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.