3 Ways to Improve Your Consignment Store and Avoid Failing

April 22, 2021

“Many small businesses close because at some point the owner didn’t get enough leverage on themselves to change,” says Bob Phibbs in his article How to Avoid the 7 Reasons Small Retail Businesses Fail. As a store owner, there is always the fear of your business failing. The truth is although that is a possibility, you have to remember the 80/20 rule. Meaning, 80% of results will come from just 20% of the action. To keep your store running, you have to put a lot of effort in. Use these 3 ways to improve your consignment store and avoid failing.

#1 Start marketing

3 Ways to Improve Your Consignment Store and Avoid Failing

If you aren’t marketing for your store, you’re doing it wrong. Start with creating a business profile for your page on all social media platforms. After that, you can focus on posting on the main one your audience would use. Once you get more comfortable with it, start posting on all your pages. You can post the same image with the same caption on each platform. Besides social media marketing, your website’s appearance is just as important as a physical store’s appearance. Make sure your website represents your shop well. If you don’t have an online shop, SimpleConsign has a Shopify plugin. With SimpleConsign, the possibilities are endless.

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#2 Manage your inventory

3 Ways to Improve Your Consignment Store and Avoid Failing

Your marketing gets customers in the door. After that, you can keep them interested using your merchandise. Starting, if you don’t have your niche decided yet, stock the shelves with all consigned items in good condition. After that, you’ll be able to gather data to decide what items are selling the most. To gather this data, you’ll need a good software system. SimpleConsign offers the best inventory tracking system. Another way to get inventory sold is to change your store’s appearance often. When doing this, customers have to walk the whole floor, increasing the chances of seeing something they like. Changing the appearance also allows items that other clothes may have hidden to be visible. Encouraging customers to buy something right when they see it. Otherwise, it will be gone when they come back is a great strategy as well.

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#3 Be open to change

3 Ways to Improve Your Consignment Store and Avoid Failing

Things will never stay the same, especially not if you plan on keeping your shop open for good. It’s important to accept that you will need to make changes constantly. For example, if your store has been around for a while, you may not have found it necessary to use social media marketing before; however, you will need to adapt and begin social media marketing to stay relevant. Another example is accepting your shop’s growth. Eventually, you will have to move to a bigger or better location. As you grow, you will also need to find ways to make your job easier, such as automating everything you can. Upgrading your software system will be necessary as well.

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Paulette Squicimari