Buy, Buy, Buy… What Selling on Poshmark Has Taught Me
Last year around August, I started spending time on Poshmark, decluttering my closet, selling items I don’t use, many still had tags on. I have done a decent job and netted some good cash. What I didn’t know was I learned a tremendous amount about retailing and therefore I am a much better consumer when it comes to online shopping. Here is what I learned
A lot of online shopping happens on weekends, especially Sundays. My closet is the busiest during the weekends, always. I didn’t know this before. Is that why sales often happen on weekends? Week days tend to be slower for online shopping and likely retail in general. There is also seasonality. Febuary was very slow, and true for everyone on Poshmark and likely the whole retail sector in general.
Offers are not your friend! Retailers often send you emails enticing you to buy from them. Here is an offer - “30% off sale”! Sounds great, right? Who can say no to that. But keep in mind, before you got the offer and made the purchase, you have your money. Now you are out of that money, even though you feel like you got something. See the trick here? “You have a store credit of $45, use it or lose it!” Retailers are very good at using your psychology to make you buy more from them. FOMO, who wants to “lose” $45? But offers are not your friend. Think of them as the witch disguised as a nice lady in Snow White and the Seven Dwarfs. She gave you the apple, but, we all know what happened. Ok, this is not a matter of life and death, but you get my point. Beware of tricks disguised as favors.
Retailers want to move the merchandise. I don’t have a warehouse issue to contend with, but retailers do. Therefore they will discount heavily at the end of the season to move that inventory out and make room for the new season. A shirt doesn’t have an inherent value when it comes to retail. Retailers will try to get as much money as they can. So if you want to purchase an item at the beginning of the season, or items that are very popular, you are likely to pay full price. As the season goes on, retailers are much more likely to discount to move items. But, sometimes, things also sell out. You can tell by the amount of sale on an item, how popular it is and how much the retailer wants to move it off the shelf. That’s an insight I wasn’t aware before. It’s interesting to see how a particular retailer is doing by their discount strategy. This in turn tells you how a particular season is going for a retailer, and how the economy is in general. I remember in 2008, I was getting cashmere sweaters for $60!
Buy for the use, and not for the beauty. I have realized I have this tendency to make purchases because an item is “pretty” and not considering its practicality. For example, these shoes. They are pretty, right? The adorable flower, the shape of the shoes. But, how often will I actually wear them? Not very often. That’s how I ended up with a closet full of new items that I never use! I have a closet, not a museum, I need to remind myself. Now when I make purchases, I ask myself, will I actually wear these, and on what occasions. That often dissuade me from making certain purchases.
As I was making sales on Poshmark, I was also becoming a better consumer by buying things I need and will use. I paused and thought about the offers before actually using them. We can all save money, but it’s hard! A few slip ups and your credit card bill is through the roof. But it is possible to be a more mindful consumer.
