19 Jul Consignment in Jewelry Business
What is Consignment?
If you’re looking for a convenient way to sell your jewelry, try stores that offer consignment. Different kinds of stores offer consignment services (sell jewelry on consignment). This convenient service allows you to buy or sell jewelry.
Consignment is when you entrust a store that deals with jewelry and other precious metal products to showcase your jewelry for selling.
Sellers seeking new and expanded wholesale and retail markets for goods can often use consignment selling to their economic advantage. Selling on consignment can be a great way of getting your jewelry into many stores and generating a consistent income.
How does it work?
Selling goods on consignment is described as a situation whereby goods are shipped to a dealer who pays you, the consignor, only for the merchandise which sells. The dealer, referred to as the consignee, has the right to return to you the merchandise which does not sell and without obligation.
As a result, such practice can provide an attractive incentive for the dealer, at least to stock your merchandise. The dealer has no risk and you have your merchandise before the public.
֊ When wholesaling your
product the store will typically double your wholesale price. In
other words you are getting 50 percent.
When selling on consignment you will set the retail price, which will be double your wholesale price, and then you will typically receive 60 percent of that.
֊ There is often greater flexibility in choosing which products you would like to showcase such as one of a kind pieces or designs that you will not offer in your wholesale line.
֊ Selling on consignment to multiple stores, with staggered, payout dates can produce a more consistent income that is spread throughout the month and year making for better cash flow.
֊ Jewelry consignment is a great way to get exposure for your jewelry line and often an easier way to break into the wholesale market.
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