Consignment Terms

[jenfit]

OK I just want to run this by everyone. We opened last winter and we are in a seasonal area where we are the busiest in the winter months.

We decided to have our terms at 120-days after 60-days items reduced by 25% and 90-days reduced by 50% and we have clothing and accessories.

I am now reconsidering my terms and may change them to 90-days with one markdown...but I am not sure what that markdown should be or when it should be.

Any advice?

[tarabornagain]

We do MDs of 50% off if the item is under $10, but we round up to the nearest dollar. For example:

$8.99 x 50% = $4.50, so it would be marked $5
$9.99 x 50% = $5, so it would be marked $5

It doesn't take a long time to write out this way and MD's are easy to figure. We simply write the one digit new price on the tag.

We're trying something new on items over $10. Instead of a 50% MD, we're figuring the half-off and adding $1 or $2. If the item is orig $19.99, instead of MD to $10, we make it $11. If the item is $27.99, we're marking it $16. Trying to add to the bottom line a bit w/o raising orig prices. I figure that if someone's willing to pay $14 for a pair of Silvers, they'd probably be willing to pay $16. We'll see.

[shoponsecondthough]

our terms are 60 days: 45 days at full price, 15 days at half price but I will say that I am considering the post above which adds a $1 to $2 based upon price. thanks for the information.

[Joselyn]

We do a 75 day term...after 30 days marks down 25% after 60 days marks down 50%...we can pull off the floor after 75. We sometimes discuss whether our terms are too long but I couldn't imagine having the same items around for 120 days. We have all made a what was I thinking mistake and taken an item that you probbaly shouldn't that would still be there if you had a 500 day term. The other bonus to having a shorter term is that as long as your contract states that unclaimed property will become property of the store then you can retag it as store owned if you think it still has potential and then the store makes 100%.

[specialday]

When you reconsign someone is there someone that will update the end date without printing a new contract. I get alot of emails and facebooks asking to reconsign. I found under quick returns i can do that but do not see where it changes on consigner page. Am i missing something?
Diane