Sellers have to come up with a promotional strategy to entice buyers that usually involves a demonstration of their knowledge about how discounts work. In this case, we'll be discussing how discounts work for Depop.
Depop is a popular resale online marketplace similar to platforms like eBay, Etsy, Poshmark, and ThredUp. For Depop sellers, in this blog, we'll be going over what you need to know about the tips and tricks for pricing your items and offering amazing deals with valid discounts that won't lead you to a loss.
Here's how Depop discounts work
If you're a seller on Depop and it's your first time to set up your Depop discount code, here's what you need to do:
Setting it up
- Tap the home icon, then scroll down and tap Discounts
- Select the items you want to discount, and tap Continue
- Use the slider to select the discount you want to add to those items, then tap Confirm
- If you want to add a different discount to other items, repeat the steps for those items.
The buyers will see the discounted price next to the original price, and their purchase will automatically go through at the discounted price.
Which items can I discount on Depop?
You can discount any items listed in your Depop shop. If an item was already discounted, setting a new discount will replace that one.
How many items can you discount?
There's no limit to how many items you can discount on Depop. Still, you can only update the discount for up to 100 items at once, so make sure you're keeping track, so you don't have any trouble or mishaps when you're planning time-limited offers on favorite products.
Setting your pricing
So now that you know how to set your discounts using the platform's sales function and have the items you want to list, it's time to name your price. Knowing how to price items is the first and most critical step to making sales and turning your little shop into a profitable shop on Depop without burning a hole in your pocket.
When you think of great deals at amazing prices, you can think of retail giants like Walmart, which makes you wonder how they do it? Here are our top tips on how you can improve your pricing strategy:
Do your research
The first thing to do when you aren't sure how to do something is to do your research, and in this case, on how to price your items on Depop, the best way is to start by finding out a ballpark figure. For different marketplaces in the online mobile space, many new sellers tend to undervalue their items and end up at a loss rather than a profit, so to pick your price, you have to put in some thoughts into the real value of your item. Find out the overall market demand for the item and learn what other people are buying and selling it in the local and global market.
Check your margins
When choosing your price, always think about your profit margin. This is the price difference between what you paid for and what you want to sell an item for. After all, material and quality will significantly influence your item's value and the Depop offers that you should consider. For vintage items, age adds value, and the older it is, the rarer it is. Based on your pricing factors, these will help you land on the ideal prices for the best total offers. Remember to only give a valid discount that won't compromise your earning.
Considering Depop fees
Your pricing strategy should always factor in the Depop fees such as the 10% of the selling price (this includes the product's price and any applicable shipping fees) in both the UK and US. The fee is taken automatically from either your PayPal or Depop Payments account, and it can take up to 21 days for that to happen after you've closed the sale.
Discounts and promotions are critical to boosting your visibility and getting more sales. However, they take time which is what we easily fall short off so if you want to boost your sales and ensure that your shop is performing at a level that stands out from the competition, many users use automation software like OneShop.
OneShop is an innovative and customizable tool designed to act as your Poshmark virtual assistant to get an advantage over your competition and boost your sales. It works 24/7 as your own sales expert to improve your reach by automating shares, getting more followers, cross-list to other platforms, and creating offers around the clock. It has a built-in share jail protection to create intelligent schedule variations to optimize your listings to be top of the search rankings.
Try it for yourself, register for a free trial, and enjoy a 7-days with no subscription commitment or credit card required.