At Society Stylist one of the little known, but most utilized, elements of our business is the Consignment arm of the business. After working with a client to “Cleanse” their wardrobe we will consign their unwanted items thereby generating income for each client that they can then reallocate for other purposes.
WHAT IS CONSIGNMENT?
As defined by one of our favorite authors [Wikipedia] consignment is the act of consigning, which is placing a person or thing in the hand of another, but retaining ownership until the goods are sold or person is transferred. Features of consignment are: The relation between the two parties is that of consignor and consignee and not that of buyer and seller. The consignor is entitled to receive all the expenses in connection with consignment. The consignee is not responsible for damage of goods during transport or any other procedure. Goods are sold at the risk of consignor. The profit or loss belongs to consignor only. ORIGIN: The word consignment comes from Fr. consigner “to hand over or transmit”, originally from Lat. consignare “to affix a seal,” as was done with official documents just before being sent.
How does CONSIGNMENT with Society Stylist work?
The first step to setting up a consignment account with Society Stylist is to print, complete and return the Consignment Agreement found below, outlining the terms of the agreement. Once complete you will be contacted to set up a drop off time where you can bring in the merchandise you would like to consign.
How much money will I make?
Pricing and payment are certainly the two most important factors in consignment for most consignors and understandably so. We won’t go into all the details about pricing here, as you can read our previous article: “How much is this really worth? Seller’s Guide to Pricing for Consignment” What is a reasonable amount to expect? Typically the resale value on an item is at or about 25% of the initial full retail price. So if an item cost $100 full price, once used it would be worth (up to) $25. As a consignor you would get 50% of that price. This is a general guideline and not a rule. Some items may sell for significantly less or significantly more. We price items at the going sales price, which means the price someone is willing to pay. The amount each client makes can different dramatically. It may be $15 or it may be $15,000 or more. It completely depends on the quantity, quality and demand of the items you consign.
When will I get paid?
Consignment accounts are opened for a minimum of 90 days and payments are made on or about the 15th after the first complete month consignment inventory is held and monthly on or about the 15th thereafter. So if you were to start a consignment account February 17, the first payment would be made on April 15 for proceeds earned March 1-31.
How do I get started?
The first step is to contact us and let us know you’d like to consign your merchandise with us. Visit our CONTACT page for the different options to do that as our services are all by appointment. You will then need to complete and return our Society Stylist Consignment Agreement and arrange a drop off or pick up appointment and then you will be on your way to your first consignment check.
Maybe you don’t have anything to consign right now but you’d like to see if we have anything for sale you might be interested in. You can always visit our SHOP page to check out the regularly updated merchandise. However, some of the best pieces never even make it to our shop as they are snapped up in our pre-sales. Want to know when we get new merchandise? CONTACT us and get on the list for updates and calls when we take in new orders. You can also let us know if you are looking for a specific item and we can find it for you.
Society Stylist “Selling Consignment” segment on ABC’s Good Morning Texas