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A couple of old-timers in the consignment business got together recently, and one remarked that her industry siblings were seemingly having a tough time obtaining merchandise. “Is it the economy?” she asked. “Nah, said the other. “It’s pure and simple, there’s
more competition
now. Look at all the new shops opening up. They may or may not make a go of it, but in the meanwhile, they’re sucking away suppliers from the other stores.”
Then these old-timers put their combined resale industry experience (over 70 years! Imagine the number of consignors they dealt with!) together to make
a list of what drew potential suppliers to a particular shop
and what didn’t. Besides the blindingly-obvious draws of location, cleanliness and friendliness, the other pluses were:
- An easy-to-understand process for consigning.
- As few restrictions as possible: times to bring things in, numerical limits.
- Transparency in consigning: what are you accepting today? How much will it be priced at?
- Payment instantly or near-instantly. Cash in the palm of the hand or check.
- Feeling valued, rather than discredited or as an interruption of the business. This applies to the intake, payment, communication and retrieval process.
As to
what turns off potential suppliers
soon after a relationship is started:
- (Pretty much the lack of the above list.)
And what would
stop a potential consignor from using a particular shop?
- Having to “trust” a shopkeeper. No receipt for items left on consignment, no copy of the agreement, lack of ease in finding out how the items are selling or when they might receive their money.
- Seeing their items go for a lower price than they feel comfortable with (this applies somewhat to the original price the shopkeeper sets, and somewhat to arbitrary “markdowns” of newly consigned goods, AKA “You marked down that X from $50 to $40 just because you were having a sale? But you said you’d price it at $50 and it was only there a week!”)
- Being forbidden to reclaim unsold items, whether or not they actually planned to. Just the thought of this led most potential clients to have doubts about the honesty of the shop.
What have you found are consignor turn-ons and turn-offs? What do you do to get the best goods into your business and to keep them coming? Tell us in the comments.
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Auntie Kate The Resale Expert 