I’ve sold 3,500 items on Vinted – my ‘FPRP’ rule never fails me, I always get the sale
A SUCCESSFUL Vinted seller has revealed her ‘FPRP’ rule that always guarantees sales – plus the “magic” price that buyers love.
Annmarie McGunnigle, 44, owns a clothing consignment service in Glasgow – Another Girls Treasure – and has flogged more than 3,500 items on the app so far.
The savvy mum first started using Vinted in 2020 when she decided to sell her old clothes during lockdown “to make some space”.
After quickly becoming a hobby, she went on to offer her selling services to other fashion fans who felt overwhelmed at the thought of doing it themselves or were simply too busy.
She’s since racked up thousands of five-star reviews with buyers hailing her a “lovely seller” – and even sold the same dress TWICE in one week.
“I had originally sold the dress to one of my clients to wear to their Christmas night out”, she explained.
“They then brought it back to me to sell a few days later as part of their consignment.
“I think that 100% qualifies as a circular wardrobe item.”
And now, Annmarie has revealed the pricing rule she follows by to make sure items sell quickly – “first price, right price”.
She said: “I originally tried to factor in a buffer to allow for price negotiation and discounts but it didn’t sit well with me as I feel as a buyer it is obvious when people do this so I try to go with a first price, right price approach.
“People will still try to negotiate because if you don’t ask you don’t get – right!
“But I think if your price is fair to begin with people will normally pay the full asking price when you refuse their offer.
She added: “A magic price point for me is £6.50.
“From a selling point of view, it’s a step up from £5 but for buyers, it’s the magic ‘less than £10’ when you factor in buyer protection and postage.”
“Also, when refusing a low offer I will normally explain my reason e.g. the item is a new listing with a lot of interest, has already been reduced or is simply priced to sell.
“Nine out of 10 times people will still buy. A little interaction and explanation often goes a long way.”
PRICE GUIDE
Vinted is one of the fastest-growing platforms where cash-strapped Brits can rake in some extra money flogging their pre-loved goods.
Whether it’s items from their massive wardrobe clear out or a pair of shoes they no longer wear, or even baby items, it seems that almost everyone has given the app a go.
Since its launch in 2008, the platform has grown massively with 16 million users in the UK alone, as reported by The Guardian.
With sellers enjoying the benefit of listing without commission and the buyer dealing with the service fee of the postage, it’s easy to see why the tech start-up has become such a major hit all over the world.
Plus, unlike rival eBay, there are no categories to fill in before you can list an item.
As there’s a strict ban on photos from brands’ websites of the garments being modelled, shoppers also feel like what they’re buying is more authentic.
But if you’re not sure where to start with pricing your items, here is Annmarie’s basic guide that she follows if it doesn’t fall into the £6.50 category.
New with tags or new without tags – Around 50-60 percent of the retail price. This is often higher on desirable brands such as Zara, especially when items are sold out or TikTok/influencer favourites.
Very good condition – 30-50 percent of the retail price
Good or satisfactory condition – up to 30 percent of the retail price
However, she warned: “Always try to research the market, especially for brands or items you are not familiar with.
“These rules apply to fast fashion/high street brands only, designer or vintage items should be considered individually. This is based on my own experience.”
Why I hate Vinted, a real-life view
Fabulous Associate Editor Sarah Barns opens up on why she hates Vinted:
It’s the king of second-hand fashion but I hate Vinted.
There I said it. Yes, it stops items going into landfill. Yes, it helps create additional side-hustle income for many.
And yes, you can get things at bargain prices. But it is just not my (shopping) bag.
From personal experience, I’ve bought ‘cheap’ bundles of children’s clothes only for them to arrive dirty and misshapen.
Plus, with postage and buyer protection they didn’t feel like such a great deal. I much prefer going to my local charity shop or supermarket for kids’ stuff.
I’ve also bought more premium high-street items – a dress from Arket and a skirt from Cos – only to find they didn’t fit properly and the colours were faded.
I attempted a bout of selling stuff but gave up after my £110 Veja trainers got lost in the post and I spent two hours on the phone to Royal Mail.
A major gripe with it is that it still encourages you to spend, spend, spend. I’m not sure I needed the items I did purchase, I just didn’t want to miss out.
Also, the reselling of fast-fashion items – a £5 Shein top on Vinted for £17.50 – makes me feel a bit queasy.
Clothes shopping has become a daily hobby for a lot of people when really it should be something that’s done once or twice a year as a necessity.
But the 18 million Vinted app users clearly disagree with me
NEW RULES TO NOTE
But if you want to flog your old items on Vinted, you’ll need to consider the new rules that came into play this year.
If people are selling personal items for less than they paid new (which is generally the case for second-hand sales), there is no impact on tax.
However, since January 1, digital platforms, including eBay, Airbnb, Etsy, Amazon and Vinted, must share seller information with HMRC as part of a crackdown.
You’re unlikely to be affected if you only sell a handful of second-hand items online each year – generally, only business sellers trading for profit might need to pay tax.
A tax-free allowance of £1,000 has been in place since 2017 for business sellers trading for profit – the only time that an individual personal item might be taxable is if it sells for more than £6,000 and there is a profit from the sale.
However, firms now have to pass on your data to HMRC if you sell 30 or more items a year or earn over £1,700.
It is part of a wider tax crackdown to help ensure that those who boost their income via side hustles pay up what they owe.
While your data won’t be shared with HMRC if you earn between £1,000 and £1,700, you’ll still need to pay tax as normal.
To book Annmarie’s consignment service for selling any second-hand clothes, visit her Another Girls Treasure page.