You have the store, the furnishings, the racks, the signage…and you’re taking in inventory. Are you confident in your ability to price? There are so many factors involved in pricing—it is one of the most important pieces of making your business a success. At the same time, it is the most vague and challenging piece.
If you price too low, people will think that your product is cheap. It’s very tricky–you think low prices will bring in business, and it may, but you will not gain a reputation for having great stuff, just cheap stuff. You are thrift. Shoppers will come to you because you have low prices, but you cannot sustain a business at that level, and your consignors will leave.
If you have wonderful labels, top of the line, but you overprice, they will stay on your rack…forever. Or…you will have to reduce the price, and that sends a different message. Now the customer thinks there may be something wrong with the item, or perhaps start to doubt their taste or knowledge of fine clothing. Not good.
Either way, you are not building a reputation for wonderful clothes at great prices! When business is slow, it’s easy to start to doubt yourself, to second guess everything you’ve done. I’ve been there. It’s hard and scary. The most important thing about your business is pricing. You can have the most beautiful or trendy store–but if the prices are wrong–you’re in trouble. And don’t forget, there is always another store opening to compete with you.
The bottom line is pricing. It can make or break your business. Wouldn’t it be awesome if there was a system out there to help you price? Well– there is. The Women’s Fashion Pricing System is the answer!!! It works. No more stress, no more guessing, no more anxiety. We know the business you’re in, and we can help you make it successful. Just enter the brand and category and we give you the price range. It’s that easy!
Talk to us. Let us help you. You’ll sleep better.
“A Resale POS system without auto-pricing waddles like a duck on land,
with auto-pricing it streams like a duck in water” NextGen Knowledge Base
POS Auto-Pricing is a must-have tool for resale businesses today. It instantly suggests the right resale price of an item based on brand, condition, currency, features, composition, … . It dramatically cuts the time required to price. It assures that prices are correct and consistent. It adds considerably to a store’s bottom line. It frees owners and significant others to tend to sales, customer service and other areas important to the success of the business.
The challenges facing the buyer of resale merchandise, whether buying outright or on consignment, are far greater than those facing buyers of new. To arrive at an item’s selling price, the resale buyer must assess the currency, quality and condition of hundreds of types of merchandise (apparel, footwear, accessories, toys, equipment, each carrying one of thousands of possible brands / labels– numbers of a magnitude dwarfing those faced by even the largest retail buyers. What’s more the resale buyer must examine these items and determine the selling price one by one, each in a matter of seconds.
Little surprise that owners quickly find themselves and others in their employ spending an inordinate amount of time buying. It’s the black hole of many if not most resale operations.
It is no surprise that the POS system of virtually every resale franchise or chain has auto-pricing built-in. What is a surprise is that ResaleWorld’s Liberty 4 is the only POS system today with built-in auto-pricing available to independent Resale owners of women’s, juniors and Children’s Resale shops.
In the Retail industry, the gain in productivity realized with the move from cash registers to POS systems has been significant. In the Resale industry, the gain in productivity realized with the move to POS systems w/auto-pricing is proving no less significant.
Owning a consignment store is a big undertaking, and you can only do it alone for a while. Then you realize that you need a day off the floor every now and then to work on entering and pricing, but how?
NextGen currently tracks the pricing on over 5,000 women’s brands in order to keep its suggested resale prices in tune with the retail prices in women’s fashion. This involves the timely identification and valuation of brands—new, old, rising, fading, fallen; and distinguishing the many labels introduced by designers to appeal to different markets. It’s a demanding task in normal times, and especially now as the rate of brand/price change is as high as we’ve seen.
The significant change we’re seeing in women’s fashion pricing, specifically the growth in the designer brands at the top, and discount brands at the bottom, reflects the broader shift in income distribution. To quote Schwartz in his recent New York Times article (2/2/14) entitled The Middle Class Is Steadily Eroding. Just Ask the Business World.
“As politicians and pundits in Washington continue to spar over whether economic inequality is in fact deepening, in corporate America there really is no debate at all. The post-recession reality is that the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls even further away.
The top 5 percent of earners accounted for almost 40 percent of personal consumption expenditures in 2012, up from 27 percent in 1992. Largely driven by this increase, consumption among the top 20 percent grew to more than 60 percent over the same period.”
John Graubard’s graphic observation in the same article sums it up “In a few years the consumer choice will be Neiman Marcus or WalMart.”