- Etsy is buying Gen Z social shopping app Depop for $1.6 billion.
- Depop has been described as a mix of eBay and Instagram, where users can buy and sell secondhand items.
- Some sellers are pulling in $300,000 a year on Depop. Here’s how to set up your own store and start selling.
- Visit Business Insider’s home page for more stories.
This is largely thanks to new apps that enable young shoppers to buy or sell secondhand clothing and accessories.
Depop, which launched in Milan in 2011 and has quickly gained a cult following around the world, is one of them.
Depop is easy to use, which is one of the reasons it’s so successful.
Depop has amassed more than 30 million customers in 150 countries since launching in 2011.
First, you need to download the app.
Depop counts companies such as Poshmark and ThredUp as its competitors, and has been described as a mix between eBay and Instagram.
Depop will then ask you to create a username, link the account to your email address, and add a photo that represents your brand.
Unlike rivals such as Poshmark or eBay, there’s more of a communal aesthetic on Depop and sellers are primarily listing streetwear, vintage, or late 1990s/early 2000s fashion.
You’ll need to describe the style of your brand and what you’re planning to sell.
This description will appear just under your username on your personal page. You can also link to your Instagram page to promote yourself more.
Next, you set up your billing address details and link your account to your PayPal. This is where all payments are handled.
You also have the option to register as a business and add in the relevant tax details.
It’s as simple as that.
You’re ready to go.
Once you have a profile, you can start listing new items for sale.
Depop advises sellers to post at least four photos and a video to give the item its best chance of selling.
You select the category that the item falls under.
These are umbrella categories, such as menswear, womenswear, or sports equipment, for example. You can add a more detailed description of the item in another box, however.
The seller must cover the cost of shipping each item.
In the UK, for example, the seller can either choose to do this process entirely on their own or pay to use a Depop recommended delivery company.
If you’re shipping internationally, you need to set the price yourself.
Lastly, add the price of the item you’re listing.
There are no set guidelines for pricing, but sellers are advised to benchmark their prices against other products listed on the app.
Depop charges a 10% fee on each item sold.
This 10% is taken off the total transaction amount, which includes the cost of shipping.
Customers can like, comment on, or save an item to their profile, much like you can on Instagram.
They can also leave reviews and rate the seller. This feedback appears on the sellers’ profile page.
Etsy said Wednesday that it was buying Depop for $1.625 billion as it looked to expand its reach to the Gen Z market.
90% of Depop’s users are under 26 and it has its sights firmly set on this consumer base.
The company says its mission is to empower young shoppers to disrupt the fashion industry and give them the chance to become entrepreneurs.
“This company is for the next generation,” Rachel Swidenbank, vice president of marketplace at Depop, previously told Insider.
And for some, selling on Depop is a lucrative hobby.
Swidenbank said that some users pull in as much as $300,000 a year selling on the app.