MF 369 : Poshmark update: My Closet Insights
Updated: Aug 29, 2022
Today, I cover Poshmark's latest CRM update: My Closet Insights. I'll also share some benefits to ice cold showers. More at www.bemovingforward.com.
Moving Forward is also available on Apple Podcasts, Stitcher Radio, Google Podcasts, Spotify, and Amazon Music.
New protocol for update episodes
Over the next few weeks, I'll be covering updates to the Poshmark platform. As such, I've decided to use a new protocol for titling episodes that build off prior mini-series or collections. Update episodes will now have a short version of the series name followed by the title. This will make it easier for listeners to cherry pick episodes that are relevant to their needs. Of course, I will continue updating the mini-series pages for easy reference on the website. The protocol will simply make it easier to identify that new episodes are part of collections for those that primarily listen to the show from platforms like Apple or Spotify.
Poshmark update: My Closet Insights
Last year, Poshmark added a lot of enhancements to its "My Seller Tools" section, which is where most of its customer-relationship-management or CRM tools are located. On past episodes, I've discussed the importance of treating this like a business, whether you sell 1 item or 1000. This is especially important if you're using Poshmark as an extension of an already-established business such as a retail shop like my dad's.
One of the biggest recent additions is "My Closet Insights." Unlike the Sales and Inventory reports, which are spreadsheets of data, this gives sellers a real 10,000-foot view of their business with easy to follow stats and graphics.
Within "My Closet Insights," you'll see several important sections, which we'll briefly go over today.
At the very top, you'll see a "Sales Summary" section which will give you a quick view of how you're doing in the current month. At the top-right, you can toggle to a different time frame.
You can also toggle to "Net Earnings," "Listings Sold" and "Orders" using the horizontal menu. Each one has a bar chart giving you a clean visual picture.
Underneath, we have "Brand Insights," which will break down sales by specific brand or label. You can also toggle to "Average Sales Price" and "Listings Sold."
"Sales Insights" will chart your current period sales broken down by gender demographic. You can also toggle to "Average Sale Price," "Listings Sold," and "Condition." The last one provides a great holistic view of what kinds of items move within your closet. As a reminder, the four categories are: New Without Tags (Not NWT), New With Tags (NWT), Boutique (bought from a wholesaler), and Wholesale (if you are selling as a wholesaler on Poshmark). I cover these on the mini-series.
This section displays the types of sales you are executing on Poshmark. Sales come in four formats.
Offer: this is a negotiated, agreed upon price between buyer and seller.
Buy Now: this is a full list price purchase.
Bundle Offer: this is a negotiated, agreed upon price for more than one item in a single transaction.
Bundle Buy Now: this is a purchase at list price for more than one item minus any bundle discounts you may have set to automatically apply.
These are covered more on the mini-series.
This will showcase any new listings you've added to your inventory within the current month or period. You can also use the pull-down menu to toggle periods, including current month, week, year, past 12 months or all time.
For more on the listing process, check out the mini-series.
Best practice: detail, detail, detail
As Poshmark continues to enhance its CRM platform, you make the best use of it by being thorough and detailed in your listings. Adding brand, condition, demographic and item categories are all part of making your listings searchable for the right customer base. Moreover, these details will make tools like "My Closet Insights" that much more useful. Finally, it doesn't take that much time to add the fine details. As I've covered on the mini-series, a good detailed listing should take you no more than a few minutes, including photo gallery (slightly more if you're adding video).
Whether you've sold hundreds or just closed your first sale, start looking at these metrics. Assess your strengths, weaknesses, and opportunity areas. No matter where you are on your Poshmark journey, you have immense potential to grow. The tools are there. It's up to you to use them to your advantage and maximize your success.
Cold showers: pain to gain
As I mentioned on last week's episode, I spent a lot of November and December recovering from a massive tension headache. As part of my muscle relaxation therapy, I incorporated hot baths. This on top of the regular hot showers I take in the morning had a noticeable effect, both good and bad. While it helped my muscles relax, it also dried out my skin severely.
I also found myself irritable and lethargic.
I had long ago read articles about the benefits of cold showers, including being better for your skin. Other purported ones include lowering your heart rate and blood pressure. Since being sick had thrown off my 4 am sleep schedule and because I couldn't stand the dry itchiness resulting from hot showers, I decided to add cold ones to my routine.
As with waking up at 4 am, the process was gradual. The first time, I did a hot shower, then gradually mixed in cold until the water was warm. Then, I took a deep breath and turned up the cold all the way and shut the hot off.
I let out an audible yelp and lasted all of 3 seconds.
That first hit of ice cold water, in the midst of a chilly winter no less, was painful. Those 3 seconds felt like the longest in my life. I couldn't wait to turn off the water and wrap up in some towels. However, as I was drying off, I noticed an immediate change. I was not only awake, but my skin felt better. It wasn't as dry as before.
I decided to give this another try. The next day, I upped it to 5 seconds. I held into this period for about a week, not able to go beyond that. Gradually though, I started to see the benefits. My skin was feeling better and I could feel my heart rate lowering. This in turn maintained a cool, low BP number (for more on this, check out episode 288).
I've been at the cold shower regimen for over a month. I still use a warm water mix to start but the second half, under all cold, now lasts more than a minute. I'm somewhere between 1-2 minutes on average. I also take two showers, one in the morning and one in the late afternoon, both incorporating cold.
While it's still a shock to the system to feel that first burst of ice cold water, I absolutely love it. My skin feels loads better (I've also started moisturizing more, something I've always been inconsistent with) and my mood has improved. I'm back to my early morning wake-up and workout routine with the cold shower being the perfect way to prepare me for my early morning meditation and BP check.
If you're interested in trying this, I recommend do some research. You may also want to talk to your physician first. But for me at least, this has been one of those "pain to gain" changes that have helped me move forward.
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Additional resources on Poshmark
The Poshmark Guide for Individuals and Small Businesses (Paperback and Kindle)
The Poshmark Seller Journal for Individuals and Small Businesses (Paperback)
Check out the Moving Forward mini-series collection
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