What's Up With Poshmark Fee Changes?

Motley Fool11-16

KEY POINTSPoshmark's fee fiasco led to a 30-day nosedive in sales before the company backtracked.Sellers might want to diversify across platforms like ThredUp and eBay to protect income from any ...

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Read on to learn what happened and why it matters for online resellers.","collect":0,"end_time":0,"defaultTopTitle":"fool.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"POSH":"Poshmark, Inc.","BK4122":"互联网与直销零售"},"translate_title":"Poshmark费用的变化是怎么回事？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"POSH":1},"content_text":"KEY POINTSPoshmark's fee fiasco led to a 30-day nosedive in sales before the company backtracked.Sellers might want to diversify across platforms like ThredUp and eBay to protect income from any future Poshmark surprises.Cash back apps make it easy to earn a little extra on the side.If you shop online for used clothes, you may have heard word of a kerfuffle in the fashion industry. Poshmark, the eBay of clothes, proposed a riot of a fee change in October. The company sent out an email to sellers notifying them of the impending changes to fees.It was long, there were decimals, and well, things got ugly.To spoil the ending, sellers and buyers revolted. Poshmark did a 180, sending out an apology email and rolling back the changes. Here's what the proposal was, how it managed to upset both buyers and sellers, and how to think about selling on Poshmark going forward.\"Buyer protection fee\"\"Buyer protection fee.\" Tell me it doesn't make some part of you gnash its teeth and hiss in irritation. It screams, \"I'm ripping you off and pretending to do you a favor.\" It's jargon. It's also how Poshmark attempted to sell its new fees to sellers. Big yikes.That's not all. In its email, Poshmark led with claims for greater transparency (see below).Image source: Writer's email inbox…and followed it up by introducing a convoluted new fee structure. The previous fee structure charged flat 20% seller fees. Poshmark proposed changing that to this:Image source: Writer's email inboxIf looking at this makes your head spin, you're not alone. My friend (@contempo_closet on Poshmark) sells through the platform full time, and she says the new fees made it much more difficult to estimate sales profits. She also (correctly) prophesied the fees would scare buyers.The response was negativeLess than 30 days after the original email, Poshmark CEO sent out an apology letter, promising to roll back the fee changes ASAP. Honestly, it was a smart move. But why the quick turnaround?In the letter, Poshmark's CEO highlighted two reasons for the rollback:Buyers weren't buyingSeller feedback was badNo surprise there. My friend had been beating the \"sales are dropping\" drum since the fee changes started. Plus, long \"explainer\" videos from content creators like Rebecca the Reseller were cropping up on YouTube to answer the flood of questions people had.Questions like, when are we going back to the old fee structure? Because this one isn't working.Poshmark going forwardThe drama was a red flag. Poshmark management seemed out of touch with reality; their strategy annoyed frequent sellers, their heaviest users. Trust takes years to gain and moments to lose. It's possible that some buyers have left Poshmark permanently.Poshmark's future is a mixed bag. On one hand, Poshmark fee changes have been reversed, and fees are back to normal. On the other hand, worried sellers may be looking at alternate places to list clothes... just in case.Supplementing Poshmark salesMy friend supplements her Poshmark income by sending choice inventory to ThredUp, scanning receipts with cash back app Fetch Rewards, and cross listing products to eBay.ThredUp is a popular supplement for resellers like my friend, who like how ThredUp makes it easy to safely sell high-priced items, like quadruple-digit purses. Doing so can supplement lost income on Poshmark. EBay is also a good place to sell items.My friend uses the Fetch cash back app to scan receipts. Her household collects many of them, and she uses the in-app rewards to redeem gift cards. It's not a lot, but it makes a difference, and she enjoys doing it. Interested? Compare how Fetch stacks up to the best cash back apps.Poshmark vs. eBay feesEBay tends to charge less, but the fees are confusing. Poshmark charges sellers a bit more, and shipping can be pricier, but the fees are flat and predictable.Sellers may want to consider using both platforms. Buyers shop at both. Comparing prices and fees can help you boost your income, independent of whatever changes take place on your preferred platform.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483197265"}