You have amazing products, and retailers have approached you to sell on consignment. Selling on consignment can be a great way to improve exposure for your products, as you’ll be able to get your products in front of a new audience.
When you’re selling on consignment, your consignee only purchases the stock after it’s sold to the end customer, and only then are you paid for the products. Ideally, the retailer benefits by having a wider variety of products on sale, while you’ll be able to improve your sales with minimal effort.
However, the situation is often less than ideal, and selling on consignment comes with a different set of risks.
There are horror stories about retailers that delay payments, or treat consignment stock as “shelf fillers”. That’s why if you’re selling consignment, you need to write up a consignment agreement that outlines your expectations.
It’s not surprising that selling on consignment can leave you feeling like you’ve got the short end of the stick. After all, a shop is only investing in your products and contributing to your business when they’ve made a purchase order.
So how can you turn your consignees into wholesale accounts?
When it comes to turning consignees into wholesale accounts, you can start by putting these three tips into action. Most retailers are motivated by price above all else, and that’s why offering wholesale accounts lower prices without the pressure of hitting minimum order quantities is so important.
Ultimately, if you can offer your consignees an irresistible deal that takes their apprehensions into account, you’ve just increased your chances of getting them to make the switch to wholesale.
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