Understanding the Resale Market
August 17, 2020
Resale is a big industry not many of us are aware of. The internet is a place where you’re able to resell anything (almost) you possess, whether it was a regretful purchase of a Louis Vuitton Belt or some Diesel jeans that you used a couple of times but lost interest and so many more like these. Whenever you think of dumping your old sofa, you make sure to ask your close ones if they need it, just so that nothing goes to waste, but guess what? You don’t have to request your family members or have to give away something for free anymore. There are millions of people around looking to purchase such items, especially because it is usually much more monetarily reasonable compared to brand-new store-bought items. In such situations, our main concern is hygiene as you’re definitely not aware of who used those items and how were they used, but luckily there’s not much to worry about because most resellers are considerate and would also offer extra help with whatever your demand is.
I’ve been talking about how to make your life easy with reselling instead of throwing away things. But you know what? Resale is not just for getting rid of your old things but a lot more. Sneakerheads are a big deal in the US and people could go any length to cop a few of their favorites. Many brands drop limited sneakers, Nike, Air Jordan and Adidas being the top famous ones. These sneakers for the most part are bought by resellers (using bots) who then go sell these shoes offline or on websites that are known for having shoes that are not available elsewhere. Unfortunately, it’s close to impossible to cop sneakers at their drop time without an AI assist so the best you could do is buy them on certain well-known platforms. This is not just a hobby, it’s a way of living. It’s somebody’s side hustle but at the same time it is somebody’s full time business. Easy money is what everybody dreams of, and what better way to start it off with reselling some old items.
Let’s look at some platforms for that quick cash on the side.
Poshmark is known for its low prices on brand new items. To sell those extra items in your closet, create a listing in 3 simple steps- Take a picture of the item, write a description (as accurate as possible) and set a discounted price. Keep in mind that if your item’s price is same as that of retail price, there’s a low chance to attract potential customers. Buyers on Poshmark are looking to buy items whose price has dropped significantly than the original price Learn more about their platform here https://poshmark.com/what_is_poshmark
Even though they have all types of clothing and accessories items on their website, they’re known for their sneaker collection. Sneakers are known to have a greater margin compared to garments, clothes and accessories. StockX is the go-to platform as soon as you purchase a high-demand sneaker. They do charge a fee for every transaction, but high demand sneakers have a very high profit margin, making the fee negligible. But, don’t forget to do your calculations while selling items that do not have a great demand and low profit margin so that you don’t run into a loss after StockX fees. Check out their collection: https://stockx.com
If you’re looking to cop some new release sneakers, download the SNKRS and Adidas app, and follow experts on various social media channels to know an estimate on upcoming sneakers.
I’m sure you’re aware of the very famous Facebook Marketplace. It’s one of the best platforms to sell any used items as many are already doing. This platform is generally used for hardware and electronics, but not restricted to it. Many are ready to buy stuff off Facebook compared to other such platforms because Marketplace is usually used by locals and so the buyer and seller usually get to meet each other while also having a conversation with each other over Messenger. This makes transactions easier since people always prefer a personal touch as it brings more trust with the purchase not having to worry about authenticity, hygiene and condition. Also, Marketplace is known for its bulk trading, so it can be used as a platform for business and not just for petty cash.
This one’s for the ladies! Did you ever wish you could just keep buying new handbags every now and then instead of waiting to make the most of your last purchase so that it’s your money’s worth? Well, Rebag is the best platform. You can turn in a Rebag bought item within 12 months for 70-80% credit that can be used on your next purchase at the store. This way you won’t feel guilty of spending $2000 on a handbag; isn’t it the best? Have a look: https://rebag.com/infinity/
Ready to make that easy money? Good Luck!
Author- Shweta Shetty