Consignment allows for a way to make some money, declutter all while reducing waste. The resale market is expected to grow from $24B last year to $51B by 2023. This being said, the world of consignment can seem unfamiliar if you aren’t in the know on the do’s and don’ts. We have been getting some great questions from our growing FLOCK about the “rules” of buying and consigning. So, the experts at Rebelstork teamed up with our pals and re-sale apparel mavens at Freshkids.ca to build a simple guide. Here are some essential rules to help you learn about (and master) the consignment retail model!
When You’re Consigning:
- Understand Market Value & Trend Cycles
There is a market value attached to every single second hand item and pricing must be aligned within this. You can’t beat the market by pricing something outside of its value. Age, Condition & Brand help shape the market value of an item. Trends go up and down so to earn the most for your item you should consign in time to catch trends on their way up and before they dip.
- Consign for the Next Season
Full price retailers & consignment retailers follow the same seasonal trends and forecasting. It is important to pay attention to the timing of when you choose to consign an item in order to achieve the highest market value for it. For example, as we head into fall/winter consignment retailers are looking to build inventory in key drivers like stroller muffs, sweaters and outerwear. Have fall items? Consign them NOW vs. waiting until pre spring.
- Trust the Experts & Don’t Take Item Rejection Personally
Trust that the experts know what they’re doing. Your item might be in perfect condition and a great piece, but the timing could be off. Never take rejection personally in the second-hand world, the selection process is made up of a whole hybrid of factors. If you’re unsure about an item, your best bet is to just ask the experts!
- If you doubt it, consign it
The longer you wait, the more an item looses its market value. If you’re not using it, let that sh*t go and free up some much-needed space. @freshkids likes to tell their clients to “buy, wear and share”. It is very satisfying to know that more than one child or family is getting use out of a single item.
When You’re Purchasing:
- Be Open-Minded & Don’t Be Swayed By Brand
It is common to have a particular item in mind that you must have however, often this mindset will prevent you from discovering something else that is equally as fabulous. Don’t fall victim to “brand tax” by only paying attention to the most popular brands. Reminder- All baby products regardless of brand must adhere to the same rules and regulations to be permitted to retail in Canada.
- Enjoy The Thrill Of The Hunt
More often than not we only shop when we need something and some might say this is a financially responsible way to operate. In fact keeping an eye open for great items at all times is a fantastic way to score deals and save in the long term. Consistently staying on the hunt for great finds avoids overspending in a pinch.
- Look for Investment Pieces
When looking for great gear/apparel on consignment, always consider long-term value. If there’s a potential opportunity for resale, or something you will hold on to and reuse for generations to come, it’s a good investment.
- Just Ask!
Don’t see what you’re looking for? Hot Tip- 90% of the time there are some gems that aren’t out on the floor/up on the site yet. The experts know what items are coming down the pipeline and more times then not your dream item is hiding just behind the curtain!