Consignment Store Inventory Management — The Ultimate Guide
April 22, 2021
Is saving time and money something you’re interested in? Well, you’ve come to the right place. Consignment store inventory management is an excellent way to save time and money. It’s time to stop relying on the ebb and flow of your store and use efficient techniques to manage your inventory.
Pick your style
Consignment store inventory management takes a couple of steps, but you have to decide what sets you apart. What sets you apart can be considered your style. Correspondingly, narrowing down your style can allow you to pick and choose the consigned pieces you need in your shop, rather than accepting anything in good condition. The idea of a consignment store might overwhelm most people who aren’t familiar. If you have a style, it will seem less intimidating. Decide what style is more beneficial based on a few different factors.
Remember the 80/20 rule.
The 80/20 rule has been around for a long time and has been used in many different instances. In consignment, this rule represents that 20% of your customers purchase 80% of your product. Using your software program, you can gather data on that 20%. As a result, you can use your newfound data to grow your relationship with that audience. You can develop ways to keep this audience interested, such as creating a shopping incentive program. You can also have special deals on your social media and even email the customers on your email list a sale just for them. If you don’t have any other ideas, ask your customers.
Create a sale area
Pop quiz! What is the best place to display marked-down items? The answer is the back of the store! People are used to searching for marked-down items at the back of the store. Additionally, placing sale items in the back means they have to walk through the whole store, increasing the chances of a regular-priced item catching their eye along the way.
Get a tracking system.
Of course, none of the advice mentioned above is easy to follow without a good tracking system. An efficient tracking system allows you to make inventory decisions in the future using data. The sooner you get a tracking system, the sooner you will have raw numbers to make wise inventory decisions. If you need some direction, SimpleConsign offers the best inventory tracking system with our Quick Search feature.
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