Smart resale pricing – are you building customer loyalty?

This blog continues in the spirit of the “operating by guessing” theme that was addressed in an earlier post, and is specifically prompted by the inconsistent pricing found during a recent survey of independent resale/consignment stores.

How is it that nationally recognized jeans in identical style and fabric are featured at 3 different price points in the same size in the same store?  Or how about a beautiful pair of premium brand jeans priced in the bargain basement category?  These are examples of inconsistent pricing that represent a lost opportunity and money left on the table.  Typically one quick tour of the sales floor reveals if pricing is a function of guess work or an organized approach – a system.

The value of a pricing system benefits the bottom line and builds shopper confidence in you and your  prices.  It suggests a pay price based on brand, item type, features, condition, and market demand.  In the case of the NextGen POS, the system also provides instant price check capabilities for owners to determine retail prices, real-time.

A pricing system is a terrific training tool for new buyers…and when dealing with consignors helps to keep subjective assessment to a minimum.  Consistent pricing keeps those hangers turning, and is a boost to the bottom line.

Many retail professionals assert that comfortable shoppers are confident shoppers, and confident shoppers become loyal shoppers.  It all starts with smart resale pricing.  Are you building customer loyalty?

Consignment Software Review

NextGen Resale and Consignment  is a service bureau providing know-how, software and support to owners of resale and consignment shops.  NextGen has grown from supporting stores selling used children’s apparel, toys and equipment  to stores selling juniors and women’s apparel and accessories.

NextGen clients buy outright and accept items on consignment.  They sell new merchandise and used.  All are brick and mortar operations; a small number sell on-line.  Some have multiple shops, most only one.  All require responsive how-to support as well as technical support.  All utilize NextGen’s pricing system to keep prices current, and save time spent on buying, pricing and related training.  All welcome as many features as they can get.

Initially, NextGen contracted with one of the few POS vendors supporting both consignment and buy-outright operations to customize its offering by building in NextGen’s buying/pricing application.  In the end, the vendor was unable to produce, and NextGen had to forego its investment and renew its search—this time in a more diligent fashion.   After an exhaustive and systematic review, we found Liberty 4, by Resaleworld.  It was, is, and remains the only software that satisfies the essential demands of our varied clients:

  • First and foremost, capable of seamlessly delivering our off-line and on-line women’s, children’s and juniors pricing system
  • Full-featured consignment as well as buy-outright modes—clients are increasingly using both
  • Fully supports the acquisition and sale of new merchandise as well as used
  • Supports on-line as well as off-line sales
  • Available for purchase and installation, or on a monthly subscription basis as an internet service
  • Supports multiple locations via a private network or the cloud.
  • True ‘on-call’ technical support—not  the as-available’ technical support characteristic of the little POS vendors that dot the resale & consignment software landscape.
  • Lots of features—the most of any POS software in the resale industry

NextGen’s configuration of the Liberty 4 POS system by Resaleworld works for NextGen and our clients.