Does anyone use Poshmark?

[onlyk]

I think the new selling fee will give Poshmark a great advantage compete with any other selling platform, it will be the best selling place for buyers (so far), it will draw lots of people go selling on Poshmark, also prevented selling off the site, who would sell off the site with little incentive and greater risk?

It will beat VC, Ebay, Mercari and even some consignments if more people know about the new selling fee.

As buying wise, right now is a down market, so across the board is less buying.

I think it’s smart Poshmark does this drastic change on the new fee structure.

 

[chanellover333]

The new structure seems better for sellers but not for buyers. Seems esp good for sellers of higher ticket luxury items.



This post illustrates how the new fees add up for those buying the lux items.

 

[nicole0612]

I think it will be prudent on higher price listings to have a note at the top of your description saying either:
I have adjusted my price down to account for your new buyer’s fee.
Or
Feel free to make an offer to subtract $xxx, which is your buyer’s fee on this item. I will absorb this cost for you.

I feel like the First approach is more straightforward, but the second approach may work better in practice.

I haven’t gone to the site since the change, so maybe I should go now and adjust my prices! I only have 2 items for sale, but better now than later.

 

[nicole0612]

I think it will be prudent on higher price listings to have a note at the top of your description saying either:
I have adjusted my price down to account for your new buyer’s fee.
Or
Feel free to make an offer to subtract $xxx, which is your buyer’s fee on this item. I will absorb this cost for you.

I feel like the First approach is more straightforward, but the second approach may work better in practice.

I haven’t gone to the site since the change, so maybe I should go now and adjust my prices! I only have 2 items for sale, but better now than later.

Ok here is an example:

My previous price of $13,150 previously yielded $10,520 for my share.

I reduced the price to $11,995 to yield me $11,223 after fees and posted a message for buyers to send an offer to subtract their fees of $719 as I will cover the buyer’s fees for them.

In the end, this is still ~$10.5k for my share.

I think this is the best way to attract interest (lower price) and to prevent purchase abandonment when the buyer sees the additional fee for buyers who were actually serious to begin with.

I understand that the dollar amount will be slightly different because the fees will adjust for a lower offer, but it will be very close.

 

[Ashanti_Rose]

I think the new selling fee will give Poshmark a great advantage compete with any other selling platform, it will be the best selling place for buyers (so far), it will draw lots of people go selling on Poshmark, also prevented selling off the site, who would sell off the site with little incentive and greater risk?

It will beat VC, Ebay, Mercari and even some consignments if more people know about the new selling fee.

As buying wise, right now is a down market, so across the board is less buying.

I think it’s smart Poshmark does this drastic change on the new fee structure.

Just reshuffling fee structure won’t attract buyers. They need to improve their customer service to attract buyers and compete with eBay as eBay fees are at 13% I think and are charged to sellers (on top of stellar customer support and being able to reach out to customer agents by phone, chat or email). I used to buy quite a bit from Mercari, but after they re-did their fee structure and added buyer fees, I stopped buying there. I used to buy on Posh as well, but I am sure the buyer fees will slow down my buying enthusiasm))

 

[whateve]

Just reshuffling fee structure won’t attract buyers. They need to improve their customer service to attract buyers and compete with eBay as eBay fees are at 13% I think and are charged to sellers (on top of stellar customer support and being able to reach out to customer agents by phone, chat or email). I used to buy quite a bit from Mercari, but after they re-did their fee structure and added buyer fees, I stopped buying there. I used to buy on Posh as well, but I am sure the buyer fees will slow down my buying enthusiasm))

As a buyer the main reason I prefer to shop on ebay rather than Mercari or Poshmark is because I know I'll be able to return if something goes wrong. As a seller, I prefer Poshmark and Mercari because it is less likely I'm going to be stuck with a return. Of the two, I prefer Poshmark because I don't have to worry about figuring out shipping costs.

I agree that it would be better if all the fees were paid by the seller.

 

[sdkitty]

Ok here is an example:

My previous price of $13,150 previously yielded $10,520 for my share.

I reduced the price to $11,995 to yield me $11,223 after fees and posted a message for buyers to send an offer to subtract their fees of $719 as I will cover the buyer’s fees for them.

In the end, this is still ~$10.5k for my share.

I think this is the best way to attract interest (lower price) and to prevent purchase abandonment when the buyer sees the additional fee for buyers who were actually serious to begin with.

I understand that the dollar amount will be slightly different because the fees will adjust for a lower offer, but it will be very close.

is this an actual example of your sale? I wouldn't have the nerve to do a sale that big on line

 

[nicole0612]

is this an actual example of your sale? I wouldn't have the nerve to do a sale that big on line

Yes. I have sold higher priced items online, on Poshmark and on Vestiaire. Poshmark has the slowest sales for higher priced items in general, but when they do sell it is the smoothest platform. I would never sell on eBay, I would rather sell more slowly or for less than have any risk of a return or scam.
I am just selling my own items, so I typically will get a quote from a reseller and offer a comparable price on Poshmark and Vestiaire; then just sent to the reseller if I don’t sell it on Poshmark or Vestiaire first.

 

[sdkitty]

Yes. I have sold higher priced items online, on Poshmark and on Vestiaire. Poshmark has the slowest sales for higher priced items in general, but when they do sell it is the smoothest platform. I would never sell on eBay, I would rather sell more slowly or for less than have any risk of a return or scam.
I am just selling my own items, so I typically will get a quote from a reseller and offer a comparable price on Poshmark and Vestiaire; then just sent to the reseller if I don’t sell it on Poshmark or Vestiaire first.

the highest price item I've ever sold was around $4K and I sold it in person at Fashionphile....I'd be a wreck if I sold something for thousands and the sale went bad
Good for you though

 

[onlyk]

Just reshuffling fee structure won’t attract buyers. They need to improve their customer service to attract buyers and compete with eBay as eBay fees are at 13% I think and are charged to sellers (on top of stellar customer support and being able to reach out to customer agents by phone, chat or email). I used to buy quite a bit from Mercari, but after they re-did their fee structure and added buyer fees, I stopped buying there. I used to buy on Posh as well, but I am sure the buyer fees will slow down my buying enthusiasm))

ebay’s 13% plus shipping plus insurance plus higher risks that ends up very much like 20% or more and still with higher risks.

That’s why I said Poshmark is best place for sellers.

Changed selling fee to attract sellers is a great way especially on higher price items. They don’t need to be the best service selling platform, they only need to be the best price, best commission with the best seller protection to ensure they are the first choice for the sellers ultimately take the most market share, then, they can make their own rules again.

 

[nicole0612]

the highest price item I've ever sold was around $4K and I sold it in person at Fashionphile....I'd be a wreck if I sold something for thousands and the sale went bad
Good for you though

I think I would do Fashionphile drop off if there was a location near me, but I need to ship to them. On two different occasions, an item I sent to Fashionphile was “lost” by the carrier. One was about $6k and one was about $15k. In both cases, luckily I had the drop off slip with weights and acceptance shown, so after about a month they reimbursed me, but it was a battle (they required a lot of paperwork and waited for the carrier to close out the case before paying me). Poshmark has lost an item once that I had purchased, but I know from the seller that they quickly paid the seller and reimbursed me immediately as well. So I actually feel more comfortable shipping with Poshmark rather than to Fashionphile.

 

[whateve]

I think I would do Fashionphile drop off if there was a location near me, but I need to ship to them. On two different occasions, an item I sent to Fashionphile was “lost” by the carrier. One was about $6k and one was about $15k. In both cases, luckily I had the drop off slip with weights and acceptance shown, so after about a month they reimbursed me, but it was a battle (they required a lot of paperwork and waited for the carrier to close out the case before paying me). Poshmark has lost an item once that I had purchased, but I know from the seller that they quickly paid the seller and reimbursed me immediately as well. So I actually feel more comfortable shipping with Poshmark rather than to Fashionphile.

If you read Poshmark's policy, they don't cover lost packages over a certain amount.

Shipping Info - Brands USA

Basically anything over $200 you lose. If the item is under $500 but over $200 you don't even have the option to purchase additional insurance but you still won't get all your money.

If an item is over $500, you can buy your own postage and insurance. Since most of these are shipped to the authenticator, I wonder what would happen if the package got lost between the authenticator and the buyer. I would hope that would be Poshmark's responsibility.

For many years I sold on ebay and other sites and almost never bought insurance. Then last year the post office lost an item I had sold on etsy. I had to give a complete refund and only got $100 back from the post office since I didn't buy insurance. A few weeks later, the buyer got the package for free, which she then sold for a big profit.

 

[nicole0612]

If you read Poshmark's policy, they don't cover lost packages over a certain amount.

Shipping Info - Brands USA

Basically anything over $200 you lose. If the item is under $500 but over $200 you don't even have the option to purchase additional insurance but you still won't get all your money.

If an item is over $500, you can buy your own postage and insurance. Since most of these are shipped to the authenticator, I wonder what would happen if the package got lost between the authenticator and the buyer. I would hope that would be Poshmark's responsibility.

For many years I sold on ebay and other sites and almost never bought insurance. Then last year the post office lost an item I had sold on etsy. I had to give a complete refund and only got $100 back from the post office since I didn't buy insurance. A few weeks later, the buyer got the package for free, which she then sold for a big profit.

Thank you for the warning. I guess they provided the reimbursement for the item just as a courtesy (it was ~$9k). That is good to know.

ETA: yes, I only purchase items on Poshmark that go through the authenticity verification, unless it’s a tiny item that I don’t care about. So either they do provide full insurance once they ship it out from authentication or they agreed to pay for it in full as a courtesy.

 

[nicole0612]

I suppose in the end, we use the platform that we are most comfortable with. Some people are nervous to buy or sell on eBay, some people feel the same about Poshmark. It likely comes down to a person history and experience, and that is somewhat logical and somewhat not. I can say in my case, I have fewer concerns about an item being lost in shipping because even if a 10k item were lost in shipping, at least I would know immediately and make adjustments in my spending habits to account for it. On the other hand, I prefer to sell through platforms that act as a middleman if it all possible, because my worst fear is selling something for 10K or 20K and then having someone do a charge back in six months. By then, I may have spent that money and have to scramble to raise that amount immediately. For me, the assurance of sites like Poshmark and Vestiaire, where you send the item to them, they take the money from the buyer and separately pay the seller, is that there is no ability for the buyer to do a direct chargeback from the seller like they can on eBay. that is why Poshmark and Vestiaire are my personal preferences to sell on, just because it is more predictable. The risk is not drawn out over months.

 

[whateve]

I suppose in the end, we use the platform that we are most comfortable with. Some people are nervous to buy or sell on eBay, some people feel the same about Poshmark. It likely comes down to a person history and experience, and that is somewhat logical and somewhat not. I can say in my case, I have fewer concerns about an item being lost in shipping because even if a 10k item were lost in shipping, at least I would know immediately and make adjustments in my spending habits to account for it. On the other hand, I prefer to sell through platforms that act as a middleman if it all possible, because my worst fear is selling something for 10K or 20K and then having someone do a charge back in six months. By then, I may have spent that money and have to scramble to raise that amount immediately. For me, the assurance of sites like Poshmark and Vestiaire, where you send the item to them, they take the money from the buyer and separately pay the seller, is that there is no ability for the buyer to do a direct chargeback from the seller like they can on eBay. that is why Poshmark and Vestiaire are my personal preferences to sell on, just because it is more predictable. The risk is not drawn out over months.

About a month ago I sold something on ebay for which the buyer gave me feedback immediately after purchase. She complimented the fast shipping time, the great packaging and how it was just as described. I hadn't even shipped yet! It terrified me but I shipped it anyway. So far so good. But there is always the chance that she could do a chargeback in a month or two. That is what I hate about ebay. I guess technically someone could do a credit card chargeback for an item purchased on Poshmark months later. I have no idea how Poshmark would handle that. They have my bank account info for deposit. I wonder if they have ever tried to snatch anyone's money and if that would be legal.

When you have a return on Poshmark, if all goes well, you get your money back and Poshmark pays the shipping. On ebay, you lose your shipping costs both ways and will likely be forced to accept a return even when you know the buyer is lying.