Chloe Binetti, a New York native who's turned her digital closet into a nearly six-figure business, shares her must-know tips for reselling online.
With temperatures rising, you've probably started purging your closet to make way for fresh summer finds. So why not make some money off those those too-tight sweaters and spontaneous purchases you rarely ever wear and no longer need?
Thanks to sites like Poshmark, thredUp and good old Ebay, it's now easier than ever to earn a little extra cash or even make a side business out of your wardrobe—but there are a few keys points to follow in order to be successful. That's why we turned to Chloe Binetti. Since signing up for Poshmark in 2013, Binetti now makes nearly six figures per year selling her clothes on the site. Read on to discover her expert tips for closing an e-deal.
Set an attainable goal for yourself. For example, if you want to make $5,000 in a year, that’s about $400 a month. “If you focus your energy on selling, you’d hit that goal quickly—whether you’re working part or full time," says Binetti.
Once you've determined your market, the next step is to source well. “I base my sourcing on two things: Current trends and the amount I’m buying an item for," she says. “Whatever people on social media are wearing, others are buying it—so the more likely your piece is in tune with this the more likely you’ll be able to make a sell. At the same token, just because something’s on trend and you decide to buy it for $30, you may have a hard time reselling it. The only time I'm less concerned about pricing is when something is timeless. For instance, with a classic piece like Chanel, I don’t care if I originally buy it for $1,000 because I know I can always sell it."
Do market research to determine how to price your items. While you can do this through a quick Google search, resale apps often feature tools where you can see how much the same item has already sold for on the site. “Even if other people are currently selling the same item, you don’t necessarily need to list a lower price to be competitive,” she says. “After all, it only takes one customer to come across it and give you an offer.”
Model your own clothes so shoppers can visualize how the pieces will fit. Even when you list specific dimensions, it can be hard to gather these details online.
Be specific. “Describe every little detail about the condition of your item,” says Binetti. “For example, if there’s one tiny nick, mention it—otherwise people will complain. Also, offer outfit suggestions to help shoppers visualize how your piece can easily mesh with their own wardrobe."
List, list, list, and share your content regularly. The more you share your listings on the site you’re selling, the more visible you are to buyers.
Keep track of your inventory from the beginning. “I cannot tell you how many orders I’ve had to cancel over the past year because I couldn’t find the item someone wanted,” she says. “I couldn’t remember if I kept the item in my house, in my storage unit, or gave it away! Staying organized is key to limiting your losses.”