RESELLING: WHO IS BUYING MY MERCHANDISE?
I continue to be fascinated by reselling my unworn or slightly worn fashions and accessories on platforms such as The Real Real, Poshmark and Mercari.
Having a full time job prevents me from devoting time to the process during the week. My fascination, which is maybe better characterized as an obsession during the weekends is mostly due to the fact that I still haven't figured out why some of my items sell and other don't. What I think would be in demand is not and what I think is a dud -- ends up selling.
With Poshmark, at times items that have been on the site for almost year some how end up selling. In other instances when a listed item gets a number of likes, moving to close the sale, I lower the price and there aren't any buyers. My pricing strategy, I believe is on the low end and furthermore the majority of my offerings include either free postage or discounted postage, a good deal for the buyer.
While Poshmark permits the seller to adjust prices and postage costs the buyer is to pay, The RealReal is in full control over the pricing and all other selling processes such as promotions. When I finally decided to part with these Jimmy Choo pumps they had been taking up space in my closet for 8 about years. Purchased in Hong Kong I wore them once. (The dress I wore these shoes with is still in my possession. It too was worn just once. Too many overbuying confessions in this post!) I opted for The RealReal to take care of the resale. With these shoes being almost a decade along, but yet a luxury brand I was unsure how to price them. These shoes, along with about a dozen more items were packed up and picked up by The RealReal and and shortly thereafter were placed on its website.
Once my items were posted, I'll admit I went to The RealReal website a few times a day to see how my items were selling. A few things surprised me.
First, using these shoes as an example, where did the initial $325 selling price come from? I think I purchased them for almost double that price.
Second, why would someone buy these shoes? Yes, they are a pretty and a bit unique style, but not a current style. Maybe the reputation of the Jimmy Choo brand, the very nice condition and the ever popular color black? Something else?
Third, all my items posted on The RealReal's website sold within a few weeks. That was great, especially since I had my doubts about others being interested in some items.
So this brings me to my questions I try to answer when listing an item, particularly on Poshmark. Who is buying these things? Obviously many are and there are different types of buyers. Retailers and brands in a range of price offerings have entered the used market and more plan to enter.
Numerous articles and different groups have published studies about the resale market. It is fast growing market, driven by concerns about sustainability, the economy and I think also it is an easy way for a buyer to express individuality. But what drives someone to buy a particular item of mine is top of mind when I work on my reselling over the weekends. Knowing these answers might help me have more success. Do you buy used items? If so, why?