Consignment has been on the rise for many years and with so many options out there from online consignment, local boutiques and consignment events, where do you start? We have many options to fit our individual needs and lifestyles, but we need to narrow these choices to really start enjoying the buying and selling process of consignment.
The biggest questions you want to ask yourself are how much time do you want to invest into consignment and what expectations do you have for a financial return.
Do you want fast cash or do you want to make the most money from your items?
Fast cash: Local consignment boutiques such as Once Upon A Child, that pay you up front for your items, are the best place to start if you want fast cash. They inspect your items and pay you on the spot. If you are consigning different categories such as women and children, you may find yourself using different local consignment stores to accommodate different product types. Because they are assuming all the risk and workload for your items, they may pay you a lower amount, but it is immediate cash.
Earn the most for your items: Look for a traditional consignment split such as 50% to the store and 50% to the consignor once the item sells. Because you are willing to wait for your items to sell before you are paid, you and the store are equally taking a risk, therefore you typically earn more money than the fast cash option. Each store has their own percentage split so you will need to determine what you are willing accept.
Do you want to invest time in consigning or do you want a hassle-free option?
Invest time: If you want to invest some time into consignment in the hopes of earning the most money, local consignment events allow consignors to earn 70-80% of the sale price. However this means you are responsible for ticketing and pricing each item individually and transporting consignment to/from the event. These events typically take place over a weekend and they usually mark down products on the last day of the event. Plan ahead so that you can reserve space for the event and have time to prepare all of your items accordingly. Follow Smyrna Vinings Marietta Macaroni Kid for a comprehensive list of these seasonal sales.
Another option is to use an online marketplace such as Poshmark that give you a platform for selling your items online. You can earn up to 80% of the sale price, but you will be responsible for taking photos of your items, pricing them, uploading to the site and then shipping when the item sells. You get more longevity from your items (longer than a weekend consignment event), but you will need to manage your items on the website longer term.
Hassle-free: If you want to earn good money and just get clothes out of the house, try an online option like Josie’s Friends. They allow you to request a consignor/shipment bag from their website, fill it up and then drop it at a UPS facility. All for free! They prep, photograph, market and pay you up to 60% of the sale price. It doesn’t get much easier if you are looking for a hassle-free option.
Now that you have an idea of what direction you want to go and perhaps narrowed your options, let’s explore some final questions to ask yourself before you enter a consignment partnership.
Do you want a consignment store that gives back?
There are some consignment stores that are either non-profit or give a portion of their profits to a good cause. If this is important to you make sure you research the organization before entering into a partnership with them.
JosiesFriends.com is a local online consignment store sponsoring impoverished children worldwide with a portion of their profits, and they support local organizations like Atlanta Mission and Atlanta Children’s Shelter.
Revive Consignment is a local consignment store that is affiliated with a church and they give back to the community.
Know the policies and procedures:
Here are some specific policies to look for: Markdown schedule, expiration timeframe for product and return policy.
While different stores have varying acceptance policies, here are some standards to follow: no stains, no pet hair, buttons/zippers/snaps in working order, no holes/tears, brand and size label are still attached to the garment and product is relatively current. Be diligent with following the acceptance policy so that you are not set up for disappointment or frustration of items not being accepted.
Buying Consignment:
Once you find a consignment store that works for you, shop there as well! Some stores will even offer you the option of using store credit instead of a payout so that you can essentially just trade in your clothes. Share them with your friends and family network so that they can continue to grow their customer base and sell your items faster.
No matter what option you choose, buying and selling consignment can be financially rewarding and a little addicting if done right. There is an option for everyone, just find which works best for you and enjoy a lifestyle that saves you lots of money and keeps your family looking their best.
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About the author: Christy Duncan is the Owner/Founder of Josie’s Friends, an online only consignment boutique. Christy lives with her husband Tracy, step-daughter Emily, step-son William and daughter Josephine in Smyrna, GA. Christy was inspired to create and utilize Josie’s Friends to aid impoverished children worldwide, while solving a need for convenient and hassle-free consignment. A portion of profits go towards sponsoring children with education, medical attention, food, clean water and basic supplies. Josie’s Friends currently sponsors three friends who now have the chance to build a successful future for themselves and their family.
