Monthly Archives: June 2016
As an owner of four women’s consignment shops, I have a lot of experience in this business. Twelve years ago, when I bought my first shop, I remember how concerned I was about how this all works. How do you price used merchandise at the “right” price? You have to walk a fine line when pricing—you want things to sell, but at the same time, keep your consignors happy.
You can spend long hours researching how to price specific brands and items. You have some knowledge of what the retail prices might be, and you can search the internet, but it’s incredibly time consuming. You can’t always find what you’re looking for–and even then, you’re looking at retail prices. You still have to decide how to use that information to price your merchandise. It’s scary because you know pricing is key! You have to price it right.
The Women’s Fashion Pricing System from NextGen is the answer–absolutely! It will tell you how to price every item you take in by brand–from Gap to Ann Taylor to Armani! This system tracks prices using inventory sales data from a select number of successful consignment shops over a period of two years. Suggested prices are updated at least once a year and include over 4000 brands. This system is designed to suggest the best price at which an item will sell to the mutual benefit of consignor and shop.
It will help you price every item you take in as you are entering it into the Liberty 4 POS program. No extra steps or work…it’s all right there! I’ll be saying this often–I wish this had been available when I started!
More to come.
NextgenResale consults with hundreds and hundreds of aspiring business owners each year.
The words we’ve long used to characterize the mentality of the vast majority of these aspirants is “they don’t know what they don’t know.”
Their level of knowledge is limited, level of naivete, high. This is understandable. The knowledge and tools required to be successful in any business today are considerable, and resale is no exception. It’s what the franchises, increasingly chains, and yours truly, NextGen Resale, advertise—know-how.
We enjoy exploring the resale world with folks, sensing their excitement, exploring the possibilities, and introducing a measure of the real world of resale. We’ve been in this business long enough–20 plus years each –to predict with a fair degree accuracy who is likely to succeed and who is not.
A telltale sign. Those likely to succeed “know what they don’t know.”
They have their ideas, like everyone, on what they would like to do with the business, but they’re not locked in. They look for, and listen carefully to concerns, limitations & problems relating to their ideas, and facts that don’t square with their vision. We have a lot of respect for owners who’ve been in business for decades. It means they’ve continued to learn and keep pace in an industry that has changed significantly over the years. They’ve learned to take advantage of the technology to manage their sales and inventory, to keep themselves visible in their communities and to compete with the growing number of competitors, on-line and off.
It’s the reason—here comes the NextGenPricing System plug—we’ve been so pleased and excited that the Pricing System is proving so popular among savvy, longtime Owners. They recognize the value of this tool even though they’ve been operating without it for many years.