FAQs

Frequently Asked Questions (FAQs)

Questions and answers for current and future women’s resale business owners.

What types of women’s apparel and accessories does the System cover?

The Pricing System presently covers:

BackPacks
Belts
Blazers
Blouses
Boots
Boots-Ankles
Boots-Rains Bracelets
Camisoles
Capes
Capris
Cardigans
Coats
Cover-ups
Dress
Earrings
Earrings-Clip-ons
Flats
Furs
Gloves
Hats
Hoodies
Jackets
Jacket-Fleeces
Jeans
Leggings
Lingerie
Loafers
Mules
Necklaces
Pants
Pendants
Pins
Ponchos
Pumps
Purses
Purse-Clutches
Purse-Coins
Purse-Crossbodies
Purse-Makeup Bags
Purse-Totes
Purse-Wristlets
Raincoats
Rings
Sandals
Scarfs
Shawls
Shirts
Shoes
Shorts
Skirts
Skorts
Slingbacks
Sneakers
Suits
Sunglasses
Sweaters
Sweater-Sets
Sweatpants
Swimsuits
Tank Tops
Trench Coats
T-Shirts
Tunics
Turtlenecks
Vests
Vest (Outdoor)s
Wallets
Watches
Wedges

With the addition of still more stores to the database in 2013, we expect to have the statistical muscle to add even more.

What sizes does the System include?

The System includes women’s sizes (4-20). NextGen offers an add-on for juniors, teens, tweens and young adults priced at $199, and for Infants, Children and maternity for $699.

How many brands does the System recognize?

Presently the system recognizes over five thousand current brands. Each year, recently defunct brands are noted, long defunct brands are deleted, new brands added, and brand ratings are changed.

Why both a suggested ‘resale price’ and suggested ‘resale price range’?

Prices are driven primarily by what the item is (category) and by brand. Secondarily, most prices are driven by composition (what an item is made of) and workmanship. It’s the third set of factors, peculiar to each market and owner, that can be used to refine a suggested price that led us to include a suggested price range as well as suggested price: 1) supply and demand, and 2) taste.

Supply and demand. While there are some categories and brands that tend to be in abundant-supply or short-supply regardless of location, there are others where the local market is unique. Indeed, supply/demand balances in one part of town can be totally different than in another.
Taste. Local taste and price-tolerance can and do differ from market to market; successful owner(s) are able to sense and respond to local tastes in their selection and identify acceptable price-points over time.

Can we modify selected prices to fit our market?

The short answer is Yes. We know, particularly in the case of store brands and lesser brands, that retail prices vary by market and so too must resale prices. To inform such decisions, NextGen runs a comparison of selected NextGen prices and Store prices for the owner as part of the system installation process. Price levels are typically set reasonably close to current store price levels in order not to surprise current customers. In the case of new stores, price checks are usually run against prices of other stores in or near the market. In a few cases, prices are adjusted based solely on market demographics.

Do the Prices suggested account for Retail Price reductions?

The prices of some brands, particularly store brands and lesser brands, are often reduced particularly at seasons end. There are two pricing methods built into the pricing system: 1) the Suggested Resale Price Method and 2) Current Retail Price Method. The Suggested Resale Price method submits Resale Prices that are based on regular retail prices. The Current Retail Price Method yields resale prices that are derived from current retail prices. It is this method that is used to obtain prices reflecting retail price reductions prevailing at a particular point in time. Better buyers routinely check for changes in current retail prices using the Current retail Price Method, than receiving news of the price-change from an upset customer.

Will the Pricing System Work for us given the way we operate?

We hear this question repeatedly. YES.

The pricing system either populates the price field with suggested prices and / or price ranges as a function of category and brand, or connects the user to an online page of retail or resale prices for purposes of determining the resale price. At what stage in the buying process this is done, how often and by whom is a matter of store policy and procedure.

Most stores and buyers price as they buy, entering the brand and checking the price suggestions for the vast majority of items. Other stores and buyers look for price suggestions only when unsure of the brand. Some stores enter and check prices only in the case of the top (a) brands.

At least one routinely buys before they price. In this case, experienced buyers buy rapidly and in quantity. Prices are later applied and tags printed using the Pricing system to assure price consistency. Some stores buy with sellers/consignors present; others, after the items have been dropped-off. Worth mentioning, the System supports the management (registering, labeling, monitoring and retrieving) of drop-offs.

How often are the categories, brands and prices updated?

The brands and prices are updated continually; categories, periodically.

Does the System work with any POS System other than ResaleWorld’s Liberty 4?

No, it does not. Liberty 4 has the robust database and rich user interface needed to run the NextGen pricing engine, and ResaleWorld has the technical support capacity and staying power to best serve our clients.

How is the Pricing System installed and updated?

NextGen installs and updates the system remotely using Teamviewer. It generally takes 30 minutes. However, prior to the update, NextGen performs a comparative analysis NextGen prices relative to market prices as evidenced in store or competitor prices or demographics. This is done to assure NextGen prices fit the market. Counted among Nextgen clients are stores with prices more than twice those of NextGen and stores with prices less than half those of NextGen.

Can it be integrated with our current Liberty 4 POS System?

Yes. NextGen will integrate the categories with those presently used by an owner. Brands will likewise be added. In subsequent years, defunct brands will be deleted..

How current are the prices?

Though a number of the stores in the database have been in operation for decades, NextGen utilizes only the last two years of their pricing data. System prices currently reflect prices at which items sold from Apr 1, 2011 through March 31, 2013. These figures will be updated as of July 1, 2014 for the period Apr 1, 2012 through Mar 31, 2014.

What is the Price of the Pricing System?

$699 per store or network. If the network serves more than one store, the price is still $699.

$149 annually for ongoing price-check support and update.

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