It was recently reported that the sneaker resale market could potentially reach $30billion (£21billion) by 2030. With popular resale sites such as Depop and Vinted reaching their highest spike ever in google searches, there is no better time to earn a little extra cash by diving into the world of resale.
With this in mind, and in honour of National Old Stuff Day (March 2), the experts at money.co.uk spoke to popular Depop seller Abena (fro_aestheic), who has built up a loyal following of 16,000 followers. The money experts have also provided their own tips and tricks about how to earn money from your old clutter online.
It was reported earlier this month that former glamour model Katie Price made £2,500 on Depop in five days. Depop seller Abena revealed that she has made around £4,000 since April last year just from selling her old stuff.
Abena told Money.co.uk:
“The best piece of advice I could give to someone looking to start selling their old items online would be to take good photos and make sure your description is clear, including all the information needed, material composition, measurements etc. Look at your favourite stores or sellers and see what they’re doing well and learn from there.”
When asked about current resale trends, Abena said:
“I’ve noticed there’s been an increase in demand for preppy jumpers, for example, argyle and cable knits. Cable knit jumpers definitely sell well for me at the moment, especially if they’re v-neck.”
‘National Old Stuff Day’ falls on March 2 every year, and is a great opportunity to clear out unwanted goods to make some extra cash. Salman Haqqi, personal finance expert at money.co.uk, has provided his top tips to maximise potential earnings from old items:
1. Detailed item descriptions
It is vital that you cover all the important points that a potential buyer would need to know within your description. This will help your customers understand what they’re buying and reduces the number of questions asked, increasing the speed of sale.Aim to keep the description within 120 words, as buyers may not have the time to spend reading, meaning they could go elsewhere in the blink of an eye.
You should include the brand name, measurements/sizing, condition, and material type. Additionally, noting any unique details of the item, such as embroidery or meshing, will give the shopper a clearer view and make it more enticing.
One of the most important aspects of your description are hashtags. Using hashtags that relate to your item, will help attract buyers you are hoping to target.
Platforms like Depop have a limit of five hashtags, so make sure the ones you choose are relevant. Avoid spamming the description with unnecessary hashtags as this will make you look untrustworthy.
2. Upload unique, but clear photos
Another important step in securing a sale is by ensuring your images show the item clearly. Too often sellers take poor quality photos. Often the picture is too dark or has a filter that alters what the item actually looks like. Some even make the cardinal mistake of having messy backgrounds. These are all sure-fire ways to turn a buyer off.
Good lighting and arrangement are essential to flogging your old items, as it shows them in the best way possible. Having a consistent photography style throughout your page will build trust among buyers, as the more official and put-together your photos are, the better.
3. Keep an eye on trends
Keeping an eye on trends is extremely important when selling old items online. This is particularly true when it comes to selling clothing items, as old fashion trends often come back around. This is proven with the current popularity of noughties items. Research from money.co.uk discovered that searches for “y2k top” have increased by 950% in the past year!
Looking at the explore page of other verified sellers on Depop can help you understand what is currently in trend. This is key in looking to maximize the amount of money earned on the app.
4. Friendly and fast customer service
Being quick to respond to queries on reselling platforms, such as Depop, eBay, and Facebook marketplace is essential. Make sure you reply to customers within a day, at the very latest. This will help you to sell your items faster and keeps people interested.
While it is important to respond to people quickly, it is equally important to be approachable. This will help you to build a rapport with the buyer and increase their trust towards you, so they’ll be more inclined to make a purchase.
5. Offer bundle discounts
If you’re having a major quarantine clear out, you may be able to sell more items by offering bundle discounts. In the description of your items, mention that you’re willing to offer the items at a reduced rate if more than one item is purchased. This will lead the buyer to your profile and encourage them to have a bigger look around!
6. Staying safe online
It is extremely important to stay safe while selling online, so we recommend only communicating with potential buyers using the messaging and chat services provided by each platform. Avoid placing your contact details in your profile or product description. Finally, no matter how trustworthy a buyer seems, you should never dispatch an item without receiving payment first.
To see the more detailed guide on how to buy and sell online, please visit money.co.uk’s blog post here: https://www.money.co.uk/guides/buying-selling-online-marketplaces.