! I calculated. Did the math & thought, would I even make a profit? Yes! A few bucks profit per piece is better than no bucks in my pocket. She accepted my private offer almost immediately!!
I hope these tips help drive your sales on the next CCO!
Thanks for reading,
Thanks to Poshmark on Facebook for featuring my blog on your page!!!