Whether you are a seasoned reseller, or someone that has sold for fun but wants to now take it to the next level, this article you will teach you about THE most important tool that you can use as you go on your Poshmark journey. I will go over the many benefits of using this tool and what your numbers are trying to tell you.
This tool is for you if you have been selling here and there for a while but aren’t really getting the numbers you want. This is also for you if you have been selling for a while but feel like your business is stagnant. You yearn for growth and don’t really know how or where to start.
This tool is not for you if you have no interest in the beauty and secret language of numbers. Except here is the thing, if you want to run a successful business of any kind (whether you want to resell clothing, open a lemonade stand or build a fortune 500 company someday), you need to learn to care about numbers.
What Your Numbers Are telling YOU about Your Business
I had made some buying mistakes and had some items that would just not sell no matter how I priced… I was feeling a little lost with all of it. I had access to the Poshmark Sales Report, but I wasn’t really getting the information I needed out of them.
The GCC Business Dashboard is a tool I created for my own business. I wasn’t getting much out of the Poshmark Sales Report. I am an extremely visual person. I need to see my numbers in charts and pivot tables to be able to read them. I had used a reporting system before but I needed it to be simplified and visually pleasing (you guys KNOW how I am about visuals).
Once I started analyzing my numbers in chart and table format, the craziest thing happened… they began SPEAKING TO ME! My numbers were telling me exactly where I had areas of opportunity, where my time was best spent, what to buy, and how much to buy it for! It was amazing! All the guessing had been for nothing. All my answers were RIGHT THERE.
What exactly can you learn about your Poshmark Reselling Business from using this tool?
Well, the possibilities are endless! I am able to tell where I should spend my time as far as categories, where I need to price to move my average sale per unit up, what brands I should focus on, even down to what colors move fastest!
Business Consultation Client Example…
I was looking through her overall numbers, figured average sales per unit could be higher. I was already thinking of normal ways I could help her business and then I got to the categories section. Something here screamed STOP LOOK DEEPER! It literally stood out like a sore thumb! (This is what happens after you have been using this thing for a while, the numbers literally scream at you!).
And there it was! A BIG area of opportunity I was able to find in a client’s business just by looking at these charts and using my past experience with the platform to analyze them.
Okay, so without reading ahead (no cheating, this is a learning exercise), do you notice anything weird between her Top Categories by Unit and her Top Categories by $ amount? Make a mental note of anything that might not make sense to you.
The Story of the Missing $880
This client has SHOES as one of her top selling categories by units, but it does not appear in her top selling categories by $ amount. This is odd because it is literally her #2 category by units, and from my experience, shoes tend to be among the best profiting items. They keep a lot of their resale value and for most clients it is on both top categories by units AND by dollars.
This sent up a BIG red flag for me. Why doesn’t the “SHOES” category make it to her highest dollar producers? As soon as I clicked her closet and clicked on her shoe solds (if you are newer to the platform, this just means any past items marked sold on her page), I saw the problem.
She has been heavily underpricing her shoes the whole time! She mostly buys her items at thrift stores so her cost of goods is very low. She figured she was making “enough” money based on what she paid for. The truth is, she was way below market pricing on a lot of her sales. I would say she could have made at least $20 more per pair. So… let’s do a little reseller math!
If she had added $20 to her sale price, times 44 pairs, that would give her an additional $880 for the same amount of work! Yes! $880! Talk about monetizing information!
How do I know this? Well, I went back and found sold records for the same exact shoes and they had all sold recently for much higher. This was all discovered by using The GCC Business Dashboard. This was just one glimpse at one category on the entire report! Imagine the possibilities!
Now ask yourself, do you have a similar story? The story of the missing $500? $1000? (GASP!). This is just the tip of the iceberg of what this report will help you see! So, what are you waiting for, girl? Get on the transformation train! (Should I just go ahead and copyright the cheesiest phrase ever uttered?).
How is this different from other reporting tools and apps?
So, the truth is, there are a lot of reporting tools out there. Some are even way more advanced and techy, but here is the thing... there is such a thing as too much information! Sometimes, it is better to have less detailed information (for example info on every single piece in your closet), and more of an "overall" vantage point.
As many of you may know, I worked in the corporate world for a while before I started reselling. I was a Brand Manager for a HUGE, world renown national beer company. My direct boss was the CMO. We had access to THE most cutting edge reporting systems and tools etc, but when we would present to him or the field, we would dissect the complex reports and take out THE most impactful information.
This is why The GCC Business Dashboard is so simple. It is not meant to be run daily. There is no point in running daily numbers, there are no patterns or trends there! The best way to find these patterns and trends is to run reports every few months, put together an action plan, and do not run reports until the time frame is over. THAT is how you see real change.
The other part that I am not a huge fan of is the GIANT amounts of data collection happening with the sales reporting apps. They are literally collecting all the information you are giving them and selling it back to the companies who will then use it to find ways to make more money off of you.
The GCC Business Dashboard is just a one time purchase spreadsheet that lives on your computer forever and ever. It reports back to no one. It is just yours to keep and track. It is as simple as that.
Here are a few things you should know about The GCC Business Dashboard…
- This is an Excel dashboard, it will ONLY run on Excel spreadsheets
- You must have at least 97 units sold in the report you are trying to run
The reason for this is, you need some “meat” on these reports to actually see patterns and trends. I do not believe in running 1 or 2-week reports. They don’t really show you a full glimpse. You need a good amount of time or product for these trends and patterns to POP!
That’s is it. That is all you need to know because The GCC Business Dashboard will do EVERYTHING else for you. You just need to follow the instructions on the instruction tab, click refresh, and watch it do its magic.
If you are ready to take your business to the next level and find out what your numbers are trying to tell you… click here The GCC Business Dashboard and join the fun!
If you are a GCC Insider, you have a special offer sitting in your email. If you are new here…
- Welcome! Make yourself at home!
- Make sure you sign up to my newsletter to get all sorts of great information about reselling and designer authentication tips (click here to sign up and become a GCC Insider)
- Once you sign up, the first thing you will receive is my “How to Spot a Fake Designer Bag in Minutes” full lesson and downloadable infographic.
- And lastly, use code GCCINSTADASH to get $5 your The GCC Business Dashboard!
Ladies, I cannot stress the importance of knowing your numbers and being able to decipher what they are telling you! There is so much information that you can get just by looking at these charts. Take advantage of this offer, get your chart, start playing with your numbers and goals, and watch the magic happen.
I will be offering a FREE Zoom call in the next couple of weeks for anyone that wants to learn how I use these charts. Stay tuned for the date, it will be announced on my insta @theglobalcollectiveco
Thank you for your time! I hope you loooove this thing as much as I do!
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Do you want to know about The 5 Most Important Lessons I learned in the fashion industry that helped me build a successful luxury resale business? Click here to read!