Another important key to success on Poshmark is the product you sell. Poshmark allows us to sell gently preloved items to retail items. Now before I tell you some extremely useful tips on buying wholesale/selling retail I want to impress upon you exactly what NWT RETAIL is because all too often I see many women who simply don’t know, so the jeans they purchased last month while shopping at Express that don’t fit and are still NWT, end up being listed as NWT Retail. This, my fellow entrepreneurs and fashionistas, is not retail. Here is the breakdown (and I share this with you because I don’t believe Poshmark has truly educated the entire community enough about the difference)…
• pre-owned – an item you purchased, wore, washed and are now selling
~ a subcategory of pre-owned is also NWOT (new without tags) – an item you purchased, took the tags off and hung in your closet where it never saw the light of day again. This item has NEVER been worn. It’s as new as it was the day you bought it, only the tags have been removed.
• NWT – an item you purchased and has the actual store/brand retail tags still attached. This has also never been worn.
• NWT RETAIL – item purchased, normally in “packs” from a specific vendor/boutique label/brand for the sole purpose of selling retail.
Yes, ladies do hit up the big sales at the mall and department stores to buy up those fabulous designer jeans on clearance for 75% off for the sole purpose of reselling them on Poshmark. However, this is NOT in anyway NWT RETAIL.
How do you purchase wholesale items to sell as retail you ask?
Generally, buying wholesale to sell as retail requires a federal tax ID #. This is very simple to obtain. Every state is different but the general process consists of filling out a few papers and submitting them for approval. Then the government will send your very own and unique tax ID #. This opens a whole new world of possibilities for you. There are websites filled with very on trend boutique labels to suit any style, age and gender. You cannot access these wonderful sites without a tax id. If you’re serious about starting a business, get your tax ID.
I truly believe to find your full potential and success, obtaining a tax ID to purchase wholesale is the way to do it. However there are other places you can purchase wholesale without a tax id and they don’t overprice the inventory. Here is a small list you can start with.
– prices are low
– quality items
– free shipping on orders over $300
– there is a 10% discount code you can use with every purchase (WFS10)
The only major negative is that many people recognize their models. So try modeling your own inventory, getting a friend to model or paying a model. Ultimately, this will serve you better than their stock photos. However, you can use their photos and still make sales. I personally can attest your odds of selling at a better price when not using their photos though.
2) aliexpress.com or dhgate.com
– very low prices
– decent quality items (but you have to really learn how to shop on these sites to buy the quality items)
The only major negatives with these two sites are that they are in China and if you don’t know how to shop on these sites you can end up with items you wouldn’t donate, never mind sell. However if you shop smart – it can offer a great profit margin. The last downside can be the cost of shipping, but if you’re purchasing numerous items and opt for the cheapest shipping method once you factor in shipping multiplied by the amount of items you’re receiving you will usually find yourself paying maybe a few cents to a dollar per item to ship which is really a good deal.
There are other sites you can find online to buy wholesale without a tax id. Look into it. Do research. Find your own vendors. It’s being unique that helps create success.
If you have or will be getting your tax id one great site with thousands of vendors and amazing items is:
They have good stock photos and you can use them. The price points are good and there’s room for profit. They have thousands of wholesale vendors and you can find items that will make you stand out.