MF 310 : Updates on Poshmark: party strategies and negotiation best practices
Today, we look at Poshmark party strategies and negotiations. More at www.bemovingforward.com.
Being strategic with Poshmark parties
When we started on Poshmark, we began with a few listings, adding incrementally each week. When you have 5 or 10 or even 50 listings, sharing at parties doesn’t require a lot of time; a few minutes at the most. In the early days, once I discovered the power of Poshmark parties, I would share our listings every day at these targeted hours.
If you’re new to Poshmark or this podcast, Poshmark parties are designated hours in which sellers can share items that match the theme or specs of the party. Parties occur four times a day with the first three being theme or brand-oriented and the fourth being an open party where any item can be shared. To learn more about Posh parties, check out episode 210.
As we expanded our online presence, we eventually grew to several hundred items and today, we have over 1500 listings. This means that sharing out our entire inventory takes a lot longer, approximately one hour to be exact.
To make the best and most efficient use of my time, I focus on one or two parties a week. For my dad’s business, the two that are most relevant are ones related to dresses and “boutique” listings.
How to handle price inquiries and negotiations
On last year’s miniseries, I talked about price inquiries within comments. Initially, I directed individuals to submit offers rather than directly answer questions about price flexibility or numbers. The reason is that comments underneath items are visible to the public at large. Thus it may not be the best place to have negotiations or barter.
Today, I’ve tweaked my negotiating strategy. When a potential buyer floats a price or asks about negotiating within the comments, I immediately share the item directly to the person which opens a bundle. This is known as “styling.” A private chat room is opened between buyer and seller with the listing. Think of it as a shopping cart or virtual fitting room. From there, I can answer pricing questions or engage in negotiations privately.
Safety tip reminder: legit buyers will never have a reason to purchase outside of the Poshmark ecosystem. Do not engage with buyers who request transactions outside of Poshmark or request conversations by email or send you a phone number.
Check out the Poshmark miniseries
For more on Poshmark, check out last year’s series.
The Poshmark mini-series roadmap
PoshFest 2020 (SOLD OUT)
I’m excited to announce that I will be a panel speaker at PoshFest 2020. PoshFest is an annual conference where Poshmark sellers gather to learn about the latest developments and share best practices.
This year’s event will be virtual and I will be speaking about providing great customer service.
[UPDATE: PoshFest has been sold out. I will share insights and take aways on next week’s episode.]
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