What Does BIN Mean on Depop - A Quick Guide for Sellers and Buyers

There are many strategies for reaching buyers online and successfully selling products, and one of the methods is using the BIN hashtag. However, many still wonder - what does BIN mean on Depop? If you create a shop on this multi-vendor marketplace platform which is used by 35 million registered users, you'll encounter this word on some listings. Find out what this stands for and how you can use it to promote your sales.

What Does BIN Mean on Depop?

BIN stands for "Buy It Now," and it is used when sellers set a fixed price for their goods, bypassing the need for back-and-forth negotiations with customers. This method is widely used by online resellers looking to sell and make money with greater efficiency and predictability. 

Of course, this can be a sign of the urgency of the sale to the buyers so they might reach a decision to purchase faster. By setting a clear price, resellers can attract potential customers who want exclusive limited edition products such as a rare Y2k fashion find. This is beneficial in a competitive online marketplace where convenience can influence conversion rates.

Can You Bid or BIN on Depop?

In exploring how Depop works, a question that frequently arises is can you bid or BIN on Depop. The focus is on whether there are auction offers within the platform. But, unlike traditional auction platforms, Depop does not offer a bidding option for buyers. Instead, the customers can immediately secure their products. 

Therefore, the BIN tag in the listings is more appropriate since goods are offered online at a fixed price. This doesn't mean that the buyer and seller can't settle on a different price via direct messaging. Some beginners like to offer discounts to get more followers, but this is a rare occasion.

Tips for Efficiently Reselling on Depop

After researching your competition and looking into strategies for successfully creating an online store on Depop, it's best to plan your sales tactic as well. The key is to unlock the potential of the platform and keep your resale business afloat. 

Capture the attention of the customers, be a reliable reseller, and offer listings that are in demand. Stand out from the crowd by having a unique brand. Here are a couple of tips that could elevate your reselling game.

Use the BIN in the Descriptions if You Want Fast Sales

Incorporating the BIN (Buy It Now) option in your listings can significantly speed up the purchase process. While writing the product description, opt for adding BIN to signal to customers so that they can instantly purchase at the listed price, eliminating the wait. This clarity not only enhances the shopping experience but guarantees a higher chance of fast sales when offering an item on Depop.

Set Competitive Prices

To price products accordingly, you must conduct thorough market research to understand the going rates for similar items. This involves analyzing both the condition and rarity of the products. Set prices that are competitive yet fair so that buyers are not discouraged from purchasing. Be truthful in the description of the condition of the item. The price strategy should reflect the product's value.

If you don't know how much the fees would cut into the price, watch the video below.

Use Hashtags and Descriptive Titles

Incorporate relevant hashtags so that the products get categorized under popular, searchable items, thereby increasing the likelihood of them being discovered. Descriptive titles are the primary tool for capturing the attention of buyers. By carefully describing the offer in titles, you can contribute to better search engine optimization. Effective titles succinctly highlight key features such as:

• The brand,
• Year of manufacture,
• Product line, 
• Size, 
• Color, 
• The condition of the item.

Engage With the Customer Base

First, make an effort to respond promptly to customer's questions and comments to show that you value their interest and time. Forster a positive shopping experience for anyone. Next, use social media to connect with the target audience by sharing behind-the-scenes content and sneak peeks of upcoming products. Finally, ask for reviews and feedback after transactions. Ask for feedback on how the services can be improved for future purchases.

If the Sales Are Slow, Refresh Listings or Use a Crossposting Tool

When sales begin to slow down, the general rule of thumb is to refresh the listing, which involves updating the post with new photos and tweaking descriptions. The price can be altered, while the time of the post has to be more recent. This strategy keeps the inventory vibrant while highlighting the products the buyers might have missed. 

Another option is to use crossposting software which would promote the products on various other shopping sites such as eBay, Vinted, Shopify, and Etsy. While on Depop there might not be any interested buyers, some of the users of other platforms would definitely notice your inventory.

The Best Cross-Listing Software for Improving Sales Is Zipsale

Stop aimlessly searching for a multichannel listing software that would grow the number of orders in record time. Our crossposting app called Zipsale offers a variety of features and benefits to online resellers. It can connect as many as seven best online-selling platforms. This cross-listing software protects from overselling by offering an Auto-delisting feature. 

Apart from this, it has one inventory from which you can control products on numerous platforms. Gone are the days of trying to juggle more than you can handle. To experience the full potential of this selling software, register right now and read more info on our website.