Poshmark New Fees EXPLAINED in Detail | (Why Sellers are Furious!)🤬
HTML-код
- Опубликовано: 3 окт 2024
- ⭐️Sourcing group⭐️- bit.ly/sourcin...
⭐️Free Bolo 100 Brand⭐️ List- bit.ly/BoloBrands
Like This Listing to be notified when I go Live-
poshmark.com/l...
Erynn's Helpful Instagram post -www.instagram....
Shop My PoshMark- poshmark.com/c...
New To Poshmark? Sign up with my code "NikkiBeautyBlis" for $5 off your first purchase!
⭐️Live ShowS⭐️
Whatnot- www.whatnot.co...
Poshmark Live- poshmark.com/s...
⭐️Videos Mentioned⭐️
Productive Day in the Life of Small Business Owner| Restock Inventory | Ship Orders | Reselling- • Productive Day in the ...
⭐️Products Mentioned⭐️
Reselling Instagram- bit.ly/nikkibbuys
Stain treatment spray amzn.to/3THXXBx
Stickers I was Talking About- amzn.to/45c6MaM
Keyboard- amzn.to/3UeEbPp
Desk- amzn.to/4dtGlRC
Walking Pad-- amzn.to/3ZIRevJ
#reselling #comethriftiwithme #thrifthaul #goodwilloutlet #brandstoresell #ebayreseller #bestbrandstoresell #thrifttoresell #thriftstorefinds #liveselling #poshmarksellingtips #poshmarklive #poshmarkliveseller #howtosellposhmarklive #ebayseller #whatnotliveselling #ebayretailarbitrage #nikkibuys #poshmarkreseller #ebayreseller #thredupseller #reseller #clothingreseller #whatsoldonposhmark #whatsold #poshmarksellingtips #whatsoldonposhmark #whatsold #bestsellingposhmarkbrands #bestsellingebaybrands
Music by HOAX - Western Medicine - thmatc.co/?l=2...
Friends, keep in mind I didn't include taxes because it varies so much by state. Just an FYI that's why you don't see that in the chart! I think I mentioned that in the video but wanted to include here as well 🤗
Taxes PLUS Shipping will be included in total before computing 5.99%. 😮
Mercari has no selling fees now!
Ebay hasn't selling fee now 😊
@@roseleeper That's not in the US and it's not for all sellers where it does exist.
This is a reminder of the importance to cross list! Not putting all your "eggs in one basket" I have about half of my items on ebay that I have on Poshmark so I'll be working on relisting the difference today along with my regular new listings! Thanks for the video!
I pray it doesn't kill the site like the 0 fees did on Mercari.
Here's the issue that I think most people are frustrated about. Because when you say we have to adjust as sellers this more than likely means that the buyer fees are going to be passed on to us because we are going to have to adjust our prices to compensate for the increased buyer fees.The market will always be the price people are willing to pay. That is across the board what happened in Mercari for better or worse. I am more than willing to accept lower discounts and price lower in general on Mercari because of the no fees which does affect the bottom line at the end of the day. As you suggested some are mentioning offering a shipping discount which then comes out of our fees. I am very grateful for all the platforms and yes they can do what they want. It's just deceptive marketing. Mercari increased their fee structure by about 2% AND added a $2 charge for withdrawing funds. But they advertised it as though they were doing something generous for their buyers. I would just have appreciated the transparency if Poshmark had just increased their fees because one way or another I have a feeling we will be paying for it.
Anything under $20 will actually cost both buyers and sellers more now. Even items that are under $25, the difference its just pennies but cost the buyer more becuse they have to pay the new fee. This is a really bad idea. It was designed to benefit poshmark and not buyers or sellers. I prefer for them to take the 20%
I just sold an item for $21 and make $17.39 when before it would have been $16.80. Not much difference but I’m not losing money. It basically covers any tissue paper or thank you stickers used.
@@crystalbriseno1 I guess it depends also on where you live. Where I live at,it will cost me more as buyer and as a seller. 😡
I just sold item for $18 and was charged $3.63 when before Posh would charge $3.60. So, I lost 3 cents
@@natalyalaisha8287 you lost money and also the buyer because they paid for the protection fee. The only winner here is Poshmark. 😔
@@sandral5801 so sorry to hear that. I totally understand your frustration. So far today I haven’t lost any money but I guess I will have to wait and see as the numbers add up.
Unfortunately, I have such limited sourcing and mostly lower bread and butter that I find. I think it will discourage the buyers looking for a lower priced item with the extra fees. My cost of goods is not that low, no bins. I actually do not like this at all. Thank you for the video and break down. Also, love your longer videos so I can watch and work.
Your point of the lower priced people which a lot of my stuff. Unfortunately, now is, I think this is the real threat to us more than anybody else, because now, what the buyers you're going to pay nineteen dollars for a ten dollar t shirt that just doesn't make any kind of sense
@@djdannycosmo I feel like when they added the tax on online sales was a big difference for me on re selling . Since then, adding this will make a difference in what price ppl will pay. I love Posh for the ease of listing and for the fact that I am very comfortable with what sells for me there. However, this year has been really rough on there. Im not getting much love on Ebay which is actually where I started. I just seem to only find small sizes, I think that’s part of the problem, I used to be able to sell them but not so much now.
@@djdannycosmo How is a shirt now nine dollars more? Buyers were paying for shipping before, so that part isn't different. The increased cost for the buyer on a ten dollar shirt is more like $2 not $9.
@@pnw-coast That is true, but when a buyer clicks on "buy now" the total price is almost doubled. $10 to $19.78 ofc it also depends on tax & if they have a shipping discount. I would assume most buyers won't click on "net charge" to check the price break down 😕
This sucks for buyers. Since Mercari started it I have never bought anything on their site and I have only sold 1 item cos buyers low ball u to make up for the fees. Very bad business model.
I still do well on Mercari my average order is around $40
@@la6136 Good for you. More expensive and high end items will continue to sell cos they are still a great deal but the cheaper items become ridiculously expensive for the buyer with all those fees .
I like the spin on "buyer protection", at least the buyers will perceive it as value to them. Im wondering if it means theyre going to make returns easier on the buyer though.
Good question
I was waiting to hear some program like "you can return anything you want basically" and then Posh takes it and sells it to a third party or something when I heard "Buyer protection" I think there's a new reselling site that does that. The seller doesn't get hit unless of course it's a fake or something egregious. But sounds like it's no different than before. They are just putting a spin on the fee....
I believe they are being super generous with returns right now. I had an item come back returned today that poshmark approved because the customer said there was lint on it. When I opened the package there was NO lint. I sent an email to poshmark earlier this week and they said they "had "to approve it because they could not prove if there was or was not lint. Even if something does arrive with lint that does not make a product defective. Looks like we will now be taking returns.
Did you mention the 5.99% fee is also charged on SHIPPING fees in addition to sales tax, for both buyers and sellers. The previous 20% fee was charged on purchase price only (seller paid).
eBay has been doing this too
@@la6136 Yes you are correct, but Ebay does not have barriers to entry for Buyers - NO FEES FOR BUYERS on EBAY! I loved that Poshmark only charged 20% fee on the ITEM purchase price, but alas no more.
I agree 100%.. best thing to do is what's best for our business within the variables of the equation we dont have control over! ❤
I just wish they had waited until after Q4 - this will hopefully normalize after awhile, although it hasn’t for my Mercari business, but I don’t want to waste time right now waiting for that to happen. We’ll see what happens… 🤷♀️
I loved Mercari until the 0 fees. Now it's a great place to put your clearance items.
@@jenifferjohnson9270 yes, exactly!
Buyers also pay the 1,2,3 fixed fee based on purchase price (exact same fee charged to sellers). PM is charging seller and buyer the exact same fee.
Thank you for sharing this video. A couple of things that stood out to me. One being I understand the frustrations of sellers who have the bread and butter brands and how it could impact their business. The other is to consider restructuring your pricing strategy to accommodate the cost of your customer, another consider diversifying your selling platforms and thirdly track your analytics to make adjustments and try to find new sources at lower cost. Prayfully these changes will have a positive impact for both the buyer and the seller. ❤
I think if they made the shipping less, the buyer protection fee would not be a factor. I see they created a new lower shipping "plan" but lower shipping should be a standard thing for items less than a certain weight. Also, a lot of people shop on Poshmark that sell on the site so in that case, it may not make a difference to those people.
Thank you for the charts! very helpful!!!
Poshmark ambassadors automatically can give their buyers a $5.99 shipping discount. No cost to either buyer or seller. Hopefully it's enough incentive for the buyer to click pay!
@@thepinkhippieco Wow I didn't know that. Thanks for that gem
I’m a seller but have bought on Poshmark also, but no more. I will go to EBay if I’m looking for something. Why not just reduce our fees to 12% and the 1,2,3 structure? This will drive buyers away as it did for me on Mercari. (One sale over there since the change). I will do more cross listing to eBay. Adding more costs to buyers is ridiculous. And I always offered 20% and a shipping discount. Now I will have to offer more off so I really won’t make any more. I’ll still continue to list though. 💁🏻♀️🤦🏻♀️
It's coming to ebay too I've heard. Rumors of course but...
@@suzannehogue Yes, it has in the UK. If everyone does it then we’ll be on an even playing field again. Sucks for buyers. I don’t mind paying fees. It’s part of my business. Consumers don’t want to be nickeled and dimed to death on every purchase.
@@HeyJudeThrifting In the UK, it's only for "private" sellers. Sellers doing volume and actually trying to make a job out of reselling will have to be "business" sellers and have selling fees. The taxing authorities in the UK are not going to let so many people keep faking that they are private sellers when they are actually businesses. Some UK sellers are going to be in a for a rude awakening when the HMRC puts on the pressure.
And about the 12% instead? Posh gets more revenue charging the 1/2/3 on both sides of the transaction. You can run the numbers to see what they would get from charging 6% + 1/2/3 (x2) compared to charging 12% + 1/2/3 (x1).
@@pnw-coast thanks for the clarification on uk. Yes posh will make more but at what cost? I won’t buy any more. At least on Mercari you can use your account balance to skip the buyer fee. Not perfect, but at the moment I will not consider buying on posh and I have a few items I was watching.
@@HeyJudeThrifting If they are items you wanted, then how about making offers for a lower sale price but your total cost would end up being the same. It's like the idea of something being $22+$8 fees or $30 no fees. Either way, the buyer's cost is the same.
Buyers always had protection. The wording is ridiculous
Yup they have always had protection the wording makes it sound like they never have before...seems slimy
Very very slimy
I think they also offering discounted shipping options for Poshmark ambassadors, so that might enhance sells if the buyer see lower shipping they might not be so bad for buyer
They are now with the beta testing.. is the discounted shipping going to be permanent?
As a buyer, these fees will definitely decrease how much I buy. I typically buy things between $15-$45, but not bread and butter brands, rather I wait for deep discounts on better brands. Shipping and taxes already add significant costs, so an additional fee like this will deter me from buying. Maybe my decision making process would be different if I was someone who didn’t mind spending $100 on an item, but for lower-priced items, this is not good.
It’s a money grab for posh.
I sort of feel like it will alienate buyers sort of like Mecari and I wonder if the platform is suffering something that people are unaware of.
Thank you for doing his and putting together the fees charts. I had such a difficult time figuring out what Poshmark was doing. I am a visual and doing learner so your charts are a huge help.
My first reaction was annoyed but then I had the same thought as you: I don't own Poshmark and they're gonna do what they want so if I want to continue to use their platform , I need to adjust to the changes. We shall see!!
My guess is more buyers will expect sellers to pick up the fees to close the sale so we're going to make the same as before. My sales have been fairly consistent month to month so I'll be able to see the impact at the end of October. My closet is mostly cool weather clothing and accessories and Fall/Winter is my best season.
I think this should be good for sellers, if someone sends me $5 offer for lower price item I might consider if I have it price $5 at ebay.
Shipping discount sounds like a good idea
Great charts and break down! TYSM!🙏🏼 Also, wanted to point out in the second chart that the old fee structure of 20% was actually much higher for items priced $15 and lower because Poshmark took a flat rate fee of $2.95 for all these sales, so a $10 sale would yield a $7.05 payout not $8.
It will be interesting to see how the new fee structure works when there's a case opened, returns or other situation where the sale doesn't go smoothly. I think it's going to be much harder to figure out who pays what. Also with regard to seller's income tax, how in the world are we going to report the amount we're now subsidizing on the buyer's sales tax? Will Poshmark be giving sellers an end-of-year tax report that breaks out what we need to report?
Subsidizing the buyer's sales tax? What? Sellers aren't subsidizing sales tax.
The profit for a $10 sale is actually much higher compared to the old fee structure. They'd charge $2.95 on any sale $15 or less...so on a $10 sale we'd only be making $7.05 profit before. Now we'll be making $8.40. Thats huge 👏
Good point!
I think the fee is figured on $10 + $5.95 shipping + Tax, so that puts you into the $2 + 5.99% range (over $15). The fee would be $3+ (depending on tax). So you're making about the same as before.
@@restyledbyash depends on where you live. I would make $7.85 on a $10 item. that's only $.80 more but the buyer has to pay about $2.13 if I am not mistaken. Poshmark is the only one benefitting from this..
Until the buyers now make their offers for even less. And you won't know exactly what your fee is until afterwards as sales tax varies per state.
Wait - I think you were right! They're using the $1 even if the shipping puts it over $15.
My guess is this will drop sales overall and they will retract in a couple of months like they often do with their policy changes. Honestly I’d rather get charged more fees as a seller than put it on the buyer. The plastic bag example is more to deter the use of single use bags (at least that’s the reason on the East Coast).
This was helpful, thanks.
They also rolled out in Beta for posh ambassadors, $5.95 shipping for buyers, at no cost to sellers.
Nikki the 5.99% is charged on the price+shipping and taxes. I could be wrong but I dont think you calculated it that way.
Yeah I couldn't include tax because each state charges differently for sales tax. I think I mentioned that.. hopefully I did lol
@NikkiBeautyBuys Did you add the shipping charge in? So like for 5.95 shipping plus the 10$ the 5.99% fee is charges on at least 15.95.
Because the %5.99 is calculated on the sales price + the shipping cost + the sales tax your $ 10 sale is essentially charged as a $15.99 or $17.99 sale and then you add in whatever the sales tax is. So a $10 sale in a state with a 6% sales tax and then no shipping discount the 5.99% would be applied to a 10 + .60 (sales tax) + 7.99 (shipping) = $18.59. $18.59* 5.99% = $1.11. Add $1. =$2.11 to get the new actual percent divide the fee by the sales price. The new percent is equal to 21.1% If you apply this to a $5 sale which is what many live sellers are seeing the fee would be approximately $1.79 and an almost 36% fee rate. Now if the buyer also has to pay this then PM is collecting 2 * $1.79 = $3.58 or 71.6% profit for Posh Mark. So again, the only entity who will see a big revenue increase is Posh Mark. This is a regressive tax. The lower your sales price, the worse off you are. Get above $50 and the fee percentage starts improving. Not to mention that buyers are charged. Paying for shipping is one thing, but paying for the privilege to shop on PoshMark? Who are you kidding. I have slowly been moving my closet to EBay but now I am accelerating that move.
Charging on tax should be illegal!
Mercari shifted the fees from Sellers to Buyers a few months ago and it seemed to blow up in their face. Many sellers complained that their sales tanked.
The only benefit to this I see is that maybe all the cheap $3 live show sellers will leave and go to what not because buyers don’t want to payfees on cheap items.
Got the email from Posh yesterday (10/2) afternoon, just after 2pm PST. I had read about it before that though and went looking for more info on the Posh site. Saw a banner atop the News feed and clicked through that to read about the new fee structure, so the email wasn't a surprise. Although what was a surprise in the email was the "Posh Pass" discounted shipping beta, which was a pleasant surprise.
Yes. this 1000% prevents me from buying from Poshmark the way I once did. I loved getting lower cost items. However, now it's not going to be worth it.
Heyyy Nikki thanks so much with this information. I received an email, but didn’t quite understand it. But this information was awesome. I screenshot the chart you did. Thanks for sharing🌷
this may work out great for me bc I'm a high ASP seller 😂😂, $68, i sell a lot of $100+ items. another great video, Nikki!
I just looked into buying a $30 sweater. It would have cost me $44.56 to buy. protection fee was more than shipping. As a buyer that is a solid no for me.
Oh, wow…unless it was a really special sweater that was incredibly priced to begin with, I would have passed on it too.
That's sounds like a lot. What is your tax amount? Were you getting $5.95 shipping?
@@les0101s it says 5.95 shipping 9.25 tax and buyer protection fee. I live in NYS so that accounts for the tax portion but dang.
And that was with a tiny bit in my account taken off the total
@@heatherwagner309 Wow, that's a lot.
I'm worried about this too, however, I made a sell today and my profit was actually quite a bit more than it would have been if I sold the item yesterday! In addition, the discounted shipping POSH PASS for Posh Ambassador's is helpful as well. I'm hopeful.
I think they want to get rid of the cheapness on the platform. I think it’s great!
Proffessor !!??? That’s awesome 👏
The cost of shipping on Poshmark would keep me from purchasing a lightweight inexpensive item. Add buyer fees and I would shop elsewhere.
Good morning, thanks for the video. I just had a $20 sale, and received $16.32. So that is $27.97 (full price shipping, even though the buyer paid $5.95) X 5.99% + $2 = $3.68 in fees. So an additional profit of .32 cents. Crazy! Love your videos. Good information always. Thanks.
Was this a full priced sale, or did you make an offer to liker? I'm curious if the $5.95 is on every sale.
If the buyer paid $5.95 shipping, then your fee would've been based on that. More than likely, it's coming out to $3.68 because of the buyer's sales tax. If they had 8% sales tax, then the total sale would've been $28.03 ($20 + $5.95 shipping + $2.08 sales tax). The 5.99% fee on that is $1.68, so then you get the $3.68 total fee.
I absolutely hated it as a buyer on Mercari. I hate it as a seller for posh. I think I’m going to offer free shipping on everything and make sure my ASP is $50+
the shipping is $5.99 for ambassadors and using closet clear out its less
If the buyer returns something, do they get the protection fee refunded or is that a sunk cost?
If you are an ambassador Poshmark is giving the buyer discounted shipping every item in our store and we don't have to pay for this, so that should help. So far it's until the end of the year.
Mercari sales dipped once they added that buyers fee. These sites can’t add fees to buy they don’t buy the shit anyway😊
This will be good for sellers whose model focuses on higher end and higher priced vintage items. The bread and butter sellers, like myself, are going to struggle. EBay is starting to look like a better platform for profit. I don't live in an area where I can source higher priced items.
I think it's the same on the internet I order something on Amazon for 9.99 my order came to $18 because 6.99 shipping then taxes
We need to adjust our prices accordingly. I will also be transparent and note that there is now a buyers fee and that I am adjusting the price to help with that
Yes! Always look at the positive! Love it! My Motto ❤ Also we have to work with we have! 🎉
Did you mention the automatic shipping discount (I believe $5.95) for Posh Ambassadors?
Maybe people with smaller purchases will do more bundles. 🤔
I setup a closet again and within 24hours I deleted it. Don't know what I was thinking.
In regards to a shipping discount- the email sent out also referred to a shipping discount that is in beta for Posh Ambassadors for $5.95. Everything in MY closet is $5.95 shipping right now- through nothing I've done. Apparently they are doing this through December 31st... maybe in an effort to cushion the blow to the buyer?
Good for sellers but not so for buyer, the buyer will have to eat 12% and $2, $4 or 6$ cost so they will not compete with eBay and other platforms
If you're a posh ambassador, the shipping fee is only $5.95.
Im so done 5,000 sales and like going through all the ups and Downs down, just to say, f*** it quit, and now I gotta go somewhere else. The good thing is, you know what I mean. As a dude that like sneakers or so many other better places, I can go instead of trying to deal with the nonsense obhage and how slow it is to like, actually changing with what guys want now and as for guys as a platform, it's a f****** jail. Joke, but dude, it just sucks that this is where I got everything going, because I failed on ebay early and made my whole career on posh and now it's f****** b*******I just, this makes me so sad right now
IMO Posh has never been a good platform for lower end items, maybe this will help bring them back from the garage sale mentality. Personally I won't list anything on posh that's under $20/$25, buyers don't want to pay $8 shipping on a $5 purchase. People were outraged with the mercari change and I still sell over there and haven't really seen a change in the volume i'm selling. Perhaps we will have to lower prices a bit to compensate?!? And if you are a FT seller you should be on multiple platforms - ebay has always been my most profitable
For a $20 item, it will cost the buyer with $5.95 shipping plus buyer protection and tax = $30.84. Just to give you an idea. Buyers don't want to pay to buy something.
I’ve made a couple low dollar sales today for $20. The profit for me is only a few cents more. So posh is making a killing now with the additional seller fees. Cash grab that only benefits posh
No kidding! Posh is now getting over $7.36 on a $20 sale (with standard $7.97 shipping), when previously they would've received just $4. The next thing they'll probably do is increase the shipping, because that cuts their cost and also increases the fees they collect from both sides of the transaction.
What about with bundle sales? Is the fee structure per item or on the total sum of the items?
Total sum
@@NikkiBeautyBuys Thank you!!
Posh is Giving Shipping Discounts to buyers if they shop Posh Ambassador's Closets. So if you buy your getting a couple $'s Off and Sellers Don't have to give up a $2 Discount! This will help offset some increased fees! Also my first sale today I gained .21 Cents. So meh!
I am concerned about the fees for buyers. Time will tell
I just watched an 8-minute Apple video on the new phone because I plan on getting it. hope you got at least a dollar from me lol but, personally, I wouldn't say I like the idea of buyers paying additional fees other than that, it's all good.
HAVE YOU TRIED TO SELL ON MERCARI?!?
No, 5 platforms is enough for me for now
I guess no more buying on Poshmark time to go elsewhere
also what is Posh about Old Navy ?
Hi. my name is Rich. I think we will see more resellers build their own websites. I am one of them with my own online store. I seen this coming a few years back when I built my own store.
Did anyone ever tell you that you look like Simone Biles?
With most of my sales as lower dollar amount, I am lived. Mercari died because of this. I am so angry. I’m moving everything to eBay (I have half there)
I am livid
Thank you for this video Nikki 🩷