South Florida Sun-Sentinel (Sunday)
How to make a fast buck selling online
After scouring South Florida thrift stores for luxury goods, I’ve decided to keep a few treasures I’ve found. I’m regularly using a cute Fendi purse and a pair of vintage Gucci sunglasses that I scored for less than $8.
But other finds, such as a new Versace Jeans Couture blouse
($15) and Christian Louboutin booties ($7.50), are going to be sold on social commerce marketplaces Poshmark, ThredUp or The RealReal. Think of these news sites as eBay 2.0.
Last week, I shared thrift store shopping secrets about how to score designer goods for just a few bucks. This week, I’ll focus on how to sell your treasures on these hip online marketplaces to make (or save) some cold cash.
Resale is a hot and growing retail trend being driven by millennials and Gen Z consumers who like the value and sustainability of buying used goods.
Since 2017, there has been a
700 percent increase in the number of buyers bidding on listings including luxury brands, according B-Stock Supply. The company is an online auction marketplace for retailers like Macy’s, Zulily and Nordstrom to sell returned and excess merchandise directly to smallbusiness buyers and resellers, including Poshmark.
Apparel resale is a $24 billion market, which is projected to grow to $51 billion by
2023, says B-Stock. Secondhand sites are driving this boom in trendy new ways with mobile apps and social features that mimic Facebook. Users can easily surf for and sell items from their smartphones while making or saving serious coin on quality brands at amazing prices.
Take the plunge
Selling stuff you no longer use or find at the thrift store is fun and flexible. Do it on your schedule to make a fast buck. I’m hooked.
It’s free to list items. Commissions, which vary from site to site, are charged when items are sold. Most sites handle all the accounting and transactions between buyers and sellers. Some even keep track of earnings to make things simple at tax time.
What sells: B-Stock says the best sellers are handbags, satchels, large totes and backpacks; distressed and stonewashed denim jeans, skirts and jackets; over-theknee boots, wedges and sneakers; leather jackets and puffy coats; and Michael Kors and other name-brand watches.
And, of course, all manner of designer luxury goods. The top five best sellers are Gucci, Prada, Louis Vuitton, Channel and Hermes.
Go niche: I have a friend
who successfully sells on Poshmark by specializing in designer cosmetic bags and large totes she buys at secondhand stores on 50-percent-off days. She’s pocketing about $300 a month!
Save more: Some sites offer buyers a discount when signing up for emails. If you feel an item is too expensive, make an offer and the seller will accept or make a counteroffer. Either way, chances are good you will pay less than the asking price. Also, if you’ve always wanted a classic Chanel purse but can’t afford one, consider financing the purchases through the site (if offered) or PayPal Credit.
Staging: When selling, avoid posting dark and dingy photos. Smartly arrange items on a background and take clear, bright images. Photograph items outside or build a light-box for less than $10 (search on YouTube) to showcase your wares. Most of the sites offer selling tips.
Full disclosure: Write lively descriptions. Try to only list items that are like-new. If there are any flaws, scratches, rips or stains, be sure to fully disclose and post photos of the damage. That will help avoid disputes and returns. Also, clean up items before you post them. Wash or dry clean clothing, clean/ remove stains on exteriors and interiors of purses and wallets.
Price to sell: Don’t be greedy. If you buy an item
for a few dollars, don’t try to sell it for 500 percent profit or more than what others have charged for the same item.
Join Facebook groups: Search for groups. Learn selling and buying tips. I recently joined The Best Poshmark Tips and Advice and learned about “buyer’s remorse,” when purchasers intentionally damage an item to get a refund because the garment doesn’t fit, which is not a valid reason for returns. Also, follow the sites and/ or individual sellers on Instagram to see what’s for sale and get ideas about staging your stuff. Online resellers
Get started by listing a few things from your closet that you no longer wear. If they still have tags, even
better. There are quite a few online sellers out there, but these are my favorite sites because they are easy to use and offer buyer protections from fakes. ThredUp
This is the world’s largest online thrift store with over 35,000 brands selling at up to 90 percent off retail prices. ThredUp stuff is now popping up in Macy’s and JC Penney stores, too. The site gets more than 40,000 new arrivals daily. Lean down your closet by ordering Clean Out or Donation Kit. The company will send you a big bag to fill, and then you mail it off to them for free. ThredUp will give you cash for what it wants to keep, and will return or donate the rest. That’s
more than you’ll get at the local donation center.
Selling: List on ThredUp and your payout will be 5 percent to 80 percent.
Info: Thredup.com LXRandCo
This Canadian company sells vintage luxury handbags, accessories and jewelry from Dior, Chanel, Louis Vuitton, and Hermes at a discount inside select Stein Mart (Pompano, Boca Raton, Palm Beach Gardens), Lord & Taylor (Boca Raton) and Century 21 (Sunrise) stores and online. LXRandCo guarantees the gently used goods are authentic. Follow the company on Instagram to see what items are in stores locally.
Selling: Bring your luxe goods to local retail locations
to be appraised or upload descriptions and photos on the company’s website.
Info: LXRco.com/en-US Poshmark
This ever-growing marketplace, which is eyeing an initial public offering, connects millions of buyers and sellers with new and used goods. If you’re new to buying or selling used goods online, start here by downloading the free app and creating an account.
Selling: Pay fees of $2.95 for items under $15 and 20 percent of the price over $15.
Info: PoshMark.com The RealReal This popular marketplace consigns both designer goods and more down-to-earth brands. For buyers, the company guarantees items are “100 percent the real thing” so you can buy with confidence. The company raised $300 million in an initial public offering in late June.
Selling: Commission rates range from 40 percent to 85 percent depending on the item. There are three ways to consign: Ship the goods to them, schedule a free in-home pickup available in more than 20 metro areas, or drop off items at their their offices for valuation.
Info: Therealreal.com Vestiaire Collective
Find the most exclusive — and expensive — designer items from around the world on this site. Shop by designer and country. Items are curated and guaranteed authentic by a team of experts. Because goods come from around the globe, it can take time to get them. Get speedier shipping on items marked Express Delivery or buy from within the U.S.
Selling: List items yourself or allow Vestiaire to sell them for you. Then, ship goods to the company for authentication and it in turn sends them to buyers. Payouts are up to 80 percent of value.
Info: us.Vestiairecollective.com
Connect with me: Facebook.com/DoreensDeals, Twitter.com/PrettyGoodIdeas and sign up for my weekly freebie roundup at SunSentinel.com/FreebieFridayMail.