Buy & Sell Days

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The Buy & Sell Days Pilot Event

We love how the Lucky Sweater community grows and thrives on the magic of trading. We also recognize not everyone may have items to trade, especially within the slow fashion space. Sometimes, our bodies change, making 1:1 trades not doable. At times, we might simply wish to pare down our closets without seeking anything in return. Or perhaps, we've had our eyes on a "unicorn" that just doesn’t make for a great trade match with anything currently in our closets.

For these reasons, and also thanks to your feedback in the business model survey and the huge interest we've seen across the community, we're excited to test a dedicated, separate space and set time for buying and selling. Our first pilot event will be open to US-based users starting this Friday, 3/15 at 12PM ET, through Monday, 3/18 11:59PM PT.

From there, based on your feedback, we will decide how to iterate on the event to make it fit with our Lucky Sweater community ethos of mindful consumption.

FAQs

We will do buying and selling differently, the Lucky Sweater way. It will be slower, mindful, and community-first. It won’t be every day. It won’t be a constant stream of items for non-stop consumption. It will be a special time to come together as a community.

What is the pilot?

Our pilot is the inaugural Buy & Sell Days event, running from this Friday, 3/15 at 12PM ET, through Monday, 3/18 11:59PM PT. During this initial phase, we will be starting with limited capabilities, intending to learn from your experience and iterate on future events to come. When testing the experience, you see a few limitations, such as only being open to US-based community members, and USPS prepaid shipping.

Join our March 20 roundtable discussion or participate in the follow-up survey to share your valuable feedback so we can incorporate buying and selling into the app in a way that aligns with our company and community values. Your insights are vital in shaping the future of buy and sell on Lucky Sweater, as we aim to expand accessibility and incorporate more sustainable practices, like using your own packaging, in upcoming iterations.

How does this impact trading?

The introduction of Buy & Sell Days won't affect our regular trade days. Items listed for sale can be bought or sold exclusively during these specific event times. You'll find additional options when listing an item to mark its available as "Open to selling", where you will also set a price. Please note, item descriptions should continue to focus on the item details and not include selling information outside of Buy & Sell Days.

You should not message any member about buying an item that is not explicitly listed for sale, or on days other than buy and sell days. This hurts the trade and community ethos. In addition, as we launch buying and selling events, soliciting people to pay outside of the platform is also not allowed. We want to make sure all transactions are safe and trusting, and we are able to do that via Stripe, our support, and our protection processes.

Can I continue to add items to the event even after it starts?

Yes! Unlike the Swap Drops, you can add items to sell before and during the live Buy & Sell Days event, up until Monday at 11:59PM PT. However, the earlier you list an item, the more people in the event will see it and have a chance to purchase!

Also the item might say "Going Live on Tuesday" in your profile but fear not! If it is up for selling, it will show in the Buy & Sell Days event.

How do I list items for sale?

If you're a US-based member, you can list your items for our Buy & Sell Days by first setting up a seller profile with Stripe for secure payments. Here's how:

Go to your profile in the app.
Tap "..." on the top right corner and then "Edit profile and seller information" from the options sheet.
Scroll to the "Seller profile" section, and follow the steps to create your Lucky Sweater Stripe seller account.
After your seller profile is active, open an existing item listing, or create a new one and set the "Open to selling" option in the "Item availability" section as "Ys" for items you'd like to sell.
Set your sale price and USPS mailer size.

Remember, this option is only active during Buy & Sell Days; it’s back to trading on other days!

Who can participate?

This first test of a Buy & Sell Days event will be open to US-based community members only. Pending the event goes well, we're looking forward to welcoming our Canadian friends and others around the globe to join in the fun soon! Thank you for understanding as we work through logistics and taxes.

How does shipping work?

Shipping costs will be calculated at checkout when purchasing an item. For this first event, we're trialing USPS-only shipping to gauge user experience and will adapt based on your feedback. including your own mailers.

Shipping is paid for by the buyer for Buy & Sell Days.

How do the fees work for non-Sustainer 🍀 members?

Continuing our mindful consumption ethos, we will split fees between buyers and sellers, helping both parties reduce the full cost, the community supporting the community. Trades will also continue to be fee-free to keep trading at the heart of the app.

A selling fee of 7%, with a $2.50 minimum, will be deducted from seller earnings, along with a 2.9% + 30 cents processing fee, of the sale total, including shipping and tax, that goes directly to Stripe, our payment provider.

For buyers, a 7% buyer protection fee will be added, with a $2.50 minimum. Buyers will also pay for shipping and any sales tax. Tax amounts vary state by state.

How do the fees work for Sustainer 🍀 members?

As a thank you for all their support, Sustainers get a huge fee discount! The Sustainer selling fee is 4%, and the buyer protection fee is 4%. There is also a minimum of only $1.50 for buyer and seller fees.

Learn more about all the Sustainer member benefits!

How does sales tax work?

Several states have passed laws requiring marketplace facilitators like Lucky Sweater to collect and remit sales tax for transactions made by third-party sellers once sales exceed certain thresholds in that state.

Lucky Sweater will automatically calculate, collect, and remit state and local sales tax on the seller's behalf, as applicable, on a regular basis. The sales tax collection is not deducted from your seller earnings; instead, it is included in the buyer's total order cost.

How will I receive my earnings as a seller?

When you sign up to be a seller, you will be prompted to connect a bank account or debit card to youraccount. Sellers can trigger a payout from their balance to their connected account at their discretion.

Do I need to file taxes/fill out a 1099-K tax form as a seller?

Please consult your state tax laws and the latest IRS guidelines regarding sales on third-party platforms. If your sales exceed $5,000, tax forms may be required and will be accessible through your Stripe seller account.
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For For IRS guidelines and more, read here for more information.

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