When you think of the word consignment, what is the first thing that comes to mind? Perhaps a thrift or second hand store? Or maybe it’s an image of someone plopping down a pile of “stuff” on a counter and leaving the rest of the process in the shopkeeper’s hands? Either one would hold to be true according to a your typical idea of selling on consignment. There is usually very little interaction between consignor and consignee and not a lot of care on the part of the retailer.
As the Founder & Chief Buyer for Pink Olive, I have taken this idea of consignment and turned it inside out! While applying the general principles of selling on consignment, we took it up a notch by creating a program that is mutually beneficial for both parties involved. Our team keeps everyone involved in the process from start to finish. We assort and merchandise the collection that is visually stimulating and inspiring…. even the designer would approve! In essence, we become their headquarters in NYC! :)
Here’s how we do it:
1. Similar to placing a regular “buy” from a vendor, we work very closely with designer/artist to select work we think would be most successful on our shelves.
2. We give feedback on everything from product development to marketing… and even pitch to our press contacts. We have been very successful in getting our consignment designers on DailyCandy, the TODAY show, TimeOut, Instyle and more.
3. At the end of each month, we supply our consignee with a full report on what sold and what didn’t, along with ideas on how to increase sales.
Every product that we place in the shop was chosen for a reason. We want to peak the curiosity of every person who walk through our doors to inspire giving and beautiful living. We wouldn’t be accomplish our mission without all the new and emerging designers out there. We love to reciprocate that love by providing the kind of information and feedback that is invaluable for new companies or those wishing to grow their business. On the other hand, we also benefit by not “owning” the inventory and being able to show a wide variety of unique, local and handmade merchandise. It’s a win-win in my book!
So here is your assignment for this week.
Here’s to making your product retail ready!
xoxo,
Grace Kang
Your Retail Product Mentor
p.s. A BIG, warm welcome to all of the new readers who joined our community! You are going to love the resources you will find here to help you make your product retail-ready… Enjoy!