Reddit and its partners use cookies and similar technologies to provide you with a better experience. PayPal is still a good long-term investment on the fintech market, but investors shouldn't automatically praise its price hike and assume it will instantly boost its revenue and margins. When it comes to comparing the fees charged by Depop and Etsy, its important to note that they have different fee structures and pricing models. If you haven't provided tracking then its 21 days. From Facebook Marketplace to Buy Nothing groups, searching for pre-owned kid stuff online can be a great way to save moneyand get to know your neighbors. Theyre either thrifted, fast fashion, or from independent designers. Depop looks like social media, but it doesnt feel like social media to me because I dont feel like I can connect with anyone there, so its just strictly business, she said. 1999-2023 PayPal, Inc. All rights reserved. Yesterday, the DIY-friendly e-commerce . Let us help you. Depop has made itself known as the fashion marketplace of Gen Z. Analytical Services; Analytical Method Development and Validation Its revenue more than doubled to $70 million in 2020 from a year earlier. Nov-05-2019 02:48 AM. Once a label is created, Depop sends it to the sellers email, and the seller is then responsible for packing the item and dropping it off at a designated shipping carrier location (usually USPS or UPS). Some are now taking their success elsewhere. For items sold in the United States, Depop takes a flat 10% commission on the total sale price including shipping costs. Calculating them by hand is one choice. In this article, we'll show you how to make a new account, set . Younger people respond to social interaction, so putting that personalised note in every box, or giving a warm email response can only help your sales. You could also use an app to calculate your Depop fees if you want to take a more technologically oriented approach. Shopping clothes off the rack is out. However, you may visit "View Preferences" to provide a controlled consent. Similarly, when buyers use Depops payment processing system to complete a transaction, Depop charges a fixed fee for processing the payment. If you want to take that risk, we have a few tips on how to avoid getting scammed. As thrifting and more sustainable fashion has become more popular among young people, Depop became the place to go and find great secondhand styles. Enter Depop. Leo Sun owns shares of Apple, Pinterest, and Square. Well discuss how much those Depop fees actually cost by categorizing them in this guide. For example, during the COVID-19 pandemic, Depop waived its 10% commission fee for U.S. sellers for a limited time to support small businesses affected by the pandemic. There's more. Is it better to use Depop shipping or your own? Hey all! Our journalists combine independent research with (occasionally) over-the-top testing so you can make quick and confident buying decisions. In addition to these fees, Etsy also charges a payment processing fee of 3% + $0.25 on every transaction made through their platform.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'newzealandrabbitclub_net-box-4','ezslot_9',175,'0','0'])};__ez_fad_position('div-gpt-ad-newzealandrabbitclub_net-box-4-0'); Overall, while both Depop and Etsy charge fees for using their platform, Depop has a lower commission fee compared to Etsys transaction fee. If Etsy said anything in its acquisition of Depop, it's that the secondhand market is no longer just booming it's here to stay. Test out different poses. Home What is Depop, and why should you care? Required fields are marked *. Not everyone is out to become a Depop superseller, but there are still ways to optimize your efforts and earn some extra money. The deal was structured as an all-cash transaction, with Etsy funding the acquisition through a combination of cash on hand and debt. You can obtain that number in two different ways. Mary Hanbury. Fiona Short, a UK-based owner of a popular Depop shop called Fifis Closet, told me she was drawn to the app for similar reasons. Customers can now pay with their credit card, debit card, Apple Pay account, or Google Pay account by selecting Depop Payments at the time of checkout. But, this year, Ms. Tang began focusing on selling her clothing brand, ORIENS, exclusively on her website. When Selleraiders calculator tool completes its task, wham! It entailed succinctly describing each piece of clothing, something Id had ample practice doing. Ms. Tang, 22, began offering $100 to $200 hand-draped mesh and woven tops and skirts in her Depop shop, where her following grew to 24,000. ***UPDATE** SWIPE FOR ANSWER!! For designer items, you can usually find brand-specific Instagram accounts and Facebook groups that offer a more focused, interactive way to sell your wardrobe. We then have to be more interesting for the next group of people we want to cultivate, he said. Using Depop shipping can have its advantages. By communicating clearly and accurately, both parties can ensure a smooth and transparent process when it comes to shipping and the associated costs. This means that the seller would receive $9 from the sale ($10 sale price $1 Depop commission). Now Theyre Graduating. If a seller uses other optional services provided by Etsy, such as promoted listings, Etsys additional fees will vary, depending on the service used. Depop is more than a marketplace. While 90 percent of her sales come from Depop, her Instagram feed is livelier. In these cases, the seller would be responsible for covering the cost of shipping. Alternatively, some sellers on Depop may offer free shipping as a promotional incentive to attract buyers. PayPal likely believes that massive market presence, along with the stickiness of its services for merchants, gives it pricing power against competitors like Square (SQ 0.35%), Stripe, Apple (AAPL 0.75%) Pay, and Alphabet's (GOOG -0.14%) (GOOGL -0.23%) Google Pay. So, in the case of a $10 sale, Depop would take a commission of $1. Uniqlo return policy is very simple to understand, here we share some relevant information about The return, exchange, and refund, Wearing leather pants is stylish and enjoyable. Aesthetics are a big selling point on Depop. If a seller lists an item for $20 or less, he or she is charged a flat rate of 10%. Both platforms offer unique features and benefits to sellers and buyers, but when it comes to pricing, its important to understand how each platform charges for their services. Depop is a popular online platform for buying and selling second-hand, vintage, and unique items. This can be a little confusing for some sellers as the commission includes the shipping cost, unlike other platforms that only charge the commission on the item price. Brianna Lopez, 25, from Winnetka, Calif., said she struggled to connect with the customers of her Depop shop, That Valley Girl. Depop is known for having a relatively low fee structure compared to other online platforms. The r/Depop subreddit is meant to create a safe spaceusing that term loosely because this is the internet were talking aboutfor Depop users to air out their concerns, celebrate their wins, and ask for advice. Consistency is key. 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. The pool of people on the app, which is currently at around 21 million, is smaller than the user base of both Poshmark and eBay, but its the right crowd for the caliber and quality of my clothing. Depop is seen as pricey. As a result, the items that sell quickly on Depop are those that are in high-demand, either because of their style, rarity, or exclusivity.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'newzealandrabbitclub_net-banner-1','ezslot_11',176,'0','0'])};__ez_fad_position('div-gpt-ad-newzealandrabbitclub_net-banner-1-0'); One of the most popular items on Depop is vintage clothing. They dont charge listing fees (like Etsy, for instance) or monthly fees, but they do when you sell the item. Second, Depop offers a secure platform and reliable customer support, ensuring that sellers and buyers remain protected at all times. Incentivizing your potential customers with free shipping may seem like a simple and effective way to get them to buy, but shipping heavy (and costly) items like shoes could eat into your profit more than you anticipated. PayPal, Square, and Stripe cover those swipe fees with their fees. She has over 20 years experience in retail and supply chain management, with a particular interest in B2B re-selling. The transaction was expected to close by the end of the third quarter of 2021, subject to regulatory approval. after it offered me to print the labels (in order to speed up the process of money release), it's still going to be 21 days from the day of purchase? This trend is one that will have to be integrated into other marketplaces, perhaps searches start to explicitly prefer sustainable products and materials now is the time to ask the questions of suppliers so you can put it in your product info. (He is no longer involved with the app.) Young people . The platform charges a 10% flat-rate fee (PDF) on all items soldI like that its straightforward and that its a small percentage compared with other options. For more information, please see our Although she still sells her mesh tops, dresses and lingerie on Depop, she now gets one order on Depop for every 10 orders on her website. To make the world smarter, happier, and richer. For example, I sold a bundle for 28.50 + 10.50 (depop shipping label/buyer pays) and then was charged $13.35 to Depop Limited. Depop payment on hold. Thank you for your advise. Despite the app's digital-first approach, behind the profiles are real people, so treat them like it. By accepting all cookies, you agree to our use of cookies to deliver and maintain our services and site, improve the quality of Reddit, personalize Reddit content and advertising, and measure the effectiveness of advertising. How much are the greens fees at Whistling Straits? Depop supports this mantra through its entrepreneurial sellers, who are encouraged to source, style or design products that fit their own specific niche, be that vintage or streetwear. With hard work and persistence, you can realize your financial goals on Depop. This means that both the buyer and seller pay a fee, which is automatically deducted from the payment. In terms of the percentage that Etsy takes from its sellers, it largely depends on the type of service they use. As a result, Depop has to do barely . Ship. Depop will automatically apply a 10% fee to the entire transaction, including shipping costs, when you sell an item. The standard transaction fee for selling on Depop is 10%, which includes both the items cost and shipping fees. The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network. Privacy Policy. When you buy through our links, we may earn a commission. Additional paid services are available through your PayPal business account. I found it hard to even imagine making a profit. In light of this, we have provided a brief explanation of the main three Depop fees that you might encounter in the section below. stawwwwppp I want it, the friend replied. To avoid surprises, always remember to subtract the flat fee and the shipping costs (if applicable) from the profit. Buyers who miss out on these limited-edition releases can find them on Depop, often at a premium. 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. The basic fees for selling on Depop include a 10% transaction fee, and an optional 2.9% fee for Seller Protection.
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