Resale MCommerce: Who Sets the Price?

As the earth becomes more polluted and our society continues its “disposable” mentality, there are some of us who actually prefer resale items. Antiques, after all, enliven a room by bringing provenance (proof of a previous life and history). Historic houses, aside from being carefully built not just thrown together in a month, also enhance our lives by storing memories of previous owners. The same can be said for gently worn women’s clothing, bags, and shoes.

Getting the younger generations to think quality over quantity when cheaply made imports reign is a difficult task. After all, better materials = higher quality = higher price tags! Everyone may want a designer item, but not everyone can afford the item. Enter the resale market.

The Internet now has a plethora of sites dedicated to resale ecommerce. The mobile (not to be left out of anything), now has dozens of apps catering specifically to mCommerce resale. These sites all have their pros and cons, but I chose Poshmark. Granted, my decision was partially based on the fact that they were mobile-first and the first successful mash-up of mCommerce and social. The tougher decision was ahead as I started sorting my closets – keep, sell, donate! In the end, I decided to sell my everyday, trendy items alongside my designer pieces. I’ve spent my entire life collecting (yes, I said collecting) my items, learning designers and fabrics, searching out new designers, coveting antique pieces to be transformed, and ended up with items I’ve never worn or worn just a few times – remember, I used the word closets!!

So, it’s time to sell. These beauties, and their everyday counterparts, need to be loved and worn. How much are they each worth? Who sets the standard for pricing in a relatively newly enlarged market of resale? WE DO! Anything is only worth what someone will pay for it! For decades, eBay has set the standard of pPoshmark Logorice on just about anything. Those days are over!!! Poshers (as we Poshmark users are called) upload enough merchandise to fill Nordstrom’s every two weeks. Thus, I say we set the pricing on resale items. If we acted together as a community, as a driving force, we definitely could become the guideline standard against which other sites (including eBay) would price THEIR items. In other words, don’t overprice but just as importantly, don’t underprice. Everyone loves to score a great item at an inexpensive price, but mark it too low and everyone will question the quality. Mark it too high and no one will even look. Remember, we are not just selling to each other. We are setting THE standard.

I mentioned antiques before. Let’s have an example: a riding crop with provenance that it was carried by George Washington may be valued at $10K. It may sell at auction at $5K or $15K – depending on what someone was willing to pay. Now, let’s use that example in clothing. A sweater from Old Navy was $35 new, so it’s not worth $35 if it has ever been worn. It’s also not worth only $5. Opposite end of the spectrum: a Chanel bag exclusively made for Neiman Marcus (read that as “collectors’ piece”) was $6,000 new. Even if you used it once or twice and it’s still in brand new condition with COA, box and sleeper, that bag is worth more than $6,000. It won’t fly out of your hands at that price, but don’t undervalue just for a quick sell. Everything is worth what someone will pay, but there is a buyer for everything.

Value and price are often misunderstood terms. Every selling site has guidelines, but I say use our own judgment. If you’re a fellow Posher, use Poshmark to research price. Again, if we act as a community, we can OWN the resale pricing. We are not competing with each other – we are competing with other apps to set the standards.

Advertisements