What’s that? You just bought your first Deluxe Boutique Box from BoutiquebytheBox.com and you’re SO ready to kick off your brand new business??
Congratulations! We are so excited to be part of your #bossbabe journey and support you as you grow.
The top question we get here at Boutique by the Box is, “How do I know how much to charge for these amazing items of clothing?” It’s a fun challenge that involves the value of the clothing, measuring against other items in the online market, and of course compensating yourself for your time and effort!
Here’s where you start: these 5 questions will guide you in choosing the best pricing for your resale clothing and help you become a booming business!
1) Popularity and Demand
“Be realistic -- how hot is this item right now?”
One of the first things to take into consideration is how popular and fashionable a brand and item is right now. Do your research--what fashion trends are hitting stores and style blogs? These are the things that will be most likely to sell quickly and at a higher price, and you’ll be able to move them through your store faster and at a higher profit.
Stylish mass-market brands like Zara, Topshop, or J.Crew tend to sell well and quickly since they are widely recognizable and trusted. This directly translates to how high you can price the item! More niche brands might require you to lower your selling price since most customers won’t immediately be drawn to them.
Another thing to consider is the price at the original seller. Do a quick search through Zara’s website. Are they no longer offering that sensible blue office sheath dress? That means you’ll be able to price it higher than if they still had it available in store!
2) Scope out the competition
“What are other people selling this item (or similar items) for?”
If you’re trying to sell that cute jean jacket for $80 and ten other people are selling it for $50, you’re going to get overshadowed every time!
Do your research -- hit up all the top reselling sites and do a quick search to see what this item is going for. Can’t find the exact item? No problem! Look at similar items from the same brand, and you’ll still get a good idea of what other people are pricing it at.
Check across multiple sites and do a comparison. Heck, make a spreadsheet if that’s the kind of thing that excites you! The most important thing is getting a solid idea of how much others are selling that product for. Once you see what your fellow sellers are setting their prices at, it’ll give you an idea of a price range to fall within.
3) Keep it consistent
“If this item is selling for cheaper on eBay than on Poshmark, do I want to lower my price on eBay?”
Our best advice if you’re finding different market prices across different platforms is this: whatever you choose as the value for your item, stick with it. If you’re pricing a pair of leggings at $40 on Poshmark, you have decided that the value of your product is $40. Don’t cheapen that by lowering the price on eBay to try and match the market there!
Whether you’re selling on one site or the other, you have already done the calculations for how much time, effort, and cost you have put into your reselling business. That equation is the same no matter the platform, so keep your pricing consistent. If you feel that the item is worth it, don’t undervalue your item (and yourself) just to stay competitive!
4) Leave a little wiggle room
“What is the lowest I would be willing to go for a discerning bargain-hunter?”
For some online shoppers, negotiating the price down is half the fun! There’s always a chance that you’ll encounter The Haggler when selling clothing online. When you’re pricing your clothes, be sure to keep her in mind!
Look at the price you are leaning towards with your item. If someone lowballed you for $10 or $20 less than that amount, would you still be happy to make the sale? If not, consider bumping the price up! That way you have a better chance of selling the piece for a rate you’re happy with, while also giving the buyer that sense of “I got a deal!” satisfaction.
This also applies to sales that YOU can set! If you want to offer a special deal in the coming weeks, pricing your resale clothing higher to start with will allow you to bump a percentage off for your loyal customers while still earning the amount that you deserve. Win-win!
5) Trust your gut
“How much would *I* pay?”
This might be the best and most instinctual way to price your clothing. After taking all of the above into account, take a step back and look at the piece with fresh eyes. If you saw it listed on Poshmark or eBay, what would YOU be willing to pay for it? Chances are your best guess isn’t too far off what others would be willing to pay!
Ask yourself: what is the absolute maximum I would pay for this item? What is the minimum I would see this item listed at and not think, “There must be something wrong with it?"
We hope you find these tips for pricing your resale clothing super helpful! Now get out there, and start selling your awesome items with confidence.
Just getting started? Visit our website to order your first Deluxe Box today!