Once you have a consignment agreement in place, some stock sitting on shelves and hopefully some sales being made, you well on your way to having a successful consignment strategy.
To make this a success, you’ll want to put some effort into your communications with the consignee, and above all show that you are handling and anticipating their stock requirements in a timely and efficient manner. In this post, we'll give you some tips on how to manage the relationship with professionalism.
Keep in mind that many wholesale relationships start on consignment, so if this is a possibility and you are aiming towards this you’ll want to be especially attentive and reactive.
It’s perfectly fine to informally get in touch with the shop occasionally just to see how things are going. Often the stock sheets don’t tell the whole story about your sales and it’s a great opportunity to get some general feedback on how sales are going and how customers are interacting with your products.
Be aware of holidays and busy times of the year that may lead to more sales and be ready with more stock if necessary.
Ensure that you have full inventory records so that you are completely aware of where your stock currently is and how much is available for sale.
When restocking, ensure that you always include an inventory list when dropping off your goods. A quick email to give them an idea of when to expect your stock is often very appreciated as they can then plan around this.
Ensure that you are prompt when picking up old items. Ensure that you are aware of your seasonal items (e.g. scarves) and be ready to take these back when the season is over - these items can often be quite bulky and take up precious shelf space or storage room.
Know how long your items have been at the consignee and suggest to swap out items that have been on the shelf for a while. New pieces can potentially catch the eye of regular customers who have already seen your old pieces on display.
Always ensure that you check it is acceptable to bring in new product lines for consideration. New pieces can potentially conflict with other product lines they are selling, or they may not have the shelf space to accommodate it right now.
Want to learn more about consignment selling?Our eBook introduces online craft sellers to the absolute basics of consignment in an easy to understand way, giving you the knowledge and confidence to begin planning your strategy.
Topics covered include:
- How consignment differs from wholesale agreements
- Advantages of having a consignment channel
- Common pitfalls to consigning your stock
- Finding a good consignment partnership
- Shortlisting and pitching to consignees
- Creating consignment agreements
- Consignment inventory tracking