The clothing industry has seen vintage reach new heights in popularity as today’s fashion revolves around throwbacks, nostalgia and incorporating vintage details into classic designs. We’re seeing a wide range as different eras hit the runways under the most respected labels to the up-and-coming. All good signs but vintage sellers are left wondering… How can we ride this wave and get the most earnings from our inventory?
Here are 5 tips to help you maximize your profit:
1. Buy with volume in mind
There’s a thrill when shopping for vintage that many fashionistas fall in love with but when you’re a serious business owner, time is of the essence. You can’t spend an entire afternoon at a store, a garage sale or a flea market and leave with only a few items—or worse, empty-handed. Then there’s travelling to the location and moving to another. Save up on hours you’d be most likely to lose on these trips by purchasing in bulk from vintage wholesalers. You’ll be able to buy the items for even less and that extra time could be dedicated to other tasks such as marketing efforts. Another alternative is to schedule private buying appointments and scrounging stores within a certain area to save up on as much time as possible.
2. Go with the seasons
Embrace change. Refresh your inventory, regardless of how well you did in the previous month. You’re more likely to lose more potential customers if you’re still selling fall fashion by the time winter comes along. Taking advantage of the different seasons also means opportunities for promotions such as sales, announcing the launch of a new products, contests, etc.
3. Build your brand through social media
Many businesses have built strong reputations and relationships with customers via social media. The best part is it’s mostly free, unless you opt for the boosting of posts and ads to get you more traffic which don’t cost much at all. It’s a great avenue for getting word out about your store, catering to inquiries and interacting with buyers. A simple thank you for a good review posted by a satisfied customer adds brownie points to your store’s customer service.
4. Pay attention to details
When you’re selling vintage or used clothing, there’s a high chance of damage, stains, and simply looking worn out. Make sure you only put out good quality finds and send them to the cleaners before posting them on your shop. Product photography should also be taken seriously as people are mostly visual and are more likely to buy an item when it looks great in the pictures. Shoppers are also less likely to buy when they can’t get enough information on how the product looks like. Keep in mind that your buyers can’t see the items for themselves so quality, tasteful photos are essential.
5. Set a pricing strategy
It’s too easy to price an item wrongly when you sell vintage clothes online. If you don’t have any background in retail and the fashion industry, it could be difficult to tell exactly how much a find is worth. This can only be learned through research and experience. Look up the prices of other sellers that have similar items and labels. Google pricing formulas and study each piece of clothing. If you prefer a fixed price, then pricing your merchandise accordingly is needed for maximum profit. Others prefer selling items at an auction and have buyers pay for prices higher than the minimum expected rate.