From Platforms to Profit: Key Tips for Thriving in Reselling

Choosing the right platform for reselling is essential, and for me, Poshmark was an easy choice because it’s not just a marketplace; it's a community. Poshmark has a unique social aspect that allows me to connect with my customers personally and through shared styling interests. 

When Poshmark introduced live shows, I started building even stronger connections with other sellers and buyers. We got to know each other, followed each other on social media, and even exchanged phone numbers. This sense of community reached a whole new level. 

For instance, when I got engaged in June 2024, many of my Poshmark friends reached out to celebrate with me. Each live session became an opportunity to share life updates, making every interaction feel personal and supportive.

Social media has been a game-changer for my reselling business. I use platforms like Instagram, Facebook, and TikTok to promote new inventory, announce upcoming live sales, and interact directly with customers about their style preferences. 

The visibility I've gained has opened doors, including features in the New York Times, Business Insider, and Newsday, which brought more traffic to my social media and my Poshmark page. 

Social media’s reach has even led to consignment opportunities with 12 celebrities—a number I hope to grow. Posting regularly on Instagram stories and sharing my products has even led to direct sales, showing that consistency on social media can significantly impact business growth.

As my sales volume increased, finding a reliable inventory system became critical, and that’s when I discovered Vendoo.

Vendoo has been essential to my success by offering inventory tracking, cross-listing capabilities, and financial management in one place. It helps me keep track of my 40+ bins of clothing by allowing me to note each item’s location in my home, making fulfillment efficient and organized. 

I can label items by consignment client, cross-list on platforms like eBay, Mercari, and Curtsy, and, most importantly, monitor profits and losses. 

Vendoo’s financial tracking features have eliminated the need for Excel spreadsheets and allow me to generate comprehensive reports on my sales, even by client—a must-have for any serious reseller!

After years of experience, I’ve developed a pricing strategy that works, and you can too. I always set my prices high. 

This approach has several advantages:

1. If an item sells at full price, I maximize my profit; 
2. It provides room for negotiation, which is often expected by buyers; 
3. It allows me to adjust my prices based on item condition relative to others on the market. 

Unlike retail stores, where the listed price is the sale price, reselling offers flexibility. Setting a higher price invites offers, and even with a lower offer, I’m typically making a profit. Pricing this way has helped me create a profitable and sustainable business.

The secondhand market is more than just a business; it’s an environmental mission. Without resale, unsold clothing would often end up in landfills, contributing to pollution and waste.

Clothing can take hundreds of years to decompose, adding to environmental damage. For example, producing a single cotton shirt requires 2,700 liters of water, and if discarded, it takes up valuable landfill space for centuries.

Reselling prevents waste, giving clothes a second life, reducing the demand for new resources, and ultimately benefiting our planet and economy.

Buying secondhand offers people access to high-quality and sometimes luxury items at affordable prices. Many of my customers appreciate being able to purchase brands like Lululemon or designer handbags without paying retail prices.

Reselling makes these items accessible, giving them a new home and allowing buyers to enjoy fashionable, high-quality pieces affordably. This accessibility is rewarding, as it enables people to express their style without breaking the bank, and it keeps the fashion cycle sustainable by passing loved items to new owners.

In the reselling business, tracking finances is essential. Whether selling from your personal closet or as a business, keeping organized records of expenses and profits is crucial for managing finances and preparing for taxes. 

I keep a folder of all business-related expenses, from shipping supplies to inventory costs, and calculate my actual profit by deducting these expenses from my gross earnings. 

Additionally, I set aside a portion of each sale for taxes to be prepared for the end of the year. For high-volume sellers, it might even be beneficial to pay estimated quarterly taxes. 

Staying organized throughout the year simplifies tax season and ensures I don’t miss any important deductions.