Price it Right
Selling yourself short? How much are you leaving on the table?
Early last year, a particularly successful Women’s Consignment Boutique looking to expand operations, went searching for a pricing application that could generate suggested prices by modeling its current pricing practices and that could be readily employed by less-experienced staff in its new locations. Failing to find an existing application, they searched for a developer. Through Resaleworld, they learned of NextGenResale’s pricing application for Children, and determined that a similar application could be engineered to meet their specifications. After many months of discussions and negotiations, it was agreed that:
- To reflect the full range of women’s fashion resale, the inventory and sales data upon which the system is built would have to come from multiple stores in different parts of the country.
- Because of the ever-changing nature of the women’s fashion industry: brands coming and going, rising and falling–and prices with them–the system would have to have a real-time, online pricing component
- For times’ sake, the application would have to be a seamless part of the Point of Sale system. ResaleWorld’s Liberty 4 application was deemed the best choice.
The NextGen Women’s Fashion Pricing Application is empirically based on inventory sales data from a select number of successful stores over a period of years.
The NextGen’s Women’s Fashion pricing application suggests the highest price at which an item will sell to the mutual benefit of the consigner and shop. Specifically, it suggests the price at which an item can be expected to sell within 60-90 days, 75 days on average. It models the interplay of two dynamics: 1) the higher the price, the lower the percent, and 2) the more valued the brand, the higher the percent.
The suggested pricing operates seamlessly with the Liberty 4 POS. Suggested resale prices appear automatically upon entry of the item (category) and brand. A quick click of the POS button and online pricing pages appear allowing buyers to calculate or double check suggested resale prices against new or used prices of like items online. In the case of jewelry, quick-check the prices of metals, gemstones, vintage, artisan, … .
A Consigning and Pricing Guide is provided to help users make the most of the application. Users are stepped through an appraisal process to narrow the range and arrive at a price. The price chosen within the range is a function of brand, condition, style, quality, supply and demand. Brands and Prices are updated continually.
The one-time cost of the Pricing System is $999. The ongoing charge for support and updates is $149.
The release date was July 1, 2013.