Wearing all the hats in a business is hard enough. When first starting, you may not have as much help as you need. Even if you’ve had your shop for a while, without the right help, the job can become a headache. That’s why finding the right consignment software for your store is so important.
In 2022, the global market value of secondhand and resale apparel was estimated to be worth 177 billion U.S. dollars. This value is projected to rise rapidly in the coming years, almost doubling in size from 2022 to 2027, reaching a value of 351 billion dollars (Statista). With this growth, now is the time to make the most of your store, and the easiest way to start is to get software that can accelerate with you.
Finding the right consignment software for your store can be made easy when you know what to look for. But before we dive in to the sea of business software options, it’s crucial to have a clear understanding of your business needs. Are you looking for a solution that excels in inventory management? Perhaps you need a balanced approach that covers both aspects efficiently. Identifying your primary needs will help you shortlist the software options that best align with your business objectives.
When evaluating software for your resale business, you should choose the software that has the features that are the most important to your business. Think about your everyday struggles. Do you dislike filling out checks? Software with ACH payments can help.
Also, think of your goals. Would you like to begin selling online? Find software that allows you to do that easily. Think about the times you will need help. Do you want software that provides great service? Issues are bound to happen with even the best software system, so you want to be sure you have good support to help you during those times.
One of the core functionalities to look for in consignment software is its ability to handle consignment fees adeptly. Different software solutions offer various models for managing these fees, from fixed rates to percentage-based commissions.
When evaluating options, consider the complexity of your consignment agreements and choose software that can accommodate these without causing administrative headaches.
At the heart of any consignment business lies its inventory. Effective inventory management ensures that your store remains well-stocked and helps maintain a diverse and appealing product range. Look for software that offers comprehensive inventory management features, including the ability to categorize items, track their status, and analyze sales trends.
The ability of your consignment software to integrate with other tools and platforms is key. Whether it’s connecting to online sales channels, such as a Shopify integration, or accounting software like Quickbooks, integration capabilities can streamline your operations and eliminate the need for manual data entry.
Staying informed on what is happening in your store and with your vendors is key to making informed business decisions. That’s where robust reporting features come into play. When selecting your POS software, prioritizing reporting capabilities can significantly enhance your ability to understand and optimize your business operations. Comprehensive reporting tools offer insights into various aspects of your business, such as sales performance, inventory turnover, customer behavior, and financial metrics. By analyzing this data, you can identify trends, pinpoint areas for improvement, and make strategic adjustments to maximize profitability.
When exploring different software, you might need to make a list of pros and cons. One huge decision to make is whether you want cloud-based software or installed. It’s a personal preference, but the safest decision is cloud-based software because installed software comes with many hidden costs. Cloud-based provides you with the peace of mind that your software is safe from any disasters, and you have the ability to check on your store remotely with your consignment software. If your computer stops working or you get a new one, you can use your cloud-based software as you normally would.
Choosing the right consignment software is a decision that should be approached with careful consideration of your business’s unique requirements and goals. Evaluate each option based on how well it aligns with your priorities in managing consignment fees, inventory, and customer relationships. By taking the time to assess each software’s features and how they match your needs, you can make an informed choice that will support the growth and efficiency of your resale business for years to come. Remember, the best software is not just about managing the present; it’s also about empowering your future.