Tips when selling on other platforms, risks to be aware of and best practices for a successful sale.
External platforms you can sell on.
Here are some of the most common platforms you can sell your authentic designer bags, watches, jewelry, shoes on (excluding consignment platforms and resellers).
Facebook marketplace being the most popular amongst facebook groups specifically for designer buy and sell. There are no fees associated with selling within Facebook which is a huge benefit to sellers however, you will need to put in a lot of work and effort to make a successful sale. A lot of clients have reported that a lot of time wasters and scammers are also very active on Facebook marketplace and the groups.
Poshmark is another platform to sell clothing and some inexpensive designer bags and accessories. However, Poshmark charges a 20% fee on any successful sales. This is often just as high as any online luxury consignments and you will still need to do a lot of the work in terms of taking your own photos to attract a buyer, inputting description, communicating back and forth with potential buyers and shipping your item. This is not the best platform to sell high end designer bags and accessories based on our research and reports from our clients. The typical poshmark shopping is not looking for their next Birkin bag or $10,000 Chanel bag on poshmark but they will however buy pre-owned shoes, clothing, cheaper accessories.
Ebay is the original well known platform from back in the day to sell just about anything. However, Ebay also takes a fee between 10-15% of the final selling price. Similarly to poshmark this platform charges a fee for providing the selling marketplace platform but will require you to still do all the work. Sellers can also receive refund requests, chargebacks or disputes when selling through ebay because most transactions are through paypal which protects both seller and buyer but mainly the buyer.
Kijiji is a smaller platform compared to Facebook marketplace and only available within Canada. There are no fees associated if you successfully sell your item here but the chances of selling your designer item is low based on our reports and data from clients. This is catered to your local city hence why the sell rate is low. You can only post items that are intended for local pick up which is a downside when trying to reach a broader audience that would be interested in purchasing your item.
Wechat / Whatsapp is a communication platform but has the option to create selling groups and broadcast your item available for sale to your current contact list. There is no fee to successfully sell on wechat or whatsapp but you would need to invest time ahead of time in building up your contact list.
Pros and Cons of selling your designer items yourself.
Pros:
Higher Profit Margins: Selling directly allows you to keep the entire sale amount without sharing profits with a consignment service.
Control Over the Listing price and Sale: You have full control over the selling process, including setting the price, negotiating, and finalizing the transaction.
Personal Interaction: You can personally meet with the buyer, inspecting the bag and ensuring a smooth transaction.
Cons:
Security Concerns: Meeting strangers for transactions can pose safety risks. There’s a potential for scams, fraud, or theft.
Time and Effort: Managing the sale yourself requires time and effort, from creating listings to responding to inquiries and arranging meet-ups.
Authentication: Selling your item personally without a reputation makes it a lot harder to prove your item’s authenticity. Oftentimes the buyer will request detailed close up photos to get it professionally authenticated or ask the seller to provide this authentication prior to them purchasing the item.
Limited Audience: Your reach is limited to local buyers, or the random viewers on that platform reducing the potential number of interested customers.
Pros and Cons of selling your designer items through a trusted luxury consignment
Pros:
Wider and Better Audience: Luxury consignment platforms attract a global audience, increasing the chances of finding a buyer. Luxury consignments also specialize in designer resale so their audience is the right audience that you want your designer item in front of to sell faster.
Professional Authentication: Reputable consignment services authenticate items, providing buyers with confidence in the product’s authenticity.
Convenience: The consignment service handles the majority of the selling process, including marketing, negotiating, and shipping.
Security: Transactions are generally more secure, with established platforms offering protection against fraud.
Cons:
Fees and Commissions: Consignment services typically charge fees or commissions, reducing the final profit you receive.
Lower Profit Margins: You may receive a lower percentage of the sale price compared to selling directly.
Less Control: You have less control over the pricing and negotiation process when using a consignment service.
Waiting Period: It may take some time for your item to sell, and you might not receive immediate payment.
Ultimately, the decision between selling your designer bags yourself on Facebook Marketplace or using a luxury consignment service depends on your priorities, preferences, and comfort level with the associated risks and benefits.
Protect yourself from all the Risks and Potential Scammers.
Accepting cash for transactions, while common, does come with certain risks. Here are some potential drawbacks and risks associated with accepting cash:
Counterfeit Currency: One of the primary risks is the possibility of receiving counterfeit money. It can be challenging to detect counterfeit bills, and if you unknowingly accept them, you may incur a financial loss.
Safety Concerns: Dealing in cash, especially in face-to-face transactions, can pose safety risks. Carrying a significant amount of cash may make you a target for theft or robbery.
Lack of a Paper Trail: Cash transactions often lack a clear paper trail, making it more challenging to track or prove the details of the transaction. This can be a concern if disputes arise later.
No Electronic Record: Accepting cash means there is no electronic record of the transaction. This can be a drawback if you need to provide evidence of the sale or purchase for legal or tax purposes.
Inconvenience for Large Transactions: For high-value items or transactions, dealing with large amounts of cash can be inconvenient and risky. It may require additional security measures, and banks may have restrictions on large cash deposits.
Legal Compliance: In some jurisdictions, there are legal limits on the amount of cash that can be used in certain transactions. Accepting large amounts of cash may raise questions about compliance with anti-money laundering (AML) regulations
Receiving a bank draft or money order is generally considered a safer alternative to accepting a cheque which we never recommend accepting a personal cheque but there are still potential risks and scams associated with these payment methods. Here are some risks you should be aware of when dealing with bank drafts and money orders.
Stolen or Lost Instruments: If the bank draft or money order has been reported as lost or stolen, it could be invalid. Always check the status of the instrument with the issuing institution before completing the transaction.
Fake Bank Drafts or Money Orders: Sophisticated scammers may create fake bank drafts or money orders that appear genuine which bank tellers will accept and take in but 7 days later it will bounce from your account and the funds will be retracted.
Overpayment Scams: A common scam is scammers sending a bank draft or money order for an amount higher than the agreed-upon price. They then request a refund for the excess amount before the payment is discovered to be fraudulent.
Hold Periods: Banks and financial institutions may place a hold on the funds until the bank draft or money order clears. During this time, it’s possible for the payment to be found fraudulent, leaving you without the funds and potentially the goods or services provided.
To minimize the risks associated with receiving bank drafts or money orders, consider only accepting the bank draft if you physically meet them at their bank and watch them get that bank draft/money order to verify its legitimacy before depositing it in your bank account.
Interac e-Transfer is a popular electronic funds transfer service in Canada, allowing users to send and receive money through email. While generally considered secure, there are still potential risks associated with accepting Interac e-Transfers. Here are some risks to be aware of:
Phishing and Spoofing: Scammers may attempt to trick individuals into providing personal information or clicking on malicious links by sending fake Interac e-Transfer notifications. Always verify the legitimacy of the email and do not click on any suspicious links.
Fraudulent Transfers: In some cases, individuals may send fraudulent Interac e-Transfers using stolen credentials or other unauthorized means. Verify the sender’s identity and the authenticity of the transfer before accepting it
Money Requests in a different language: Scammers are sending money requests in French which will look like incoming funds that need to be accepted when in reality it is authorizing a withdrawal from your account to theirs.
The best way to avoid being scammed through email transfers is to ensure you have an auto deposit set up which will not require you to enter your login details to accept the funds. Once you can confirm the funds are in your account by logging in through your banking app then it is safe to hand over your item.
Risks to be aware of.
When selling designer items on platforms like Poshmark, eBay or other marketplaces that assist with the payment fulfilment chargebacks and disputes can pose potential risks. Here’s a breakdown of the risks associated with chargebacks and disputes:
Buyer Disputes:
● Item Not as Described (INAD): Buyers may claim that the received item does not match the description in terms of condition, authenticity, or other details.
● Size or Fit Issues: Disputes can arise if the buyer claims that the item doesn’t fit as expected or is a different size than described.
Authenticity Concerns:
● Fake or Counterfeit Claims: Buyers may dispute the authenticity of the designer item, alleging that it is a counterfeit or not genuine. This is particularly common with high-end brands.
Return Requests:
● Change of Mind: Some buyers might request returns due to a change of mind or personal preference, even if the item is as described.
Shipping and Delivery Issues:
● Lost or Damaged in Transit: If the item is lost or damaged during shipping, the buyer may dispute the transaction, leading to a chargeback.
● Delayed Delivery: Buyers expecting prompt delivery may dispute the transaction if there are significant delays.
Payment Chargebacks:
● Unauthorized Transactions: In cases where the buyer claims their payment was unauthorized, the transaction may be disputed, leading to a chargeback.
● Stolen Credit Cards: If the buyer used a stolen credit card, the legitimate cardholder may dispute the transaction.
Abuse of Buyer Protection Policies:
● False Claims: Some buyers may attempt to take advantage of buyer protection policies by making false claims to obtain a refund or chargeback.
Communication Issues:
● Misunderstandings: Lack of clear communication about the item’s details, condition, or terms of sale may lead to disputes.
Tips to Mitigate Risks:
Accurate Descriptions and Photos: Provide detailed and accurate descriptions of the designer item, including any flaws or imperfections. Use high-quality photos to showcase the item.
Clear Policies: Clearly outline your return and refund policies in your listings to manage buyer expectations.
Communication: Respond promptly to buyer inquiries and address any concerns or questions they may have.
Document Everything: Keep records of all communication, tracking information, and details related to the sale. This documentation can be crucial in the event of a dispute.
Use Trusted Shipping Services: Choose reliable shipping services with tracking and insurance options to minimize the risk of lost or damaged items.
Authenticate Designer Items: If selling high-end designer items, consider using authentication services to provide proof of authenticity.
Understand Platform Policies: Familiarize yourself with the policies of the specific platform you’re using (Poshmark, eBay, etc.) regarding chargebacks, disputes, and returns.
While these risks exist, many platforms have dispute resolution processes in place to help sellers and buyers resolve issues. Staying informed about the platform’s policies and maintaining transparent, accurate listings can go a long way in minimizing the risks associated with chargebacks and disputes
Real horror stories from our clients.
A client who previously consigned with us reported that she recently sold her $7000 Chanel bag online on her own and met up with the buyer who was a male at her bank so that she could deposit the bank draft that was provided as payment for her Chanel bag. The buyer agreed to go with her to her bank and when the teller deposited the bank draft she gave him her bag. The exchange happened simultaneously and the client thought all went well until 7 days later she saw the funds retracted from her account because that bank draft was counterfeit and bounced. The client tried contacting the buyer but of course, she was blocked. She created a police report and luckily she has a photo of the Chanel’s serial number so that luxury consignments and resellers can be on the lookout for that exact serial number. She is currently out the funds and her $7000 Chanel bag until the authorities can catch this scammer which is hard because the scammer provided a fake name and disposable phone number. However, with the help of the police report and camera footage from the bank a clear photo of the scammer was provided to warn others. We have recently discovered that 8 other victims have fallen for the same scam from the same person with the help of the community and social media. The culprit’s name is Marco Cheung from Richmond BC and he does not only target locals in Vancouver but he also flies into Calgary, Toronto and surrounding cities for anyone willing to fall for his scam and agree to accept cash upon pickup or a bank draft which both payment options will end up being counterfeit. We want to share this information with the public to be aware of this person and this scam. The authorities currently have his information.
Why should we prioritize sharing tips about scammers within our community? Firstly, every transaction represents more than just a designer exchange; it symbolizes trust and admiration for the craftsmanship behind these designer brands. By arming ourselves with knowledge, we empower each member to make informed decisions, safeguarding the very essence of our collective passion.
Secondly, our commitment to fostering a safe environment extends beyond individual transactions. It is about creating a culture where every member feels secure in their
interactions, free from the fear of falling victim to fraudulent activities. As a community, we are responsible for the well-being of our peers, and by sharing insights into the tactics employed by scammers, we can prevent this from happening to the next person.
Let’s unite in our commitment to authenticity, transparency, and security. By sharing knowledge, we preserve the essence of luxury consignment and set a standard for ethical engagement in the world of designer luxury resale.
A better solution for selling your designer bags and accessories.
Luxe Du Jour has been a trusted luxury consignment platform that takes care of all the work from start to finish removing all the transactional risks that could come with making the sale. We know that high valued items deserve high level expertise to ensure a seamless sale for both buyer and seller. Luxe Du Jour not only simplifies the selling process but also offers a level of security, expertise, and global exposure that is challenging to replicate in independent transactions. Choosing Luxe Du Jour as your luxury consignment platform ensures a reliable, efficient, and trustworthy platform for selling your designer bags.
Discover why hundreds of thousands of clients choose to sell and consign with Luxe Du Jour.