Help!! Consignment

[Former_Member]

I have been offered a chance to sell some of my items in consignment and I have no idea what that means or what to do. Does anyone who does that have advice, especially on how payment is figured out and what is fair. Any help at all would be greatly appreciated.

[Former_Member]

It's basically you putting your items in someone else's brick and mortar store. You set the price, and a 50/50 split seems to be the norm when the item sells. The few I've worked with pay me every quarter for what has sold. Make sure you have a contract though that specifies what happens in case of damage or loss.

I didn't know anything about it when I first got offered either! But a little Internet research did a world of good :)

Good luck and congrats!

[Former_Member]

Hi My Little Angel, I was just on your Facebook page. Thank you for posting on my wall. I will post on yours, too. Your cakes are truly stunning.

You can do consignment one of two ways. Either set your wholesale price, and the store will then create their own retail price. (The retail price is usually 2 or 2.5 x the wholesale price.) The store will pay you your wholesale price when the item sells. Or, you set the retail price and the store will pay you a percentage when the item sells. Typically around 50%.

Consignment requires very careful record keeping. Create something like an invoice that shows the item description, and the price you are to be paid. Create a copy for yourself and give the store a copy. Have the shopkeeper sign your copy. Then touch back every few weeks to see what's up. If items don't sell, you just take them away -- no strings attached for anyone.

Good luck!

[Former_Member]

Thanks Lisa, I always love to hear positive things. It isn't actually a store, it's a one time women's bazaar but it is in a very affluent area here in Dallas and I think for even the exposure it would be tremendous.

[Former_Member]

I can see the affluent citizens of Dallas LOVING your items.

[LEXIGIRLCREATIONS]

Hi, I did consignment for almost 2 yrs at a vintage store here in Lexington. I made more money there than on etsy. I just made a type of earring style that the owners liked and they took 30% of the sale price that I marked it. The store is rotating out their consignment sellers so I am not there right now. I loved doing that and can't wait to get back to it. I would not go over 40% or else you have to mark up your prices too much.
Good luck!

[LEXIGIRLCREATIONS]

Oh yes, I recommend that you do it. If it doesn't work out, just take your items out and that's that!

[Former_Member]

So do I mark up the regular prices of my items so that when I take whatever percentage off, I still make the same amount?

[Former_Member]

I've sold consignment items in several shops, and I've received either a 60/40 or 50/50 split. The up side to consignment is that you sell more because people experience the item directly, the down side is you usually make less per item because of the lower wholesale price. I tried pulling all my consignment items from stores and selling direct on Etsy, but I don't make nearly as many sales.