Do not be terrified of the dreaded Consignment Competition

Never fear consignment competition

Do you consider yourself competitive? I tell people I’m not competitive, but then I start playing a game and secretly, I can’t stand to lose. I imagine a strong demographic for a consignment shop owner is competitiveness. After all, when I compiled my research of the Typical Resale Shop Owner a year ago, the majority of you were firstborn, early-to-rise shop owners. In my mind, that means competition charged. So, consignment competition should be just another challenge you take on.

How healthy is consignment competition?

In July of 2014, I referenced an article from The Muse in my post, Team up with other resale shops. The author gave 4 good reasons why competition can be good for you.

1. Together you help build your industry
2. It helps both of your bottom lines 
3. Competition can motivate you to be the best you can be
4. It helps break your fall when you need it

You only need to look at the success of NARTS

Every year, members of Team Traxia head to the annual NARTS (National Association of Resale Professionals) conference. We go not only to introduce potential shop owners to our wonderful software, but to also connect with customers and friends we’ve met over the years. NARTS is a perfect example of how consignment competition is good for you. At conference, you can meet with fellow shop owners to discuss everything from merchandising to marketing. Everyone is hungry for advice and information. Not only does it strengthen our industry as a whole, it encourages shop owners to be the best they can possibly be. Knowing what I know from NARTS, everyone has something to offer about how they do business.

Our own consignment competition

If you’re a seasoned consignment or resale shop owner, you are very aware of the different consignment software programs that are currently on the market. Some have been around for decades, while others only within the last couple of years. At first, I get a lump in my throat when I see a new program come on the market. Let’s face it, we all choke a little when competition pops up, don’t we? Then, I realize according to national statistics, there are over 25,000 resale stores across the nation. I believe that’s plenty to go around. Also, I know that our competitors have made us better. Adding new features, upgrading current ones and building the program according to the needs of shop owners is a continuing practice for our team. We’re challenged to put out the best software we possibly can because of the consignment competition.

The one thing you should be afraid of

I read this quote on Inc.com, “the one thing you should fear: Complacency.” That’s the truth. Everything changes. Your customers, consignors and inventory are constantly changing and adapting. You should be too. Don’t settle for, “We’ve always done it this way.” Make a commitment to be the best resale shop you can be, to find your niche in your market and support one another wherever you can. Come and join us at the NARTS conference in June. We’d love to meet you and have you teach us about your business.