Reselling Basics: A Glossary for Beginners

Navigating the world of reselling can feel like learning a whole new language. With terms like "sourcing," "flipping," and "arbitrage" flying around, it's easy to get lost in the lingo. Fear not! This comprehensive guide breaks down the most common reseller terms, from finding your first treasure to managing your online store. Whether you're a seasoned pro or just starting out, this glossary will help you speak the language of resale.

General Reselling Terms

• Arbitrage: Buying on one platform to sell on another

• Authenticity: Verifying a product's genuineness

• Bins: Large containers of unsorted merchandise, often found at thrift stores or liquidation sales. AKA Goodwill Bins

• Cross-listing: Listing a product on multiple platforms

• Deadstock: New items no longer sold by the retailer

• Deathpile: A large accumulation of unsorted items

• Dropshipping: Selling products without holding inventory

• Flipping: Quickly buying and selling for profit

• Sourcing: Finding products to resell

• Thrifting: Shopping at thrift stores for resale items

• Upcycling: Transforming old items into new products

• Vintage: Older items with collectible value

• Wholesaling: Buying in bulk to resell individually

Product and Inventory Terms

• Average sale price: Average amount earned per sale

• COGS (Cost of Goods Sold): Direct costs associated with producing or acquiring a product

• Gross profit: Revenue minus COGS

• Profit: Revenue minus all expenses

• Sell-through rate: Percentage of inventory sold within a specific period

• SKU: Stock Keeping Unit (product identifier)

• UPC: Universal Product Code (barcode)

Platform and Listing Terms

• Bundling: Combining multiple items into one listing

• Delisting: Removing an item from sale

• Keywords: Words used to describe a product for search

• Listing optimization: Improving listings for better visibility

• Relisting: Putting an item back up for sale

• NWT: New With Tags

• NWOT: New Without Tags

• New with defects: Item with flaws

• Tags: Labels or markers on products
  

Poshmark Specific Terms

• Bundle: Offering a discount for purchasing multiple items

• Closet: A personal collection of items

• Discounted shipping: Offering reduced shipping costs at the sellers' expense

• Followers: Users who follow your closet for updates

• Like: Expressing interest in an item

• Offer: Making a lower price proposal on an item

• Posh Party: A themed event where users share related items

• Sharing: Promoting your items to followers
  

Ebay Specific Terms

• Auction-style listing: Selling an item to the highest bidder

• Best offer: Allowing buyers to make offers on a fixed-price item

• Boosting: Paying to increase listing visibility

• Buy it now: Immediate purchase option in an auction

• Categories: Organizing items into specific groups

• eBay fees: Charges for listing, selling, and other services

• Fixed-price listing: Selling an item at a set price

• Item specifics: Detailed product information for search optimization

• Seller rating: Feedback score based on buyer ratings

• Shipping calculator: Tool to estimate shipping costs

• Subcategories: Further categorizing items within a category

• Store: A virtual storefront

• Return policy: Guidelines for handling returns

• Reserve price: Minimum price in an auction

• Watch list: Saved items for later consideration

Depop Specific Terms

• Depop Payments: The in-app payment system

• Depop Protection: Buyer and seller protection offered by Depop

• Feed: Your main page where you can see other users' listings

• Followers: Users who follow your shop for updates

• Likes: Showing interest in an item

• Shop: Your personal storefront on Depop
  

We've covered a lot of reseller lingo! From sourcing to selling, hopefully now have a solid foundation of terms to navigate the world of reselling.

Any other terms I might have missed? Share them down below!