Monthly Archives: May 2015

More About Pricing

I know it seems that we talk a lot about pricing, but that is because it one of the most important parts of growing a successful consignment business.  Next to continuously gathering great consignors, it is probably the most important component of your business.

Your pricing determines if your can pay rent or staff or stay in business.  How you price sends a message to your shoppers and your consignors.

If you price too low, you lose money and can give the impression that your merchandise is somehow not the best, not good quality.  Pricing too low leaves you no room to mark down.

Not knowing the value of your merchandise and pricing it too low can be disasterous. You quickly sell out of the good items and your consignors will not be happy with their share.

On the other hand, if you price too high, your things don’t sell and you are forced to mark them down.  If this is your pattern, you are actually training your shoppers to wait for your markdowns/sales.

So, what are we to do? You can spend all day, every day researching and checking prices and in your spare time run your business, but we all know that that won’t work.

What is needed is something that provides a balanced, real world and reliable approach to pricing.  The good news is that there is such a system.  It’s called the NextGen Women’s Fashion Pricing System.

With the NextGen Women’s Fashion Pricing System, you can be confident that you are pricing at good prices–the right prices, and you are pricing consistantly.

This sends the right message, that you know what you are doing.  Your consignors, shoppers, staff and your bottom line will be very happy.

Talk to us.  Let us help you. You’ll sleep better.

Brenda Stark

 

Consignment Software Review

NextGen Resale and Consignment  is a service bureau providing know-how, software and support to owners of resale and consignment shops.  NextGen has grown from supporting stores selling used children’s apparel, toys and equipment  to stores selling juniors and women’s apparel and accessories.

NextGen clients buy outright and accept items on consignment.  They sell new merchandise and used.  All are brick and mortar operations; a small number sell on-line.  Some have multiple shops, most only one.  All require responsive how-to support as well as technical support.  All utilize NextGen’s pricing system to keep prices current, and save time spent on buying, pricing and related training.  All welcome as many features as they can get.

Initially, NextGen contracted with one of the few POS vendors supporting both consignment and buy-outright operations to customize its offering by building in NextGen’s buying/pricing application.  In the end, the vendor was unable to produce, and NextGen had to forego its investment and renew its search—this time in a more diligent fashion.   After an exhaustive and systematic review, we found Liberty 4, by Resaleworld.  It was, is, and remains the only software that satisfies the essential demands of our varied clients:

  • First and foremost, capable of seamlessly delivering our off-line and on-line women’s, children’s and juniors pricing system
  • Full-featured consignment as well as buy-outright modes—clients are increasingly using both
  • Fully supports the acquisition and sale of new merchandise as well as used
  • Supports on-line as well as off-line sales
  • Available for purchase and installation, or on a monthly subscription basis as an internet service
  • Supports multiple locations via a private network or the cloud.
  • True ‘on-call’ technical support—not  the as-available’ technical support characteristic of the little POS vendors that dot the resale & consignment software landscape.
  • Lots of features—the most of any POS software in the resale industry

NextGen’s configuration of the Liberty 4 POS system by Resaleworld works for NextGen and our clients.