Children’s resale pricing guide
Since NextGen first built its Children’s Pricing System in 2011, the number of children’s off- brands and no-name brands has increased dramatically. So much so, that NextGen has had to add a “bottom” brand level and corresponding resale pricing specific to this group.
In 2011, we would never have imagined apparel being offered at such unforgivably low prices. Despite numerous media accounts of overseas factories employing children in 19-to-20-hour shifts, often for seven days a week, for wages as low as 6 ½ cents/hour to manufacture it, this clothing and footwear continues to find its way onto our sales floors in the U.S. and Canada.
The resale and consignment business has always been difficult, but the growing competition online is making it even tougher. In the final analysis, it’s meaning fewer customers and sales.
What’s the answer? While there is no one answer, one sure answer is to lower your operating costs, become more efficient. And one sure way to do that is to reduce the amount of time being spent pricing items for resale. The time spent buying or accepting items on consignment generally accounts for much if not most owner/staff time.
Navigating Google and other online shopping sites, piece by piece, is a voracious time and money eater. NextGen’s Suggested Pricing and quick online [Checkit] features quickly pay for themselves, grow your profits, and may just save your business.
Both Liberty by Resaleword and SimpleConsign by Traxia, the two leading point of sale (POS) systems in the resale and consignment industry, now count store-centric pricing guides, among their many features. These store-centered Pricing Guides, custom built by individual stores, greatly reduce the time spent pricing items for resale. Pricing is a voracious time and money eater. They also insure more consistent and thus trusted prices, a boon to sales.
At the same, Resaleworld has been and Traxia will soon be offering NextGen’s pricing guides built on the pricing records of multiple stores throughout North America. Why both?
Store centered systems can work for stores that have the time build and maintain their pricing guides, and that have a sufficient base of reasonably current and profitable sales upon which to build. However, many, if not most, stores do not. Their pricing data is too thin or is colored by poor pricing practices, e.g. automatic markdowns and employee pricing, shown to result in under-pricing and inconsistent pricing respectfully.
While the vast majority of stores using the NextGen Pricing system do so for life, a small number opt to use the built-in Pricing Guide to build their own once they’ve entered a sufficient base of NextGen Prices upon which to build.