Starting a consignment store with both a brick-and-mortar location and an online store can be a rewarding venture, but it requires careful planning and execution. We’ve highlighted the essential steps to kickstart your resale store successfully, while leveraging the power of Aravenda Consignment Software for inventory and consignor management which seamlessly integrates your Shopify POS and online store. Schedule a Call with the Aravenda Team
Selecting a Niche
- Conduct Market Research: Begin by researching the consignment market to identify potential niches and opportunities. Consider factors such as local demand, competition, and your own interests and expertise to carve out a unique position in the market.
- Define Your Target Audience: Determine the demographics and preferences of your target audience to tailor your inventory selection and marketing efforts accordingly. A well-defined niche audience will help you curate your offerings more effectively.
Business Setup
- Register Your Business: Choose a suitable legal structure for your business and register it with the relevant authorities. This includes obtaining the necessary permits and licenses to operate a consignment store in your area.
- Set Up Bank Accounts: Open dedicated business bank accounts to manage your finances separately from personal accounts. Quickbooks online connects to your bank account for easy monthly reporting. This will streamline financial transactions and accounting processes.
- Set Up a Company Credit Card: Having one card for all your necessary expenses will make your accounting processes a breeze. Debit cards are not optimal because they often get declined so make sure it’s a credit card.
- Select consignment software that integrates with your POS and your online store. Aravenda is a Shopify Partner and seamlessly integrates your online presence with your instore sales, automatically calculating consignor payouts as items sell.
- Insurance will be required if you have a commercial lease so make sure the items in your store are covered in case of theft.
Location and Design
- Find a Prime Location: Select a location for your physical store that is easily accessible, visible, and aligns with your target market. Consider factors such as foot traffic, parking availability, and proximity to complementary businesses.
- Design Your Store: Create an inviting and visually appealing layout for your store, utilizing fixtures, displays, and signage to showcase your consigned items effectively. Ensure that the space is welcoming and conducive to browsing.
- Website Look and Feel: Your logo and online presence is actually more important than your brick-and-mortar location because people will visit you 24/7 online. At Aravenda, our in-house design services are dedicated to tailoring your shopping experience to maximize online sales and seamlessly cross-post to your social media platforms.
Consignment Inventory Management
- Source Consignment Items: Build relationships with consignors and source high-quality inventory for your store. Establish clear criteria for accepting consigned items, including condition, brand, and pricing.
- Utilize Aravenda Consignment Software: Implement Aravenda’s powerful software to streamline inventory management, set up inbound shipping, manage consignment agreements, sales commission tracking, payouts and more. Leverage its features to improve your profits by automating many tasks to ensure efficient operations and enable your consignors access to their personal accounts they can log into from their phone or computer.
- Establish policies and procedures for consignors and employees to follow. Putting these in writing will help train and inform all those involved internally and externally.
Hiring and Training
- Assemble Your Team: Recruit knowledgeable and customer-focused staff to assist with various aspects of your business, including sales, customer service, inventory processing, and marketing.
- Training and Development: Provide comprehensive training to your team members on product knowledge, customer interactions, and the use of Aravenda Consignment Software. Empower them to deliver exceptional service and contribute to the success of your store.
Marketing and Promotion
- Develop a Multichannel Marketing Strategy: Create a cohesive marketing plan that encompasses both online and offline channels. Utilize social media, email marketing, local advertising, and community engagement to reach your target audience.
- Launch Your Shopify Website: Develop a visually appealing and user-friendly e-commerce website using Shopify’s intuitive platform. Integrate Aravenda Consignment Software seamlessly with your Shopify store to synchronize inventory, manage orders, and track sales effortlessly.
- Optimize for SEO: Implement search engine optimization (SEO) techniques to improve the visibility of your Shopify website in search engine results. This includes optimizing product descriptions, meta tags, and images for relevant keywords.
- Leverage Social Media: Leverage the power of social media platforms to promote your consignment store and drive traffic to your Shopify website. Share engaging content, run targeted ad campaigns, and interact with your audience to build brand awareness and customer loyalty.
By following these steps and harnessing the capabilities of Aravenda Consignment Software and Shopify, you can establish a successful consignment business that thrives both online and offline. With careful planning, effective execution, and a customer-centric approach, you’ll be well-equipped to navigate the competitive retail landscape and achieve sustainable growth.
Set an appointment now to kickstart your business launch with Aravenda today!
