Poshmark is a booming marketplace and has definitely changed since the beginning. Now, it has incredible features that have helped both sellers and buyers, one of these features being the Poshmark Offers feature or as some may call it: the “Make an Offer” feature.
Buyers can easily find new pieces that will light up their closets. While sellers can get rid of old items, they don’t want anymore or even build a reseller business. In fact, many people have been finding success in building a Poshmark business either as a side-hustle or a full-time gig.
If you’re new to the app, you definitely need to know everything about the Poshmark Offers functionality. However, whether you are the buyer or the seller, having the knowledge to correctly use the offer feature can be incredibly beneficial.
The following guide will lay out everything you need to know to make the most of the Poshmark Offer button.
By the end of this article, we hope you will be convinced that you should be using the offer feature, understand the right way to use offers and learn how to automate sending offers on poshmark.
What are Poshmark offers?
Poshmark Offers is a beneficial and time-saving feature on the app, that can also help increase your sales. Essentially. The Poshmark offers button allows buyers to place an offer bid on your item. They can offer any amount they want. After that, it is up to you to either accept, counter or reject the offer.
Poshmark Offers makes the buying experience as seamless as possible on both ends. This button eliminates the time that the buyer and seller spend negotiating. Instead of back and forth negotiation messages, the buyer can quickly put in what they want to offer. This also helps to make more sales in the long run. For instance, buyers may see an item they want to buy but are discouraged from purchasing because of the price. As a result, they may not even make an effort to try to negotiate with the seller.
Overall, Poshmark Offers creates a platform that encourages negotiation for both parties to get to an agreement on the price. It is really a win-win game as the seller will sell more items, and the buyer will purchase an item at what they believe is a fair price.
The way Poshmark sets up its offer system is a little different than other platforms. In the following section, we will dig in to explain precisely how Poshmark Offer feature works.
How does Poshmark Offers Work?
Poshmark has its own way of doing things when it comes to offers. Most notably, the method offers are presented and accepted is slightly different from other marketplace platforms. For the seller, offers are pretty straightforward. They are automatically turned on and are not a feature that can be disabled. In other words, when you use the Poshmark platform, all of your items will have an option for buyers to make an offer. However, it is up to you if you wish to accept.
On the buyer’s end, you will see the “Offer” button right beside the “Buy Now” on the item’s listing. When you go to make an offer, there are already pre-made offer options on most items. These premade offer options are 5%,10% and 15% off. You can choose one of these premade offers or go ahead and create your own. The premade offers are great as they give the buyer a good gauge of how much they should be asking off. We will talk more about Poshmark etiquette below and how to make a reasonable offer.
Before the buyer submits the offer, you will be asked to approve a payment method. This is because unlike offers other marketplaces like depop, the offer is binding. So, when the seller accepts the offer, the transaction will automatically go through.
The seller has 24 hours to accept, decline or counter the offer before it expires. If the seller makes a counteroffer that the buyer accepts, the purchase will automatically go through. However, keep in mind that the item is not put on hold for that buyer when an offer is submitted. So while the offer is active and another buyer comes around and purchases the listing for full price or offers a higher price, you will miss out on the item.
You can send poshmark offers automatically with a poshmark automation tool
Poshmark Offer Etiquette
There is etiquette to doing business, and Poshmark is no different. Unfortunately, not everyone follows the unspoken rules on the platform. Therefore, you should expect lowball offers from time to time when selling. Do not take this personally; it happens to everyone. However, there is a right way to deal with offers that come in at an unacceptable amount. Especially if you want the best chance of turning those lowball offers into customers.
An offer is considered a lowball if it is less than 50% of the listing price. So, if you are a buyer and are offering $40 on a $100 item, do not expect to get a good response. In addition, as the seller, do not feel like you have to accept the offer. Most of the time, when you receive a lowball offer, you may give a significant eye-roll and click the decline button without even trying to counteroffer. Or, you may want to sell the item fast and accept the lowball offer right away. However, this is not the best way to respond for the best results.
How to negotiate on Poshmark Offers?
For lowball offers, you should always try to negotiate even if you’re upset that someone would offer such a low price. You never know; they may still want the item even if you counter at a fair price. There is also the option to take the negotiation into the comments. For example, you can use the following script/template to stand your ground and publicly post your lowest asking price.
[GREETING/THANKS] + [REASON YOU CANNOT ACCEPT THE OFFER] + [COUNTER OFFER]
Here is this script being filled in with actual words:
“Hi, there! Appreciate you reaching out. I’ve taken into account the fees and costs associated with this item and realized that accepting this offer would really eat into any profit I could make. However, I am happy to throw in a discount on shipping if you choose to take my next offer.”
You may edit the discount and offerings in the script as you please. However, stating the lowest you will accept publicly and sweetening the deal shows that you are interested in making the sale worth it for the customer. Therefore, they will likely be more inclined to purchase the item.
Close to Reasonable Offers
Sometimes, you have already given a good discount compared to the retail price when you post a listing. However, the buyer still makes an offer even though you are firm on your listing price. This is where strategy can come into play when pricing your listing. We suggest that you should always price your items at least 10% higher than your lowest acceptable price. This way, you’ll have room to negotiate with the buyer and still get the price you want. In addition, you want to make sure that the buyer feels like they are getting a good deal, so using this method to price your listing will give them the feeling that they got a deal on your listing.
You could also state that you are firm on the listing price in the listing description. However, this method is less effective as you miss out on the effects of buyers feeling like they got a good deal. However, the listing may still be worth it as it is an item they really want. This method will also save you both time as it skips out on the offer and acceptance process.
Try either pricing method and see what strategy works best for your store. We find that the second method works well for trending items that are hard to find. Whereas the first method mentioned works the best in any other instance. Therefore, be strategic when deciding the right price for each item.
Reasons to use Poshmark Offers
Poshmark has continuously added new features that make the platform easier to use. The offers part does just that and has many benefits for using it. Here are some reasons you should be thanking Poshmark for the offer feature.
- Saves time in the negotiation process by cutting out direct messaging.
- Buyers get better deals they consider a fair price.
- Sellers move inventory quicker.
- Offerings are binding, so the sale is completed once an offer is accepted.
Final Thoughts on Poshmark Offers
Poshmark offers are definitely a feature you should utilize when using the platform. Using a solid offer strategy will be great for you and your customers. It can help grow your business, gain loyal customer relationships, and get the best price out of your listing. So, keep negotiating offers, never be quick to reject them, and always come to an agreement.