CHOOSING THE IDEAL CONSIGNMENT STORE

In the world of designer resale, "KYC" stands for Know Your Consignment. It's essential for picking the right platform to sell your items quickly and effectively. Here are the key factors to consider:

CONSIGNMENT SPECIALIZATION

• Identify the types of items the consignment typically sells. For example, a platform focusing on vintage or lower-end clothing may not be suitable for a brand-new Chanel bag valued at $10,000. Conversely, a vintage Louis Vuitton item may not fit well with a consignment that specializes in new Hermes bags.
• Understanding the consignment’s clientele helps in selecting a platform that can attract the right buyers for your item, increasing the chances of a quick sale.

CONSIGNMENT FEES & BUYOUT OPTIONS 

• Some consignments offer a direct buyout, where they purchase your item outright, providing immediate funds. Although less common, this option is preferred by some sellers for its convenience.
• Consignment options usually yield more money for the seller but require patience as you wait for the item to sell. Typical consignment commissions range from 30-50%.
• It's crucial to compare consignment rates and consider other factors such as market value and sales potential. Overpricing can lead to an item sitting unsold for an extended period.

MARKETING STRATEGIES

• Effective marketing is key for a quick sale. Look for consignments with storefronts, strong social media presence, quality photography, and multiple payment methods.
• Platforms that emphasize professional marketing through live shows, social media, and various online channels can attract a global audience.

PROCESS & TERMS

• Each consignment has different processes for quoting, authenticating, processing items, and making payments. Some may take weeks to provide quotes or process items, while others offer faster turnaround times.
• Understand the consignment’s payout methods and how transparent they are about the sales process. Look for platforms that offer quick quotes, fast processing times, easy payout methods, and transparency through an app or online account.
• Identify consignment platforms that specialize in brands like Hermes, Chanel, Louis Vuitton, Gucci, Fendi, Dior, and more.
• Look for best-selling brands such as Hermes, Chanel, Louis Vuitton, Gucci, Van Cleef & Arpels, and Rolex.
• Consider platforms that primarily operate online, with a global clientele.
• Seek platforms that offer buy now, pay later options and in-house layaway plans.
• Look for additional services like authentication or handbag rental.

Selecting the right consignment platform requires research and understanding which one aligns best with your expectations and needs. Aim for a comprehensive and seamless experience for both sellers and buyers. 

Joyce's Closet Boutique is a Calgary based curated luxury consignment boutique. We carry a curated collection of contemporary and designer clothing, shoes, bags and accessories.