The most exciting time for any consignment store is the few weeks and months after opening.
And understandably so – you’ve spent all this time and energy opening your store, collecting inventory, and earning customers – now you want to show it all off!
If you’re like most consignment store owners, though, you’ll notice that this momentum starts to ebb off after those first few weeks. As life settles down and business becomes more “As usual,” it can be tough to keep that excitement and momentum going.
Luckily, tough is not the same as impossible.
Here are a few foolproof tips to keep your consignment store’s momentum going for months and years after you first open your doors to the public.
Maintaining Momentum: 5 Pro Tips
Many stores put so much effort into their opening that they forget to keep the momentum going.
Add to this the fact that many stores don’t have the capital to increase advertising or the time to think of new and creative ways to keep business booming, and it’s clear that maintaining momentum can be tough.
Fortunately, you can avoid these pitfalls. Just follow these five tips:
1. Focus on New Inventory
During those first few weeks of business, lots of consignment stores rely on friends and family to provide consignment inventory. While this is a great way to fill your shelves, at first, it’ll lead to stale and boring inventory if you keep it up too long. If you want to keep the momentum going, you’ve got to branch out into new inventory.
The best way to do this is to attract new consignors to your business. Advertise the fact that you’re accepting consignments in your store window and put out a call on your social platforms asking for people to bring in their unwanted items. Remember to continue hustling for new items, even when your shelves are full. This ensures a unique inventory and makes it easier to stand out from your competition.
2. Look Into Retail Options
Another excellent option for keeping your store fresh is to spread the word on Facebook and other social platforms that you’re taking maker-based goods (candles, soaps, etc.) on consignment. Alternately, you can go to a local farmers market and strike up a relationship with vendors.
When using Ricochet you do have the option of offering a commission split or flat rate for an item, so you can comfortably accommodate these merchants while offering your customers a more extensive selection of inventory.
3. Focus on Repeat Business
Did you know that loyal customers are worth an average of 10x the value of their first purchase at your store? While established consignment stores tend to focus only on driving new sales, you can’t afford to forget about those customers who helped you through the first few weeks.
With this in mind, find ways to continue building your store/customer relationship. Have your sales staff focus on producing return visits by telling customers about new inventory or encouraging shoppers to follow your store on social media.
Remember: the consignment industry is a personal one, and building relationships is the best way to ensure ongoing success.
4. Put Your Heads Together
When it comes to maintaining momentum for your consignment store, it’s essential to draw on the strengths and ideas of all your employees and managers. Once a month, have a brainstorm meeting where you collect new ideas, think about how to keep your inventory fresh, and find ways to keep your inventory popping.
The more open you are to new ideas, the better able you’ll be to keep the momentum going in the coming months.