why is depop charging me more than 10

Once youve put it all together, your listing should look something like this. Stripe's code is easily customized for individual apps, making it an attractive option for companies likeLyft and Pinterest. Can you delete Depop reviews? But for me to maybe invest more energy into it again, there would need to be some rethinking of how to do things now that the world is changing.. Sellers can easily promote their store on social media platforms such as Instagram, Twitter, or TikTok, which can help to attract more followers and drive traffic to their store. In sum, both Depop and Poshmark offer unique features to their users, and the choice of the platform often comes down to personal preferences. The good news is, the fees for selling on Depop are relatively low compared to other platforms and are straightforward, making it easy for sellers to calculate and manage their expenses. In terms of the percentage that Etsy takes from its sellers, it largely depends on the type of service they use. The app is available for iOS and Android, and it looks and operates much like Instagramsomething my Gen Z brain could handle. Some of its merchants might switch over to Square or Stripe, or roll the dice with swipe fees on Apple Pay or Google Pay. Lastly, if youre using a credit or debit card to make a payment, your bank may have added any additional fees such as processing fees or foreign transaction fees. . Living in New York City as a college student in 2018 during an endless blue-gray winter was like being dropped off at an amusement park with no money to enjoy the rides. Another type of product that sells quickly on Depop is limited-edition or exclusive items from popular brands. And since the goal is to draw customers who will shop on the website, the majority of the ways they make money are by penalizing sellers. Dozens of the creators it helped establish, such as Ms. Tang, have started taking the brands they built through the app to other platforms like Instagram and TikTok or are leaving the app altogether to establish their own online stores. The fees will be deducted before your funds are processed into your account. Making the world smarter, happier, and richer. While your package is en route, USPS will verify that you've purchased the correct amount of postage for your package. Starting online shopping means you need to learn many things, but knowing Depop fees is probably one of the essential ones if you plan on using this app. https://www.nytimes.com/2022/07/25/technology/depop-gen-z-designers.html. Fast fashion makes fashion not unique, and our users want to express themselves in what they wear, says Raga. Depop was founded in 2011 by Simon Beckerman, an entrepreneur, as a website where anybody could sell anything. We realized we had a lot of events and a very active community who were already doing multiple meetups. Depop has made itself known as the fashion marketplace of Gen Z. Invest better with The Motley Fool. Depop is charging both the buyer and the seller for sales tax. In addition to the commission fee, Depop also charges a payment processing fee of 2.9% + $0.30 for every transaction made through their platform. You get to save time in exchange for money, so theyre reasonable. Saying f*ck it it to second-hand stigma. Jennilee Marigomen for The New York Times. Home; Service. It is important for sellers to keep in mind the commission that Depop takes when pricing their items on the platform. Even an excel spreadsheet that has been properly created and includes some clever formulas will work. I found it hard to even imagine making a profit. Considering your product range and categories could increase potential customers. ???? The customer may pay with Apple or Google Pay, PayPal, or a credit or debit card. Because its solving three of the biggest problems they face, Raga tells, But while there are lots of brands on Depop, its trend-aware users invest more in styling over labels. Makes zero sense why did they take out so much?? As a general rule, its best to offer free shipping promotions on lightweight items like dresses or shirts but to avoid it on heavier things such as shoes or winter coats. Limited edition sneakers, apparel, and accessories from brands like Nike, Adidas, and Supreme are highly sought after and often resold for more than their original retail price. These services are not mandatory, and sellers can choose to opt-in or opt-out of them depending on their preference. A year after that, my first job out of college happened to be a copywriter position for an online luxury-fashion retailer. Ms. Lopez still spends more time on Depop, where she has 30,000 followers, compared with fewer than 1,000 on . However, using Poshmark comes with high seller fees. To transfer funds to your bank using PayPal, you must wait for them to clear for about two weeks. Figuring out what to get rid of is just the beginning. Why are grad school application fees so high? Its also a good place to keep yourself motivated and promote your page to other enthusiastic Depop fans. Depop may not be of such strategic importance to the UK economy as the likes of Arm, or fellow chip-maker Imagination Technologies, both bought by foreign buyers. In terms of which platform takes more money, it ultimately depends on the individual seller and their sales volume. Cookies help us customize the PayPal Community for you, and some are necessary to make our site work. Our community comes first. Having the most sought-after and buzziest designers is crucial to retaining users and growing their number. This makes Depops fees relatively high compared to other platforms, but the company has several features that justify the cost. Instead of thinking about how I would look wearing a new outfit, Im wondering what I could resell it for. It is worth noting that if you price too high, you may not attract many buyers, while pricing too low can result in a loss of potential earnings. She said she was not able to communicate with customers that way on Depop. And she was tired of the app charging a 10 percent commission on every item sold. Although I cant say that my Depop shop earned me a fortune, it did help fund a trip to Tokyo in my first year of selling. You are viewing the PayPal Community Archives. The deal was structured as an all-cash transaction, with Etsy funding the acquisition through a combination of cash on hand and debt. For sales on the platform, Depop levies a 10% selling fee. For example, there is a charge of 2.9 percent plus $0.30. I received only a few bids per item, and I sold them for less than they were worth. Ms. Dancey said she was also building her brand beyond Depop through in-person events, as pandemic restrictions have loosened. Her business surged. Scan this QR code to download the app now. Start by making a list of every variable that might be relevant. ***UPDATE** SWIPE FOR ANSWER!! ChannelX is published by InternetRetailing Media Services Ltd on its behalf.Tel: +44 (0) 207 062 25 25Email: [emailprotected], Be notified of upcoming events and webinars. Depop is a global marketplace and allows buyers and sellers from all over the world to connect, which means there may be additional fees associated with international transactions. But over time, when you have more and more sales and valuable customers that keep coming back and leaving positive reviews, it will all pay off. If a seller lists an item for $20 or less, he or she is charged a flat rate of 10%. (With 12 Easy Tips), Are Nike Blazers Good for Wide Feet? Inspiration arrived during a visit to a friends apartment. By building a strong brand, creating visually attractive listings, promoting your store on social media, finding the right pricing, and connecting with your audience, you can create a profitable online business on Depop. Consider Shopping Secondhand. For more information, please see our When Selleraiders calculator tool completes its task, wham! Depop is more than a marketplace. Uniqlo Return Policy 2023: What You Need to Know, How to Wash Zara Leather Pants? That's why we have a dedicated seller team who'll help you with anything from learning the basics to mentoring you to become a Top Seller. Additionally, some vintage pieces are no longer produced, and Depop is one of the few places where buyers can find them. Stripe charges the same rate. You can buy these services either as a bundle or on an la carte basis. (What else would you expect from a business started by the founder of edgy pop-culture magazine Pig?). Since then, the app has ingrained itself in Gen Z culture, with promoters such as Megan Thee Stallion, the YouTuber Emma Chamberlain and the model Winnie Harlow. These three competitors also have unique strengths. A Beginner Guide, Why is ASOS So Cheap? Our community comes first. On Depop, most of her interactions with customers happened only when they wanted to buy something, Ms. Lopez said. A little prodding revealed that my friend planned (but rarely followed through) on selling their old clothing, often through online marketplaces. I find the fee a fair price to pay to resell something like a ruby red, ribbed-knit top I originally bought for $25. On the other hand, using your own shipping method can also have its benefits. Depop's commission fees are a low 10%, regardless of the listing price, which is partly why the platform is such an attractive option to sellers. 1999-2023 PayPal, Inc. All rights reserved. Interestingly one of the keys to Depops strategy seems to be IRL events and attaching themselves to branded stores (of course the coolest ones!). More than 90% of Depop's 30 million users are under 26 (Etsy average age is 39) and it is the 10th most visited site in the US. Also, there's a PayPal transaction fee of 2.9% + $0.30 in the USA and 2.9% + 0.30 in the UK. Bars, restaurants, and clubs required spending at least $50, so trying to plan a fun night out always boiled down to Can I afford this? Then I found a way to sustain my lifestyle of bar hopping, morning matcha lattes, and even a trip to Tokyo: selling my clothes on Depop. Test out different poses. Depop is a popular online marketplace where individuals can buy and sell clothing, accessories, and other items. So, when they sold, there was a $12.40 state tax that the buyer paid, along with a $5.59 paypal fee. Sellers like Bella McFadden, who resold clothing from thrift stores on Depop and now runs a stand-alone company and a YouTube channel, became social media influencers and tastemakers in their own right. Overall, it is important for both buyer and seller to be clear on the shipping costs associated with any given transaction on Depop. Square serves fewer countries and merchants than PayPal, but its Cash App has been growing faster than PayPal's Venmo in the peer-to-peer payments market. There are other optional services available but are not mandatory. In other words, PayPal wants to raise its rates while it's still firing on all cylinders.

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