Average Sale Price – these three words are critically important to your long term success on any marketplace, including Poshmark. It takes the same amount of effort to sell a $10 item as it does to sell a $100 item.
What can you do to increase your ASP?
Change your mindset: buying more and more since that is less work than selling will get you a massive death-pile of products that will drag you down mentally each time you look at it. It also ties up your cash and keeps you from investing in your business.
Fewer listings does not mean less profit: don’t get caught up with the myth that thousands of listings are required to have a profitable marketplace business. You can make more by selling less.
Research instead of buying: spending time researching products and suppliers, making connections and building your network is just as crucial as buying products to resale. One new connection/supplier could change your life. Don’t settle for the low hanging fruit.
Dump the dogs: get rid of products that don’t sell. Keep proper accounting records and take the write-off for things that don’t sell. Having your store/closet stuffed with slow movers hurts your sales of other items.
Good Data = Great Profits: keep track of what products, brands, and styles your customers buy from you. If your data shows that you don’t make much money selling a particular brand, stop buying, even if their products are readily available.
The Riches are in the Niches: step outside and away from super competitive brands and product lines. These types of products are harder to buy, are usually more expensive and can have the lowest profit margin.
It’s OK to start slow: finding higher ASP products can take time and effort. But it’s no different than the time and effort to buy, photograph and list your low-dollar items. Use your time in a different manner that can have more profitable long-term results than listing the same types of low-dollar products over and over again.
Put the effort in now to create a system to research and make connections with the companies and brands you would like to sell. Use the LinkedIn system I have described in detail to build your network.
Lift your ASP and lift yourself!
Have your read Poshmark Unlocked? Read about my journey from zero sales and zero followers to over 230,000 followers and $600,000 in sales. Learn the techniques and strategies that I used to build my Poshmark business. Cheers to our mutual success!
