Three Keys to Compete with Major Retail Resellers
With retailers like Lululemon, Nordstrom and Off 5th Saks adding resale to their business, it’s no surprise that resale is the fastest growing part of retail with a projected growth to $64 billion by 2024.
As you look to expand your online presence, you should consider the following thoughts to grow your business online.
- Get Your Inventory in front of the Most Customers with Cross-Promotion. If you want the benefits of internet, make sure to use a service that makes cross-promoting your inventory simple. The ideal combination would provide a platform that promotes your business online like Shopify and can list your inventory across multiple platforms like eBay, Google Shopping, Facebook, Poshmark, etc. with a single entry. Ask your potential provider if they have single entry cross-posting as it is the simplest and quickest way to start selling online.
- Find a Software that Understands Varying Types of Resales. You know your business is unique. It could be a traditional consignment retail store or focused on retail swap events or estate sales or just starting online resales; regardless of the business type, you need to make sure that the software understands your needs. Does the software have features that simplify your life like?
- Consignor Knowledge – Consignor Agreements & Relations
- Business Counsel – Pricing Assistance
- Legal Support – Privacy Policies & Procedures
- Creative Selling Options – Automated Facebook Lives
- Marketing & Selling Support – Full Website Creation & Integration
- Make Sure Your Software Provider Sees You as a Partner, not Just Another Client. When finalizing your decision, gain some insight into what support the provider has for your business and what their capabilities are. Are they available around the clock? Do they have an in-house team or is it outsourced? Make sure that they can both support your current inventory needs while also help provide marketing, creative and technical support as the business grows. Your provider needs to tie their success with your success and be your #1 fan.
Whether you are thinking about Aravenda as your partner in expanding your business online or another provider, always look to find solutions that help you reach more customers, expand your revenue while not adding much complexity into your business.
If you have questions about best practices or options for your business, I would love to chat.