Reselling luxury bags is a beautiful addiction, however, it is quite tricky to start. That’s why we are here to help you to start reselling designer bags with our tried and tested methods.
Step-by-Step Guide to Start Reselling Designer Bags
Overall, the reselling business is much more difficult as compared to traditional business. But, the enthusiasm of luxury bag lovers will compensate for all that exhaustion. So, let’s start with our step-by-step guide for beginning your resale journey.
Step # 1: Have a Constant Supply of Designer Bags
To start any business, you need a constant supply of that item. So, first, you need to have enough supply for reselling designer bags. We recommend the following three options from where one can get items for reselling:
1. Designer Bags in your Own Closet
In the designer bags’ resale business, you sometimes don’t know the actual demand for one brand or any specific design. So, it’s better to firstly start with your own closet.
If you have any branded bags that you’re not wearing anymore, start to market them on social media handles or free ad boards like Craiglist, etc. In addition, you can help your friend to resale his/her preloved bags collection. In this way, you could not only get a profit for free but also gains experience to run a resale business and learn a lot about the demand.
2. Buying Pre-Owned Bags
Secondly, buy preloved items from other people or from your friends and resale them to others. In this way, you can get demand trends for specific brands and designs. Your knowledge of what’s actually sold and what not will help you to get good deals, in the future.
You can get these items on various social media sites and different app groups. One of the best places to get preloved and hard to get designer bags is antique shops, but do a diligent eye on its authencity.
3. Buying New Designer Bags
In this option, buy new and highly coveted items that are hard to get like Hermes Birkin, and further resell them for more. Brands like Louis Vuitton bags, Hermes Kelly, and Gucci are some of the brands that even if you’ll get at retail price, you can get profit margin for reselling it further.
One can find these items in their official stores, outlet malls, private sales, and online stores. After having multiple items, you’ll then go toward price setting and finding the right place to resell.
Step # 2: Authentication
Make sure to authenticate each and every item of your collection so that you can build a trust level with your customers. This step takes time and there is nothing to worry about missing some deals in the meanwhile. Because the first and foremost thing in your starting phase is not to lose money by ending up purchasing the replicas.
Step # 3: Setting the Price
This step is crucial as well as complicated in the process of starting the resale business of designer bags. Set the price competitively to get the cash in hand ASAP. Pricing depends on a number of factors, some important factors are given below:
- Observe the trends: Before setting the price, do good research on the prices of handbags in the same condition as yours are selling online such as on different websites. In this way, you can get a better idea to start setting a competitive price.
- Highly Coveted Bags: Pricing some classic and permanent collection styles at high because these are hard to find and considered classic all time. Louis Vuitton Speedy, Chanel classic flap, the Hermes Birkin, and the Hermes Kelly are some of the classic investment bags. So, find those classics and permanent collection bags to get a little high-profit margin as compared to others.
- Special Features of your Bag: Color, size, and accessories like rain cover, pouches, extra straps are some of the other factors that are to be considered before setting the price. Futher, the packaging features like box, dustbag, and authenticity card would also effect the price.
Step # 3: Choose Best Practices to Market the Bags
For reselling the preloved luxury bags, make sure to get its packaging like the box, dust bag, and authenticity card. These all add value to your preloved items.
Next, learn some digital marketing tactics to market it online. For example, be clear of providing specific product description and give plethora of pictures from different angles. You can also go for sharing some videos like unboxing videos, shipping videos etc.
For making it a value-added item, you can pay for its tracking and insurance or you can also go for deals like free deliveries upto this value and so on.
Step # 4: Find a Best Place to Resell the Designer Bags
We recommend two ways to resell your pre-loved luxury bags online consignment stores and most commonly resell directly to the customer. Both come with there own advantages and disadvantages.
Reselling to Online Consignment Stores
Some of the popular online consignments stores are Fashionphile and The Real Real. You can find more here. The key reason to resell at virtual consignment stores is its easiness level. As one doesn’t need to prove its authenticity, set the price, dealing with direct customers, tracking, and returns because the online consignment stores will do it by themselves.
Further, they give you a hassle-free and easy plateform to resell the bags like they usually provide a shipping label to you, authenticate your bag, send you cash upfront and in some cases they give you a fixed price for your item.
However, they give a much lower price as compared to selling directly to buyers. Services like authentication, professionally photographying, listing the bag, and geting the buyers will compensate the lower price. One other disadvantage is their comparable slow process of listing the items and proceedings towards the actual sale.
Reselling Directly to Buyers
The potential to earn the maximum cash value on resale is one of the main advantages to resell directly to the buyer. Each and every bit of money earned on the bag goes directly to your pocket because you don’t need to share it with the consignor or paying the reseller fees.
Additionally, reselling your designer bags directly to the customer helps you to determine exactly who gets your bag in case where you are super-chosey about who you resell your bag to.
On the other hand, there are some disadvantages related to reselling directly to buyers like you are the only person who bear all the risks and who is responsible for authentication, listing, shipping, insurance, and returns.
Whether you’re making space in your closet that is piled up with preloved designer bags or helping a friend to resell his/her luxury collection, you can always make good profit margins if you’ll follow the above steps.
Although, starting a resale business will take a lot of time and energy, but consistency and smart work always pays off.
Check Also: How to Spot out Fake Designer Bags?